High street lenders fail consumers, says The Mortgage Lender


British consumers think high street lenders do not give value for money and that mortgage brokers are more likely to get better deals, according to The Mortgage Lender. 

TML surveyed 2,000 consumers and found almost two thirds thought high street lenders are failing borrowers with more complex circumstances, such as those with multiple income sources or rental income.

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.

The survey also found three times as many people believe they can get a better deal from a mortgage broker than a high street lender. 

 The Mortgage Lender also found consumers believe large lenders rely too much on computers to make lending decisions.

Two out of three said this meant many lenders are failing to help people based on individual circumstances. 

The Mortgage Lender sales and marketing director Pete Thomson says: “These results are quite damning.

“Mortgage brokers can identify the right lender and the best deal for any circumstance, that’s clearly something people recognise and value.”