Consumers go to mortgage brokers to save themselves time or for unbiased advice with a much smaller number rating affordability, according to a survey by The Mortgage Business.
The convenience and the ability to get someone else to shop around for them was rated by 70 per cent, with 41 per cent appreciating the ability of a broker to compare rates available and 47 per cent consulting brokers for unbiased advice.
Affordability and getting a competitive deal were placed far down on the list of priorities with only 24 and 32 per cent respectively choosing saying this was their reason for using a broker.
Nearly three quarters of customers are satisfied with the quality of service they receive from brokers.
Just over 30 per cent were “extremely satisfied” and only nine per cent were dissatisfied with the level of service they received from their broker.
When selecting a broker, consumers are twice as likely to follow the advice of a family member or friend than that of an estate agent or solicitor and almost universally, they dislike cold calling.
The fact that brokers are unlikely to pressure a potential customer was one of the most appreciated qualities of the business. Customers also prized being served by friendly staff with a detailed knowledge of the market which was also mentioned repeatedly as a positive characteristic of brokers.
The Mortgage Business managing director Mark Charlesworth says: “This could be useful in helping brokers improve the service they offer, but crucially, it underlines the importance of the relationship between broker and customer - an advantage they hold over other forms of mortgage distribution.”
The survey was conducted by the independent research company, Dialogue, throughout 1999 with 1141 customers of The Mortgage Business surveyed.