SThousands 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 1,000 expats revealed that 31% who went direct to a lender didn’t understand how a independent mortgage adviser could help with their search.
The findings also showed that 69% 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 a 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 a independent mortgage adviser was there to support the lender.
What’s more, borrowers going through a 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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