The vast majority of lenders see advisers’ work as essential to helping non-standard borrowers, such as the self-employed or those with credit impairments, to find the right mortgage for their needs, according to the Intermediary Mortgage Lenders Association (IMLA).

When asked about the specific benefits that speaking to advisers can bring to non-standard borrowers, 92% of lenders agreed that it would help these borrowers access a wider range of mortgage products. In addition, 67% also felt that borrowers who spoke to an adviser were likely to find a mortgage that was better suited to their individual needs.

The research also revealed how adviser input can both speed up and strengthen applications. 46% of lenders suggested that those who made an application through an adviser were less likely to incur unnecessary delays throughout the process and 58% of lenders thought that applications submitted by an adviser stood an overall greater chance of being approved.

IMLA’s research shows that lenders are acting on these positive views and have taken steps to deepen and maintain their close working relationships with advisers since the start of the pandemic. 58% of lenders have invested in broker training and 54% plan to invest in technology to further support advisers. This trend is also reflected in the fact that 75% of lenders reported they have been working more closely with advisers to help them understand complex product criteria.

Kate Davies, executive director of IMLA, said: “Mortgage advisers play a critical role in the UK housing industry and there are a great many brokers – local and national – who are dedicated to helping customers through mortgage applications and finding the very best product to fit their circumstances. This is more important than ever as we experience rising living costs and anticipate future interest rate rises – borrowers will be keen to find the best possible deals and many will need expert help to find them.

“Good relationships between brokers and lenders are not only key to ensuring that borrowers have access to a broad choice of mortgages to fit their needs, but also in reaching those non-standard borrowers who may have thought a property of their own was forever out of reach.

“Our research demonstrates that consumers tapping into the expertise of mortgage advisers will benefit from more choice, a better mortgage and a quicker application process that is more likely to be successful. That is a triple win for the consumer, and the fact that lenders are recognising this value that brokers bring to mortgage applications is a sure sign that intermediaries are set to remain a vital channel in the mortgage market this year and beyond.”