In helping to navigate clients from application through to completion, vital components in the process have always been speed, simplicity, security, clarity and consistency — although there have been, and continue to be, some stumbling blocks along the way.
While this journey is still not perfect, thanks to the addition of technology it has improved greatly. Lenders are investing heavily in developing the right kinds of tool to make the process as straightforward and efficient as possible.
Stronger levels of engagement between lenders and intermediaries have also played a major role within these improvements, again largely supported by technological advances.
Worth the effort
Over the past few years, lenders have placed a growing emphasis on how applications should be processed, and the quality of their packaging, by intermediaries. The results are clearly evident.
The latest Mortgage Market Tracker from the Intermediary Mortgage Lenders Association outlined that, in the second quarter of 2017, almost nine out of 10 (88 per cent) mortgage applications that originated through intermediary channels went to offer. This represents a marked rise from Q2 2016, when the figure was 75 per cent. First-time buyers in particular were said to have become more successful, with 88 per cent of applications coming to offer in Q2 2017 compared to 71 per cent the year before.
To their immense credit, intermediaries have stepped up to the plate in dealing with individual lenders’ policies and criteria to submit more comprehensively packaged cases, as well as being forward thinking enough to embrace the technology that makes their lives easier. As a result, lenders and intermediaries are working in far greater harmony than in times gone by. Like any relationship this will always have its ups and downs, but the signs are good.
Technological advances have obviously had a major bearing on improvements made throughout the mortgage journey, but it is important not to ignore the contributions of the people and the quality of advice behind it.
Most importantly, the end client is really benefiting from this increasingly aligned approach.
Craig Calder is director of mortgages at Barclays