Defaqto recently launched a new banking report, which highlights the growth in direct-only mortgage products. It says that the growth in direct-only products places mortgage brokers at a disadvantage.
Insight analyst for banking Kevin Bray says: “Our research shows that 12 of the top 20 best buy fixed rate mortgage products are only available directly from the provider.
“The steady growth in direct only products over the last two years has clearly placed mortgage brokers at a disadvantage but it also leaves consumers with a difficult choice to make. Do they seek the advice of a mortgage intermediary or do they do their own research and approach the provider directly?”
Bray adds: “Mortgage intermediaries play an important role in helping buyers through the house buying process but consumers need to ensure that the broker they are using will advise them of the best deals in the market including direct only products.”