Are Mortgage Brokers Missing Out on Millions?
15-Aug-18
Are Mortgage Brokers Missing Out on Millions? Four Strategies for Winning the Custom of First Time Buyers Buying a house, particularly for the first time can be a daunting prospect. Credit checks, forms, and the huge variation of mortgage products and different lenders can be overwhelming. In spite of this, a mere 28 % of first time buyers intend to fund their house purchase using a mortgage found through a mortgage broker, with 46% intending to arrange their mortgage directly with the bank. However, at some point in the house purchase process, this attitude changes, with the percentages becoming 47% and 32% respectively.[i] In other words; the process of the house purchase makes many people realise the value of the mortgage broker over and above finding their own deal. This still, however, means that 53% of first time buyers are not using a broker, representing a market worth millions of pounds. There is plenty of opportunity here for mortgage brokers to win over first time buyers, saving these new customers huge sums in overly expensive mortgage deals in the process. The importance of a mortgage broker There are so many advantages in employing a mortgage broker early in the process of purchasing a property. Helping first time buyers to understand the benefits is the first step in winning their custom. · It is estimated that one third of customers do not get the cheapest mortgage available.[ii] Knowing the market well, brokers can access any new deals as they become available, as well as being able to analyse each customer’s individual circumstances and the best deal that they can get, giving clients the confidence that they are getting the most cost effective mortgage for them. · Many mortgage brokers also offer advice on the house buying process; from suggestions on paperwork, to recommendations about house surveys and insurance. This reduces the stress and worry ...
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