Poll shows advisors view criteria as most important lender factor

April 22, 2023 by Alan

Mortgage Advisors

A new poll of mortgage advisors in the UK has been looking at the most important factors when selecting a lender for clients. The poll found clear and understandable criteria to be the biggest deciding factor.

This poll was conducted by Pepper Money. The specialist lender spoke to over 500 UK advisors for it. The results show that clearly understandable criteria are considered to be the biggest single factor for 41% of advisors when they are looking for a lender on behalf of clients.

A further 24% of those that Pepper Money surveyed said that contact channel responsiveness and being able to talk to those who make the decisions were the factors that they considered to be the most vital. 22% of the advisors who spoke to the survey stated that the quality and reliability of the systems for sourcing mortgage products provided by lenders were what they saw as the main influencing factor.

Things that were cited by much smaller percentages of the advisors were the application platform and website (6%) and whether they had an existing connection with the lender (4%).

Pepper Money business development director Ryan Brailsford told Financial Reporter that:

“This research supports our belief at Pepper Money that the publication of clear and concise criteria is vital to help brokers perform their jobs effectively.”

The responses indicate that most advisors who have CeMAP training see factors that affect their overall efficiency as being the ones that will make them use or avoid a particular mortgage lender.