Value of a broker Over a quarter (29%) of consumers thought brokers worked for mortgage lenders 78% were quite likely or very likely to use a broker for their first mortgage 62% were quite likely or very likely to use a broker if they were a contractor or self-employed 71% said they were quite likely or very likely to use a broker if they had a poor credit history 59% said they were quite likely or very likely to use a broker if the property was shared ownership 48% who didn’t use a broker thought their bank or building society offered them a good deal 53% wanted access to a wider range of products and deals 32% thought their mortgage would be cheaper in the long run 25% said they had used a broker because the market was complex and they needed guidance. More than a third (35%) wanted the reassurance of talking to someone 23% thought brokers were expensive 18% of consumers who didn’t use a broker didn’t see the value they would add Consumers viewing a mortgage broker’s advice as valuable included: Reasons why EXISTING homeowners chose to use a mortgage broker included: Reasons why PROSPECTIVE buyers chose to use a mortgage broker included: SCOTLAND 83% LONDON 85% EAST 75% N.IRELAND 64% WALES 79% SOUTH WEST 76% SOUTH EAST 85% EAST MIDLANDS 78% of homeowners who had used a broker in their most recent house purchase said they would use a broker again of consumers thought the advice of a broker was quite valuable or extremely valuable when securing a mortgage of homeowners used a broker in their most recent house purchase SOLD 71% 82% 82% 55% didn’t know a broker could offer them more product choice for mortgages Who is using a broker? Why use a broker? Regions For Adviser use only Mortgage myths TEMP Our research, which was supported by analysts from Censuswide, draws on a survey of 500 individuals who have bought a home in the last 12 months (with a mortgage) and 500 first time buyers who plan to buy in the next 6 months. Legal & General Partnership Services Limited. Registered in England and Wales No. 5045000. Authorised and regulated by the Financial Conduct Authority. Legal & General Assurance Society Limited. Registered in England and Wales No. 166055. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered office for both firms: One Coleman Street, London EC2R 5AA. Information correct as of August 2017. GICH010965 11/17 WEST MIDLANDS 78% YORKSHIRE & THE HUMBER 84% NORTH WEST 82% NORTH EAST 92%
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Value of a broker
Over a quarter (29%)of consumers thought
brokers worked for mortgage lenders
78% were quite likely or verylikely to use a broker for their
first mortgage
62% were quite likely or very likely to use a broker if they were a contractor or self-employed
71% said they were quite likelyor very likely to use a broker if they had a poor credit history
59% said they were quite likely or very likely to use a broker if the property was shared ownership
48% who didn’t use a broker thought their bank or building society offered
them a good deal
53% wanted access to a wider range of products
and deals
32% thought their mortgage would be
cheaper in the long run
25% said they had used a broker because the
market was complex and they needed guidance.
More than a third (35%) wanted the reassurance of talking to someone
23% thought brokers were expensive
18% of consumers who didn’t use a broker
didn’t see the value they would add
Consumers viewing a mortgage broker’sadvice as valuable included:
Reasons why EXISTING homeownerschose to use a mortgage broker included:
Reasons why PROSPECTIVE buyers chose to use a mortgage broker included:
SCOTLAND
83%
LONDON
85%
EAST
75%
N.IRELAND
64%
WALES
79%
SOUTH WEST
76% SOUTH EAST
85%
EAST MIDLANDS
78%
of homeowners who had used a broker in their most recent house purchase said they
would use a broker again
of consumers thought the advice of a broker was quite valuable or extremely
valuable when securing a mortgage
of homeowners used a broker intheir most recent house purchase
SOLD
71% 82% 82%
55% didn’t know a broker could offer them more product choice for
mortgages
Who is using a broker?
Why use a broker?
Regions
For Adviser use only
Mortgage myths
TEMP
Our research, which was supported by analysts from Censuswide, draws on a survey of 500 individuals who have bought a home in the last12 months (with a mortgage) and 500 first time buyers who plan to buy in the next 6 months.
Legal & General Partnership Services Limited. Registered in England and Wales No. 5045000. Authorised and regulated by the Financial Conduct Authority. Legal & General Assurance Society Limited. Registered in England and Wales No. 166055. Authorised by the PrudentialRegulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Registered office for both firms: One Coleman Street, London EC2R 5AA. Information correct as of August 2017.
GICH010965 11/17
WEST MIDLANDS
78%
YORKSHIRE &THE HUMBER
84%NORTH WEST
82%
NORTH EAST
92%
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