More borrowers are seeking out advice from mortgage intermediaries for the first time, says research by Kensington.
A survey of 617 mortgage intermediaries has found that nearly one in five (18%) say over half of the clients they have seen in the past three months were talking to a mortgage adviser for the first time.
In addition, over a third of intermediaries (34%) say that between a quarter and a half of their clients in the last quarter had never been to a mortgage broker before.
Charles Morley, head of sales at Kensington, said: “It is incredibly encouraging that so many intermediaries are seeing such a large proportion of clients who have never sought the help of an adviser before.
“This shows that more borrowers are recognising the benefits of professional advice, both in terms of helping them to make the right decision, but also in accessing lenders that are able to offer intelligent lending, rather than a one-size-fits-all tick box approach.
“I would recommend that intermediaries take this information on board and use it to go out and promote their services to new customers.
“There is clearly a previously untapped appetite for mortgage advice out there and this could fuel business growth, which looks very much like a flat market in the coming months.”
Saving money, debt, Mortgage advice from Money blog UK 
An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. A mortgage broker gathers paperwork from a borrower, and passes that paperwork along to a mortgage lender for underwriting and approval. The mortgage funds are then lent in the name of the mortgage lender. A mortgage broker collects an origination fee and/or a yield spread premium from the lender as compensation for its services.
I definitely agree that there are benefits to speaking to a mortgage advisor. I think that mortgage advisors should be more advertised because it seems that people do not truly know the benefits of talking to a mortgage advisor rather than a bank lender. I think with the housing market being the way that it is, people are recognizing that there needs to be some sort of change in the way they are buying homes.
It makes sense, the banks only have to tell you about products that they offer. A mortgage broker can (usually) source products from the whole the market.
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