Only 44 per cent of borrowers who recently took out a mortgage used a broker compared to 56 per cent who went directly to a lender, according to a poll by DPR Group

The survey, by MCI Club’s parent company, was carried out earlier this year among 1,500 consumers.

It found that of those who chose to use a broker, 52 per cent did so for the reassurance that an adviser would help them to choose the correct product, 46 per cent wanted to access more lenders and 38 per cent hoped to get a better rate.  

MCI mortgage club head Melanie Spencer says: “There continues to be a disconnect between consumer perception and how brokers believe they are positioning themselves in the market.  

“We all know the true value of advice and the reassurance this provides consumers in navigating the congested landscape of solutions that will not only meet the needs of each client today, but also into their futures. “However, it is clear that we need to communicate this both more widely and more clearly.”

She adds that brokers need to embrace technology and simplify the advice process if they want to guard against the threat from direct-to-consumer channels.