More than four-fifths (81%) of UK homeowners who bought a property in the last 12 months would use a mortgage broker if they were securing their mortgage again, according to the latest figures from Legal & General’s Mortgage Myths campaign.
The figures highlighted the fact that consumers who have already gone through the mortgage application process recognise the value that brokers provide.
Interestingly, the research found a similar level of appreciation amongst first-time buyers too. Three-quarters (75%) of those intending to buy their first home in the next six months said they would be likely to seek the advice of a broker when securing their first mortgage.
The Legal & General Mortgage Club’s research also found that consumers are more likely to use a mortgage broker if they have specialist circumstances. More than seven in ten (71%) of those surveyed said they would be likely to seek advice from a broker if they had a poor credit rating, while 62% would turn to use a broker if they were self-employed or worked as a contractor. Additionally, over two-thirds (67%) would be likely to speak to a broker about buy-to-let mortgages.
For those who had made a recent purchase, over half (53%) of all respondents used a mortgage broker because it gave them access to a wider range of mortgage deals. The results correspond with the improved product choice that brokers offer, providing consumers with access to 30,482 products compared to only 3,408 for those who go direct.
Legal & General Mortgage Club’s survey also found that consumers were turning to brokers for a straightforward, painless mortgage application. A third (33%) of respondents said using a broker removed the hassle of filling out forms and applications, whilst 36% said that using a broker provided them with reassurance of talking to someone.
Legal & General Mortgage Club director Kevin Roberts commented: “These figures should come as a positive message for mortgage brokers across the UK, showing that there is clearly a recognition amongst consumers about the value of professional advice, whether they are an existing homeowner, a first-time buyer, a borrower with a complex income or a prospective landlord.
“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.
“However, while this is clearly positive news, 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.”
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