Thousands of expat borrowers could be missing out on a better mortgage deal by not speaking to an independent adviser, research has found.
The survey of over 1,200 expats revealed that 33% who went direct to a lender did not understand how an independent mortgage adviser could help with their search.
The findings also showed that 66% of borrowers who went straight to a lender hadn’t re-mortgaged in the last five years, while 74% stayed put because they felt they had a ‘good deal’.
Without seeking independent mortgage advice, individuals would have missed out on the extra mortgage deals that are only available through an independent mortgage adviser.
The analysis showed that the mortgage industry still needs to demonstrate the value of independent mortgage advice to expat borrowers – just 30% of those who went direct to the lender said that they would likely speak to a mortgage adviser next time.
Meanwhile, 60% who didn’t seek advice when they took out their last mortgage didn’t know mortgage advisers were there to help the borrower, and just over a third (34%) thought an independent mortgage adviser was there to support the lender.
What is more, borrowers going through an independent mortgage adviser have access to far more mortgages than those going direct to the lender.
Expats who benefitted from a mortgage adviser searching the market for the best mortgage deal were more likely to have switched in the last five years (29%), compared to just one in five (19%) of those who went direct.
Expats who used a mortgage adviser were also in favour of doing so again. Nearly all (98%) said that they found the support of a mortgage adviser ‘valuable’ and a further 95% said they would recommend using an independent mortgage adviser to family or friends.
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