60% who didn’t seek advice when they took out their last mortgage didn’t know mortgage advisers were there to help the borrower, and just over a third (34%) thought a mortgage adviser was there to support the lender. The findings also showed that more than two-thirds (69%) of borrowers who went straight to a lender hadn’t remortgaged in the last five years and nearly three-quarters (74%) stayed put because they felt they had ‘a good deal’. Legal & General Mortgage Club says the mortgage industry still needs to demonstrate the value of mortgage advice for borrowers, as just 30% of those who went direct to their lender said that they would likely speak to a mortgage adviser next time. Data from mortgage sourcing platform Twenty7Tec shows that almost 12,000 mortgages are available through mortgage advisers, compared to just over 2,000 directly on offer from lenders to consumers. Additionally, homeowners who used a mortgage adviser were more likely to have switched in the last five years (29%), compared to just 19% of those who went direct.
