You are here: Home - News -

Advised borrowers more likely to switch lender, says L&G Mortgage Club

by:
  • 04/06/2019
  • 0
Advised borrowers more likely to switch lender, says L&G Mortgage Club
A survey by Legal & General Mortgage Club has found that consumers who use brokers are more likely to switch lender when remortgaging than those who secure a mortgage direct.

 

The research asked 1,000 consumers who arranged through a broker and 1,000 consumers who secured their mortgage direct about their recent activity in the market. 

Among the broker customers, 29 per cent changed mortgage during the past five years, of which 43 per cent switched to a different lender. Of the direct customers, 19 per cent had changed mortgage during the past five years, of which 31 per cent switched to a different lender.

L&G Mortgage Club claims that there are “misperceptions about mortgage advisers” among some consumers. Of the direct customers, 34 per cent believe that brokers are in business to support lenders. 

The survey is intended to raise awareness about how brokers can help consumers to find the best mortgage deal.

The club quoted data from sourcing system and technology provider Twenty7Tec. The platform’s raw data on available mortgages showed that 12,000 can be arranged by brokers and 2,000 are listed as direct from lenders. 

“Thousands of borrowers do not understand how a mortgage adviser can help with their search and, as a result, they could be missing out on a better deal that is best suited to their borrowing needs,” said L&G Mortgage Club director Kevin Roberts (pictured).

There are 0 Comment(s)

You may also be interested in

Read previous post:
Percentage symbols tumble around a house
Gap between two- and five-year fixes hits seven-year low – Moneyfacts

The difference between the two and five-year average rates stands at 0.36 per cent in June, down from 0.42 per...

Close