Poor bank service has left the door open for brokers to win borrower support.
According to an online poll by Loan Market Group, the majority of borrowers do not feel as though they receive adequate service from their direct lender.
More than 56 per cent of the 660 respondents surveyed said they either didn’t know what a bank manager was or had no idea who to contact at their bank because “they change all the time”.
Meanwhile 32 percent– almost one third of respondents – said they only heard from their senior bank staff member when there was a problem.
A mere 12 per cent of respondents said they had regular contact with their bank manager.
“The days of borrowers dealing in person with a bank manager appear to be long gone,” Loan Market Group chief operating officer Dean Rushton said.
In contrast, borrowers dealing with a mortgage broker were given regular personalised contact, Mr Rushton said.
“The goal of a top mortgage broker is to make finding and applying for a home loan a simple process,” he said.
“They will also provide regular follow up services to ensure the loan is working as well as possible for the borrower.”