"Consumers are seeing through the headline mortgage rates they see on the high street, and recognising better deals and greater understanding of their situation lies elsewhere."
Three times as many people believe they can get a better deal from a mortgage broker than a high street lender, according to research from The Mortgage Lender.
Almost two thirds of those interviewed believe high street mortgage lenders are failing to meet the needs of borrowers with more complex circumstances, such as those with multiple income sources, property rental income or simply having school fees to pay.
The vast majority of consumers also said the attitude of mainstream lenders towards more complex financial positions is "unacceptable". Nearly three quarters of those who took part said refusing to lend to someone simply because they were self-employed or had multiple incomes was not fair.
Many people also believe there is an over-reliance on computers to make lending decisions, with two out of three saying this means lenders are failing to help people based on individual circumstances. In fact, respondents were twice as likely to feel that lenders with underwriting teams who deal directly with cases are better able to understand customers’ individual needs and circumstances.
Pete Thomson, sales and marketing director at The Mortgage Lender, said: “These results are quite damning. Consumers are seeing through the headline mortgage rates they see on the high street, and recognising better deals and greater understanding of their situation lies elsewhere.
“Mortgage brokers can identify the right lender and the best deal for any circumstance, that’s clearly something people recognise and value. On average, a third of our customers qualify for our lowest rate. So, while TML might be known for working with customers with complex circumstances, brokers know we can challenge many of the deals borrowers see on the high street.”