New organisation launched to promote UK mortgage industry

A new organisation, the Mortgage Market Alliance (MMA), has been launched to promote the UK mortgage industry, raise awareness among consumers about the range of options available, and highlight the importance of advice.

The MMA, a collaborative new voice for the industry, said it will promote the availability of mortgage lending and product choice to an increasingly diverse range of customers through an ongoing campaign of PR and education.

The alliance indicated that customers will be encouraged to seek professional, independent advice as the best way to access the mortgage market, and has urged all market stakeholders to join the alliance for greater consumer awareness of the mortgage options available, as well as the advice channels they can access.

MMA director, Alex Hammond, 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.”

The MMA added that membership will be open to all businesses that are active or in and around the mortgage market, and that details of all members would be available via the MMA website – including a directory of all advisory member firms which will be searchable by consumers.

The alliance indicated it would shortly announce the appointment of an independent chair for the organisation to be the primary spokesperson.

MMA director, Rob Griffiths, 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 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.”

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