Published: 12/06/2019Legal and General have claimed that nearly a third of borrowers could be on a better mortgage.
Recent research from the financial services company revealed that up to 31% of borrowers could be missing out on a better rate because they haven’t gone to a mortgage adviser.
The survey of 2,000 homeowners also showed that 74% respondents have stayed with their current lender because they felt they had a good deal, and as many as 69% hadn’t remortgaged in the last five years.
However, by going direct to a lender, these borrowers, like many others across the country, have missed out on thousands of extra mortgage deals available only through a mortgage adviser. Data from mortgage sourcing platform Twenty7Tec shows that almost 12,000 mortgages are available through mortgage advisers, compared to just over 2,000 on offer from lenders to consumers.
Advisers also have access to specialist mortgages which may not be available directly through a lender, such as mortgages for the self-employed and lifetime mortgages.
But it seems homeowners are still not fully aware of their options. According to the survey, 60% of borrowers didn’t know mortgage advisers were there to help them and 34% thought advisers were there to support the lender. Yet, nearly all (98%) of the borrowers who had used an adviser would do so again.
We partner with an expert team of experienced advisers Broadland Consultants, who guide our clients through the whole mortgage process, from application to approval, and can offer whole of market advice to ensure they get the best deal.
Broadland Consultants’ can offer advice on residential mortgages, buy to let and holiday let mortgages, commercial mortgages, equity release and lifetime mortgages, pensions, investments, insurance and wealth management.
So, if you have a mortgage, why not see if you could get a better deal?
Contact Broadland Consultants here for a no-obligation meeting.