Boon Brokers: 39% of owners have never used a mortgage broker

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Of those who bought a home, 39% have never used a mortgage broker, according to Boon Brokers.

A survey of 2,000 mortgage holders shows that the number of real estate owners who have never engaged a broker for the over-55s category has risen to 49%.

Looking at a younger generation of homeowners, 74% of 25-34 year olds said they had turned to a broker for a home loan.

Boon Brokers noted that one in seven of those who turned to a mortgage broker do not know if they had full market access.

In addition, the company believes that brokerage fees are an area that causes confusion among clients.

Boon Brokers contacted 44 brokers, revealing that 59% do charge clients a fee, averaging £ 559.

However, 100% of the brokers indicated that they received a procuration fee from the lender.

Gerard Boon, founder and partner at Boon Brokers: “There is still a lot of uncertainty about mortgage brokers and what they can do. A good broker with full market access can find the very best mortgage product for a client, saving them a small fortune.

“A common misconception, however, is that homeowners have to pay brokerage fees when applying for a mortgage or mortgage. Paying a brokerage fee does not guarantee a better service – there is no relationship between the quality of the service and the brokerage fees charged. The sole purpose of the brokerage fee is to increase the company’s profit margin.

“I think it’s vital for the industry to be more transparent about what it has to offer and what costs there may be to a homeowner – there should be nothing to hide, which is why we have, in our opinion, the most comprehensive guide to Mortgage Brokers Made. Fees Available Online. “

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