Do you think your neighbours, family and friends really understand what your job entails? In a Legal & General report, they found that more than half of UK consumers didn’t actually realise that a mortgage broker could offer greater product choice than banks or building societies – and about a third believed that brokers worked on behalf of a bank.
In fact, buyers have plenty of misconceptions when it comes to securing a mortgage and the role a broker plays in enabling them to find better deals and save money along the way.
Nearly half (48%) of homeowners and prospective buyers who did not use a broker chose not to do so because they felt their bank or building society offered them a good deal. But, as we know, as a broker, you are able to source mortgages from a much extensive pool, whereas a bank can only offer their own products.
The wider public seem unaware, however, with almost a fifth (19%) believing that brokers and banks have the same access to all mortgage products. In reality, brokers actually have plenty more options – up to eight times more than a bank or a building society. According to research, as of 30th October 2017, there were 3,721 products available direct to consumers, compared to a mammoth 29,886 available via a mortgage broker.
Not only is there a lack of knowledge about the differences between offerings of banks versus brokers, the research also discovered that one in seven respondents thought their bank or building society would be able to give them access to the same impartial advice as a mortgage broker.
The research from Legal & General highlights an education gap within the society, with a plethora of misconceptions surrounding the role of a mortgage broker and the true number of benefits they can provide to their clients. Mortgage brokers should be shouting about their ability to offer a more impartial, comprehensive service with far more financing choices when compared to a single lender. It is all about spreading the word and educating friends, family and neighbours, so that they can then spread their knowledge within their network and eventually to the wider public – all to mutual benefit.
So, next time you are asked what you do by your neighbour, a family member, a client, a friend or even someone you’ve just met, be sure not to hide your light under a bushel. Tell them what a mortgage broker does in fact do and therefore what you REALLY are worth.