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Borrowers back banks over IFAs

The majority of sub-prime borrowers would rather approach their bank than go to a mortgage adviser, according to research by Edeus.

In a survey of 500 consumers, 58 per cent say they would approach their own bank or building society while only 40 per cent would go to a mortgage adviser or an IFA.

When asked why they would go to a high-street len-der, 26 per cent say it is because they have a wide range of mortgage products, 21 per cent say it’ is easier than going to a mortgage adviser or IFA, 18 per cent say it is because their bank or building society already knows their personal financial circumstances, 14 per cent say they would be able to secure the most favourable rate by doing so and 12 per cent say it was because they have a well known brand name.

Edeus spokeswoman Nicola Severn says: “With the recent activity in the capital markets resulting in an increase in the cost of adverse mortgages and a potential decline in their availability, borrowers with adverse credit histories are more likely than ever to be in need of professional advice.

“We know from lending statistics that the majority of borrowers come via the intermediary route but these findings clearly show that there is a sub-section of society who are confused about the role intermediaries that play.”

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