Press comment: Access to mortgage information is key,

But cheaper is not always better


Gemma Harle - Press Releases

Managing Director – Mortgage Network

3 May 2018

If you’re covering the interim report of the Mortgages Market Study, please see the following comment from Gemma Harle, Managing Director of Intrinsic’s Mortgage Network.

Gemma says:

“A huge proportion of the population engage in mortgages, which accounts for over 80% of total UK household debt. It’s crucial this market works effectively for all and it is encouraging that the market study has found that for the vast majority it does.

“A major theme of the interim study and its findings is more access to information for consumers. This can only be a good thing and will mean more informed decisions. With technological advances creating such tools should be straight forward. But will require the full engagement from across the industry and specifically lenders in sharing more information on their lending criteria.

“However, throughout the paper the focus was on price and the tone suggests that cheaper is almost always better. This ignores some of the complexity of mortgages. Parts of the population, such as the growing self-employed population, need flexibility, which can come in a variety of forms. Recognising this and choosing an appropriate solution requires an expert.

“The proposal to extend which mortgages qualify for execution-only mortgage is well meaning, but could unintentionally lead to lower standards and heighten the risk of mis-selling or buying of inappropriate products. The thinking behind this proposal seems motivated by the fact that advisers aren’t leading to cheaper lending. However, the value of advice is not solely cost.

“The study also found that online advice may be the key. This is something the industry should look at and the mortgage advisers may be the perfect testing ground for such innovation.

“It is right that mortgage prisoners are taken into consideration. The mortgage market has advanced substantially since pre financial crisis and customers should not be locked into products that may no longer be suitable. The concern is that the information the regulator is using may now be out of date. The Mortgage Market Study has been a long time coming, first pitted in 2015, with a call to evidence in 2016.

“A mortgage is often the first big financial decision that people make. Unlike savings or insurance, which you can review or alter regularly, mortgages are a long term financial commitment. With interest rates on the rise, that commitment is going to get even steeper. A decision such as this needs careful thought and is often aided by a professional adviser that understands the nuances of the market place.”

For more information contact

Kathleen Gallagher
02380 726293
07990 004932

Alex Berry
02380 726260
07741 151931

Notes to editors

Intrinsic is part of Quilter plc. Quilter is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

On a ‘go forward basis’, Quilter oversees £ 111.6 billion in customer investments (as at 31 March 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset and single strategy investment solutions; and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Old Mutual Wealth’s multi-asset investment solutions business.

The Quilter businesses will be re-branded to Quilter over a period of approximately two years following separation from Old Mutual:

  • Intrinsic to Quilter Financial Planning
  • Private Client Advisers to Quilter Private Client Advisers
  • The Multi-Asset business to Quilter Investors
  • The UK Platform to Quilter Wealth Solutions
  • The International business to become Quilter International
  • The Heritage life assurance business to Quilter Life Assurance
  • Quilter Cheviot will retain its name.

On 19 December 2017, Old Mutual Wealth announced that it has agreed to sell its Single Strategy asset management business to the Single Strategy Management team and funds managed by TA Associates. The proposed transaction is subject to customary closing conditions, including regulatory approvals.

Quilter is part of Old Mutual plc, a FTSE 100 group that provides investment, savings, insurance and banking. For the year ended 31 December 2017, Old Mutual reported an adjusted operating profit before tax of £2.0 billion. For further information on Old Mutual plc and the underlying businesses, please visit the corporate website at

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