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Value of A Mortgage Broker Report – Legal & General

WHAT IS THE VALUE OF A MORTGAGE BROKER?

Buying a home is one of the biggest purchases people will ever make and it’s not always an easy process. From surveys, stamp duty, and solicitors’ fees to the baffling number of products and different interest rates, there’s a lot to wade through. But this is where you come in.

Legal & General have conducted a survey, ‘Value of a Mortgage Broker’ their research reveals a quarter of respondents (25%) said they had used a broker because the mortgage market was complex and they needed guidance. In fact, 81% of homeowners thought the advice of a broker would be quite valuable or extremely valuable when securing a mortgage.

Mortgage brokers could be seen as being in a strong position as the research shows:

  • 71% of homeowners used a broker in their most recent house purchase

  • Of these, 82% said they would use a broker for their next mortgage

  • 92% of those surveyed who had used a broker were quite likely or very likely to recommend using a broker to their friends when getting a mortgage

Education is Key

The research highlights the role a mortgage broker plays in helping people find the right mortgage for their individual needs, through invaluable information and support. However, for this success to continue, education is needed as people remain, in many cases, unaware about the work of Mortgage brokers and the benefits they could bring:

  • 55% didn’t know a broker could offer them more product choice for mortgages

  • 48% who didn’t use a broker thought their bank or building society offered them a good deal

  • 23% thought Mortgage brokers were expensive

  • 18% of homeowners who didn’t use a broker didn’t see the value they would add

To help your business grow you need to tackle these myths, particularly as the market becomes more competitive. Use our new ‘Value of a Broker’ report and infographic to find out more about what UK homeowners think about the mortgage market and the role that you play.

*Research conducted by Census Wide survey between 22 August 17 to 29 August 17. Surveying 500 who have bought a home in last 12 months (with a mortgage) and 500 first time buyers who plan to buy in the next 6 months (with a mortgage).

 

Download the full L&G Report here – Value of a Broker Report

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