Timely boost for mortgage brokers

The lender found that 88 per cent of those questioned said that ‘advice from a mortgage adviser’ was the biggest factor behind a decision to take out a specialist mortgage. Advisers clearly topped the poll, with the second most popular source of advice coming from family and friends at 9 per cent, and far ahead of both press adverts/articles and information from lenders on 3 and 2 per cent respectively.

The survey of 3,000 mortgage borrowers found that the market is still largely untapped, with 60 per cent of consumers aware of specialist mortgages, but 40 per cent are unsure of what specialist products are available.

Eddie Smith, business development director at Verso, said: "The results of the survey once more emphasise the integral role the professional mortgage adviser has in the eyes of the public, particularly when it comes to making the biggest financial commitments of their lives. Interestingly, the general public feels that brokers can take away the hassle and time involved with dealing with a lender.

"Respondents also reinforced the view that consumers are primarily on the look out for the most competitive deal they can secure and if is often the broker who steers them towards the right type of competitive mortgage that matches their specific requirements. Finally, the figure of 40% who said they were unaware of specialist mortgages that can match their circumstances highlights a real market opportunity for mortgage brokers to use their knowledge, skills and experience to target niche products to what is still a great untapped market."