Broker demand rises with complexity
The research, which fed into Pepper Money’s launch of its First Charge mortgage proposition in Scotland, also found that demand for broker support tracks closely with urgency and complexity.
Thirty-one per cent of Scottish adults said they would want to use a broker for their next purchase. That figure rises to 41% among all adverse-credit borrowers and to 61% among those intending to buy within 18 months.
Why do adverse credit borrowers value mortgage brokers?
Among Scottish adults weighing up the benefits of using a broker, professional advice (31%) and finding the best rate in the market (36%) ranked highest. Making the process quicker and easier (29%) and having someone to speak to throughout (27%) followed closely.
For those with adverse credit, access to lenders not available directly to customers ranked particularly highly, with 26% identifying it as a key benefit.
That last point speaks directly to the structural value brokers provide in the specialist market. Specialist lenders operate exclusively through the intermediary channel. This means, for a borrower with credit issues, a broker is not just useful, it is the only point of access to that part of the market.
