According to new research from unbiased.co.uk, those people who used to feel confident enough to talk to friends and acquaintances and dispense their own advice and opinion on mortgages no longer feel confident about this.

62 per cent of house owners in Britain usually feel happy to give friendly advice on mortgages, however, 37 per cent are now less certain of their understanding thanks to the current situation.

The research also showed that 36 per cent of people are seeking professional help from mortgage advisors whereas they used to make these decisions alone.  28 per cent said they would not make a decision on a mortgage now without first consulting a professional mortgage advisor.

Richard Winder, spokesman for Unbiased.co.uk, said:

“Credit crunch confusion in the mortgage market has since sapped borrowers’ confidence in choosing the right approach or products both for themselves and for friends or family.”

In February, Unbiased.co.uk stated that 20 per cent more people were seeking independent advice on finances over a period of 4 months as the recession meant they no longer felt as confident in making their own financial decisions.

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