A new campaign is being launched very soon to tackle mortgage and second charge loan myths and highlight the importance of professional advice when it comes to taking out a secured loan.
More stringent lending rules are making it tougher to get a mortgage, and yet new research shows that more than half – 58% – of consumers, including many landlords, may end up with the wrong loan, because they are unaware that a mortgage broker can offer a greater product choice than a bank or building society.
This new study found that 22% of respondents thought that brokers and banks have access to the same products, when in fact using a broker can give you access to nearly 15 times as many products.
When asked whether they agreed with a series of statements about mortgage advice, one in six thought their bank or building society would be able to give them access to the same impartial advice as a mortgage broker.
The Mortgage Myths campaign aims to put the spotlight on misunderstandings like these, highlight the valuable role of independent advice from a mortgage broker and encourage consumers to speak to an adviser about their lending options.
As an industry, there clearly is a significant amount of work to be done to change these attitudes, educate consumers and promote the advantages of using a mortgage broker.
Although some consumers appear to believe they have secured the best deal possible by going directly to their lender, without speaking to a broker they could be missing out on thousands of lending products that might be even better suited to their needs.
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