He says:
”Statistics and research always fuel debate which often can be healthy. However, this headline could be regarded as unhelpful to consumers at a time when they need clear advice, assistance and consistency of message from the entire industry.
"The fact is that direct to consumer only mortgage products make up just 19% of all the mortgage products available in the UK and HSBC’s direct only offering represents 2% of this direct only market.
"Although HSBC’s products are highly competitive and offer some very good rates that does leave a huge amount of choice and alternatives elsewhere that borrowers should be aware of when searching for a loan.
"In a broader sense best buys can also be misleading as they are never personalised and frequently lead consumers to disappointment as in a number of instances they simply don't meet the qualifying criteria for those ‘best buy’ mortgages.
"Consumers need rounded and full advice from experienced and qualified advisers who will make a full assessment of needs and desires and tailor recommendations accordingly.
"Best buys can be indicative, but independent mortgage advice can only be offered by an intermediary and this comes with wider benefits such as comprehensive choice from a significantly wider lender selection.
"Ideally, what we need now is the whole industry to join up and find a way to assist in building consumer awareness of all the options available to them. This should lead to an increase in confidence and help in getting the market heading toward recovery.”
