Less than half of borrowers say they plan to use a broker for their next mortgage, according to research by Legal & General Mortgage Club and the AMI.
The YouGov survey of 2,113 current borrowers reveals 81 per cent would prefer to make just one attempt at securing a mortgage rather than trawl the high street but only 44 per cent plan to visit a broker.
Fifty-two per cent say they plan to go direct to their bank. Of those, 75 per cent say they would go direct because of an existing relationship with their lender. One in three borrowers, 3.4 million of the 11.3 million mortgage holders in the UK, plan to secure a new mortgage in the next year.
The research shows low interest rates and arrangements fees are by far the most important features that borrowers seek.
L&G Mortgage Club managing director Ben Thompson says: “It is clear that borrowers would benefit from professional, impartial advice that could open up a lot more financing options.”
AMI director Robert Sinclair says: “Brokers need to educate consumers and be more proactive if they are to turn this latent demand into new business.”