The vast majority of independent mortgage applicants have given the thumbs to the use of a broker to help them finance their home purchase.
A survey by specialized provider, the mortgage provider (TML), showed that 96% of non-paye applicants said that mortgage brokers understood their needs when it came to buying a property.
Of those who respond to the investigation, one in three (65%) applicants said that brokers fully understood their needs and 94% said that brokers knew which lenders should approach for their application.
In the meantime, 93% said that the knowledge of brokers about the specialist market was useful in the buying process for the home. The same part said that their broker was useful in finding the best deals and the available rates.
Non-paye employees, those who pay taxes with the help of self-evaluation, and therefore probably self-employed, entrepreneurs, freelancers or contractors, often do not pay in the criteria of High Street Banks.
Independent applicants Detailed paperwork must offer to document their income and the process of applying for a mortgage can also be more complex.
The TML study showed that 93% of those brought brokers found it useful because they focused on applicants of mortgage products that would be eligible, which increases their chances of being accepted.
They were also able to give advice on how to build credit scores and check whether their score was good enough for a mortgage and were well informed about what applicants of income flows have, those problems that are often too complex for traditional leasers.
Brokers were also helpful in streamlining the process as a whole, revealed the survey. The majority of applicants agreed that brokers helped them to provide the right paperwork, explain the mortgage terminology and even sort the mortgage application on behalf of the applicants.
Sara Palmer, distribution director at the MortGage Lender (TML), said: “As a lender we work with brokers every day to support our customers, and they are an integral part of the mortgage process.
“Especially as a specialized lender we trust brokers to connect with customers who probably need more specialized support than a High Street Bank can offer, or this is because they are self -employed or have complex income.
“For anyone who is struggling with the mortgage process for these reasons, real estate agents can help cross barriers and give insight into something that can be quite discouraging and overwhelming – while they help to obtain the best rates available for the applicant’s circumstances . “