Mortgage advice needs improvement

Some 25% of the advice given to house buyers by banks and mortgage brokers is of poor quality, according to research by the financial services watchdog AFM.

The AFM looked at the advice handed out by 30 banks, brokers and insurance companies which related to 408 request for information.
For example, many mortgage providers did not tell clients that mortgage interest only gets tax relief for 30 years, the survey found.
New AFM chairman Hans Hoogervoorst said the figures showed that it was important for consumers to do their homework as well. ‘In general less attention is paid to finding a mortgage than buying a fridge,’ he told ANP.
In total, the Dutch hold 4.2 million mortgages.

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