In September just a third (33%) of advisers went through advisers, down from 38% in August and 44% in January.
Andy Knee, chief executive of LMS, said: “In recent months, lenders have flooded the market with a range of new products and record-low interest rates in an effort to boost activity and meet lending targets for the year. This has encouraged borrowers to go directly to the lender rather than seeking advice.
“However, at a time when there is growing uncertainty and confusion about the introduction and impact of an interest rate rise, it is concerning that more people are not seeking intermediary help.
An independent adviser or broker can play an invaluable role in helping track down suitable mortgages and navigate borrowers through tougher rules and stricter lending criteria to ensure they get the best option available to them.
“For any homeowners hoping to reduce their monthly outgoings or to increase the size of their mortgages, it’s important to take stock of their finances now, before the year end, while we continue to enjoy historically low interest rates: already there is evidence of a slight reduction in the wide range of competitive products on offer.”
People are commonly remortgaging to take advantage of low mortgage rates, (60%), to redue monthly repayments (29%) and to increase the size of their loans (28%).
