Originally published: The Adviser, 22 June 2023
Fixed-rate borrowers who have English as a second language are more likely to use a broker to refinance than native speakers.
New research from brokerage Resolve Finance has revealed that 70 per cent of fixed-rate borrowers who have English as a second language (ESL) plan to use a mortgage broker to refinance after their current fixed-rate mortgage ends.
According to the survey of 1,000 mortgagors, conducted by Pureprofile in May 2023 on behalf of Resolve Finance, 45 per cent of native English speakers intend to refinance without using a broker, instead opting to navigate the mortgage marketplace on their own once their fixed-rate mortgage ends.
