Only 60% of consumers are aware of specialist mortgages, such as self-certification and buy-to-let, confirming the market still remains relatively untapped.
A survey of 3,000 borrowers by niche lender Verso has confirmed the role mortgage advisers have, especially when a client may require a specialist mortgage.
When it came to whom the public trust on mortgage advice, 88% of borrowers said a mortgage adviser contributed to their decision and 9% said advice from family and friends would sway their choice.
Adverts and information from lenders polled last as influences, at 3% and 2% respectively. When asked what assistance they thought advisers gave, 66% said they would, ‘deal with the lender on my behalf,’ and 60% said, ‘to save time and effort.’ Just under half (49%) cited, ‘showing me a range of mortgage options,’ as a reason.
Eddie Smith, business development director at Verso, pointed out these results emphasised the integral role the professional adviser has in the eyes of the public, and the opportunity for brokers to target niche products into an untapped market.
He said: ‘Lots of people see an intermediary without knowing what products are available. I don’t think all intermediaries look at all the options ‘ they just think in terms of mainstream. There are still lots of members of the public that do not realise they can get a mortgage reasonably easily through a niche lender.’