The Mortgage Market Alliance (MMA), a new organisation to promote the UK mortgage industry, raise awareness and understanding among consumers about the range of options available, and highlight the importance of advice, has launched today.
The MMA says it will promote the strong availability of mortgage lending and product choice to an diverse range of customers via an ongoing campaign of PR and education.
It will communicate a number of key messages, outlining how the mortgage market is open for business, has a strong appetite to lend, is increasing its reach and is highly competitive.
Customers will be encouraged to seek professional, independent advice as the best way to access the mortgage market.
The MMA is urging all mortgage market stakeholders to join the Alliance and its campaign for greater consumer awareness of the mortgage options available and the advice channels they can access.
Membership of the MMA is open to all businesses active in, and around, the mortgage market who wish to play their part in increasing consumer understanding, developing the potential of the market and opening up new opportunities.
Details of all members will be available via the MMA website, including a directory of all advisory member firms which will be searchable by consumers.
The MMA will shortly announce the appointment of an independent executive chair for the organisation who will be the primary spokesperson for the Alliance and promote it through all media channels.
Alex Hammond, director of the Mortgage Market Alliance, said: “We know there are millions of people across the UK who either don’t know where to turn to get a mortgage or don’t even try because they believe their circumstances rule them out of consideration, and so there is an urgent need to promote greater understanding of the market and the benefits of professional advice to the people who matter – consumers.
“This is why we have established the MMA and why we’ll be working with all mortgage market stakeholders to get the message of an active lending market, open to business, out there to the mass market.”
Rob Griffiths, director of the Mortgage Market Alliance, added: “We have spoken to a large number of people across the industry who share the opinion that the market as a whole could be doing more to educate and inform consumers about the depth and breadth of product options available and how best to access all it has to offer.
“The FCA recently introduced rule changes that encourage the execution-only channel, but for many consumers, having access to the right advice and the right lenders for their circumstances will always remain the best way to secure the most appropriate mortgage. So, at the MMA, we will be very clear about the importance of professional advice as the best route for consumers to access all that the market has to offer.
“The MMA isn’t a trade association – it’s an alliance of lenders, intermediaries, and all other interested stakeholders, who can combine their resources and amplify the voice of the mortgage market. We want to ensure consumers know the opportunities that exist in today’s UK mortgage market and promote the positive benefits of accessing the market via advisers. By doing this, we believe we can deliver growth and help educate consumers on all the positive aspects of the sector.”