25th November 2011
However another consumer advice site, the much broader based and Government backed the Money Advice Service came under fire for overspending, while services have been pruned back.
First Which? The consumer group and magazine publisher launched its site this week with a full explanation here on its website.
The Which? service will be free to consumers and funded by procuration fees, basically a commission paid to the broker on the sale.
These fees are paid to mortgage brokers to help remunerate them for the advice they give, and most brokers are periodically accused of bias. But Which? Is adamant its service will not have such bias.
It says: "Some lenders will pay Which? Mortgage Advisers a commission for recommending one of their mortgages. This commission will fund the service, and any profits will go towards the campaigning work that Which? does on behalf of UK consumers. Commission will in no way influence the mortgage recommendation that our advisers provide and on many occasions, we'll receive no commission at all. We don't charge a fee for our advice however if a customer would feel more comfortable paying us a fee, then we offer that option."