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Benefits of advice recognised by majority of lenders

A new survey of mortgage lenders in the UK has found that the overwhelming majority of them now see the importance of mortgage advice for borrowers during the application process.

This survey was carried out by the Intermediary Mortgage Lenders Association (IMLA). Lenders were questioned about what particular benefits borrowers could get from consulting with a mortgage advisor, and 92% of them stated that doing so would enable borrowers with atypical circumstances to learn about products that could suit them and those they might otherwise remain unaware of.

A further 67% indicated that they thought using an advisor would make borrowers more likely to find the right loan for them. In total, 46% of the lenders surveyed by IMLA said that getting help from an advisor when applying for a mortgage would be likely to help borrowers avoid delays due to mistakes in the process – as qualified advisors have more experience of it.

What’s more, 58% of lenders told IMLA that they felt that applications that advisors submitted on behalf of borrowers had a better overall chance to be successful than ones borrowers completed and submitted themselves.

Speaking to Mortgage Introducer, the Executive Director at IMLA, Kate Davies, pointed out that:

“Our research demonstrates that consumers tapping into the expertise of mortgage advisors will benefit from more choice, a better mortgage and a quicker application process that is more likely to be successful.”

It is positive news that the vast majority of lenders now see the advantages that an advisor with a CeMAP qualification can bring to borrowers.

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