The figures showed that 42 per cent of borrowers believed they had secured the best deal, which resulted in either the lowest monthly payments or total borrowing cost, by consulting a financial adviser compared to just
26 per cent of people who had researched the market themselves.
This reinforces the value of professional advice in the mortgage industry.
The figures also showed that 39 per cent of those questioned believed financial advisers were the most important guide in choosing a lender. By contrast, 22 per cent relied on personal research while just 10 per cent depended on advice from parents or friends.
Nick Robinson, managing director of IF, said: “Our research shows people using financial advisers are far more likely to end up with a mortgage they are satisfied offers them the best deal. We’ve always worked closely with advisers and would certainly recommend borrowers seek professional advice.”
Andy Pratt, chief operations officer at brokerage Alexander Hall, said it was a positive result. He explained: “If you assume that 60 per cent of mortgages are through intermediaries and work the figures accordingly, four out of six people stating that financial advisers are the most important guide for borrowers choosing lenders is a positive outcome. If the broker is doing the job properly then they should be the most important.”
Linda Will, managing director of Accord Mortgages, said: “There are so many products, lenders and competitors. At the end of the day, the majority of people want to be reassured, looked after, get a good deal and have everything explain-ed. The sheer range of products is great but confusing and this is where brokers come in.”
