More than 90% of lenders admit brokers bring benefits
The latest numbers from the Intermediary Mortgage Lenders Association (IMLA) showed more lenders recognising the value brokers bring to mortgage applications.
Asked about the specific benefits speaking to advisers can bring to borrowers, 92% of lenders said it would help non-standard borrowers access a wider range of mortgage products, while 67% felt that borrowers who spoke to an adviser were likely to find a mortgage better suited to their needs.
Adviser input could also speed up and strengthen applications. Nearly half (46%) of lenders suggested that those who made an application through an adviser were less likely to incur unnecessary delays throughout the process. More than half (58%) thought applications submitted by an adviser stood an overall greater chance of being approved.
The research also revealed lenders taking steps to maintain close working relationships with advisers since the start of the pandemic. Seventy-five per cent (75%) reported they have been working more closely with advisers to help them understand complex product criteria. In addition, 58% have invested in broker training and 54% plan to invest in technology to further support advisers.
“Good relationships between brokers and lenders are not only key to ensuring that borrowers have access to a broad choice of mortgages to fit their needs, but also in reaching those non-standard borrowers who may have thought a property of their own was forever out of reach,” IMLA executive director Kate Davies said.
“Our research demonstrates that consumers tapping into the expertise of mortgage advisers will benefit from more choice, a better mortgage and a quicker application process that is more likely to be successful.”