Non-traditional mortgage applicants believe brokers were essential to them when getting a mortgage, a survey found.
A study conducted by The Mortgage Lender (TML) revealed that 96% of non-PAYE applicants said brokers understood their needs when buying a property, with nearly two thirds feeling like their needs were understood completely.
The majority, 94%, of those polled said brokers knew which lenders to go to for their mortgage, and 94% said their adviser’s knowledge of the specialist market was helpful to them and the process.
Some 93% of respondents said having a broker helped them find the best deals and rates available.
Similarly, 93% said brokers were beneficial in directing them towards mortgage products they would qualify for based on their circumstances and 80% of applicants said brokers advised them on building their credit score and checking if it was good enough for a mortgage. Respondents also said advisers had knowledge of what income streams they had, something they found often complicated the process with traditional lenders.
Respondents praised brokers for making the overall process easier, with 92% saying they helped with suggesting how much of a deposit to put down, 96% said their broker knew what paperwork was needed for an application and 92% had their adviser explain mortgage terminology.
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For 95% of people, their mortgage broker went as far as to handle the mortgage application on their behalf.
Respondents said brokers also assisted with other parts of the process related to the mortgage application, with 89% commending them for helping with home insurance and income protection.
Sara Palmer, distribution director at The Mortgage Lender (TML), said: “As a lender, we work with brokers everyday to support our customers, and they are an integral part of the mortgage process.
“As a specialist lender especially, we rely on brokers to connect us to customers who are likely to need more specialist support than a high street bank can offer, whether this is because they’re self-employed or have complex income.”
She added: “For anyone struggling with the mortgage process for these reasons, brokers can help cross barriers and provide insight into something that can be quite daunting and overwhelming – while helping to obtain the best rates available for the applicant’s circumstances.”
