The consumer finance website says that brokers are restricting themselves to lender panels and ignoring direct deals because there is little financial incentive for them to offer the products.
Mform.co.uk says more needs to be done to educate consumers about the cost benefits of going direct to lenders.
The site says HSBC, Britannia and ING offer their mortgages on a direct basis only and borrowers should compare all the options and apply through a route which offers direct products.
Research from mform.co.uk reveals that HSBC has featured well in the best-buy tables but despite this the bank’s own figures calculate that it only secured around 6% of the market in 2008.
It says the mortgage sector has been dominated by Abbey, Woolwich, Cheltenham and Gloucester and Royal Bank of Scotland despite the fact that HSBC appeared at the top of mform’s best buy ranking system on 36 occasions compared to nearest rivals Co-operative 30, and Yorkshire at 29.
Eamonn Rice, chief executive of mform.co.uk, says: “We believe that HSBC has not secured the market share it deserves this year because there is no financial incentive for brokers to recommend its mortgages.
“Brokers have a very important role to play in the mortgage market, but it’s crucial that those looking for a loan also look at the direct market because in the current environment, they are more likely to find the best deal here.”