96% of non-PAYE applicants said mortgage brokers understood their needs when it came to buying a property, with one in three (65%) applicants saying brokers understood their needs completely, according to the latest research from The Mortgage Lender (TML).
Overwhelmingly 94% said brokers knew what lenders to approach for their application and 93% said their knowledge of the specialist market was helpful in the home buying process. Similarly, a majority said a broker was helpful in finding the best deals and rates available for the applicant (93%).
With non-PAYE workers often not fitting the traditional criteria of high street banks, they (93%) also found brokers helpful as they could point towards mortgage products applicants would qualify for, increasing their chances of being accepted. They were also able to provide advice on how to build credit scores and check if their score was good enough for a mortgage (80%) and were knowledgeable about what income streams applicants have, which are issues often too complex for traditional lenders.
Brokers were also helpful in streamlining the process as a whole, with majority of applicants agreeing brokers helped with the deposit amount to put down (92%), knowing what paperwork was required for the application (96%), explaining mortgage terminology (92%) and even sorting the mortgage application on behalf of the applicants (95%).
They also proved to be knowledgeable in procedures adjacent to the mortgage application, such as home insurance and income protection, which can be overlooked or forgotten about when navigating the application process alone (89%).
Sara Palmer, Distribution Director at The Mortgage Lender (TML), comments: “As a lender, we work with brokers everyday to support our customers, and they are an integral part of the mortgage process. As a specialist lender especially, we rely on brokers to connect us to customers who are likely to need more specialist support than a high street bank can offer, whether this is because they’re self employed or have complex income. For anyone struggling with the mortgage process for these reasons, brokers can help cross barriers and provide insight into something that can be quite daunting and overwhelming - while helping to obtain the best rates available for the applicant’s circumstances.”
