A new piece of research into the UK mortgage industry has found that 50% of buyers who have credit issues in their backgrounds are open to getting the help of an advisor.
That is not a bad figure, but it does represent a drop compared with the one for the last survey of this kind. Back then, the number of buyers in that situation who were prepared to get professional advice was 58%. Both this new survey and the one before it were carried out by Pepper Money, one of the top specialist mortgage lenders in the country.
When it comes to the main reasons why borrowers with credit issues will use advisors, a variety of factors were cited. Around two thirds (67%) of respondents said that it was so that they could get access to products from more specialist lenders. A further 64% cited the need to get a loan with the lowest possible rate.
Nearly half (47%) of those who took part said that they had chosen a mortgage advisor based on a recommendation, while 46% said that they had looked on the internet for one. The highest percentage of respondents said that they prefer to talk face-to-face to an advisor.
Rob Barnard from Pepper Money told Mortgage Introducer that:
“The growing number of people with adverse credit should mean there will be plenty of chances for brokers to help customers who have slipped up in their finances.”
Those who speak to someone with CeMAP mortgage advisor training mostly enjoy better outcomes, so advisors should advertise that fact.
