Our poll asked brokers if clients were more concerned about getting the lowest rate, taking out a mortgage with a provider they know and trust or a mix of both.
Nearly six-in-ten brokers (59%) said that price was a customer’s main consideration when looking at available mortgage products, just 7% said the name of the provider was the most important.
A third of respondents said that clients sought a mixture of both.
David Sheppard, managing director at Perception Finance, told Mortgage Solutions that generally customers did not care where their mortgage came from, as long as they got a good deal.
“Most people don’t really care where the money is coming from. Since the advent of price comparison websites people simply look for the best rates.
“But then that can be a double edged sword. Sometimes they need brokers to say that a rate might be good, but if it takes the lender three months to process and the house sale falls through then it’s not suitable.
“Over the last few years people have had an aversion to Northern Rock, and even now people sometimes do raise eyebrows. But it’s an adviser’s job to put that right.
“There’s also always some concern when brokers recommend a building society that the client hasn’t heard of. But if the rates are good then it’s not difficult to convince people it’s the right move.”
