Some 81% of UK homeowners who purchased a home in the last year would consider a mortgage broker if they were securing their mortgage again, according to Legal & General.
Its ‘Mortgage Myths’ campaign revealed that homeowners who have already gone through the mortgage application process acknowledge a broker’s value.
First-time buyers were also noted to appreciate brokers. In fact, 75% of those who were looking to buy their first home in the next six months were likely to seek advice from a broker during the mortgage application process.
The research also found that buyers with specialist circumstances were more likely to use a mortgage broker. Some 71% of those surveyed said they would turn to a broker if they had a poor credit score, while 62% would seek a broker’s advice if they were self-employed or worked as a contractor. What’s more, 67% would be likely to speak to a broker about buy-to-let mortgages.
According to Kevin Roberts, Legal & General Mortgage Club’s director, there is a recognition amongst consumers about the value of professional advice, whether they are existing homeowner, a borrower with a complex income, a first-time buyer or a prospective landlord.
He said: “For first-time buyers in particular, the process of buying a home and securing their first mortgage can be a daunting one. By speaking to a broker, these buyers won’t just benefit from the knowledge and insight that an intermediary can offer but will also have access to thousands of great mortgage deals to fit their needs.”
Additionally, of those who made a recent purchase, 53% used a mortgage broker for a wider range of mortgage deals. The results further support the idea that brokers provide consumers improved product choice – over 30,000 products compared to only 3,408 for those who go direct.
Consumers also turned to brokers for a painless and straightforward mortgage application, the research shows, which removed the hassle of filling out forms and applications, according to 33% of respondents. Meanwhile, 36% said that using a broker provided them with reassurance of talking to someone.
“While this is clearly positive news,” Roberts went on, “there are still buyers out there that either remain unaware of the role of a broker or who have misconceptions about the value they can provide.”
“As an industry, we need to reach out to these consumers and use campaigns like Mortgage Myths to showcase the important role that brokers play in helping borrowers across the UK.”