View more on these topics

Five things you should know about… Embracing technology

Embracing technology

By Jeremy Duncombe, director of intermediary distribution, Accord Mortgages

1. Know your lenders, not just what the sourcing system tells you. All lenders have differences in policy, service, rates and risk appetite. A good broker should be familiar with these as it will help you to properly explain and advise your client on which mortgage will be a good fit. The right technology and processes can make sure you have time for each client so you are able to answer questions and allay any concerns.

2. Embrace change. It is not something to fear. Digitalisation will speed up applications and improve customer experience. Familiarise yourself with developments to ensure you can use them to add value. There’s lots of free help and information out there, from mortgage clubs and networks, to the trade press and lenders.

3. Engage and follow up. This is probably the most important differentiator of all. Be proactive from day one – whether with newsletters, information, market news or just reminding the client that you’re there for them. And a decent CRM system will do it all for you. Next time the client needs advice, more protection, more money, or just a remortgage, you’ll be at the front of their mind.

4. Use BDMs. Business development managers are there to assist you – they are experts in their provider’s policy and procedures and will help you if you get into any difficulty with an ongoing case. They can also provide invaluable advice ahead of submitting an application for a tricky or complicated case.

5. Remember, it is never just a mortgage. To your client, it is the most important thing happening for them at that time – the means to buy a new home or remain in their current property. Understanding that is what being a broker is all about, and why brokers are so important to the market.

Recommended

Eddie-Goldsmith-MS-CUTOUT-250x255.jpg
11

What exactly is a missold mortgage?

There are many breaches that constitute a missold mortgage but the fundamental question is whether people were treated fairly by their adviser or lender. I am looking at complaints that a recommendation was inappropriate for debt consolidation, capital raising, extending the term, affordability, arrears and right-to-buy mortgages. There are many breaches that constitute a missold […]

Mark-Carney-BoE-700x450.jpg
2

Interest rates predicted to rise in early 2020s

On 2 August 2018, the Bank Of England raised interest rates from 0.5 per cent to 0.75 per cent. The previous base rate rise was in November 2017, from 0.25 per cent to 0.5 per cent, which was the first raise for more than a decade. Mark Carney, governor of the Bank of England, said in August […]

House-For-Rent-Home-700.jpg

Private rental demand cooling: BM Solutions

Demand from UK residential renters is flattening off, according to research from BM Solutions. The research shows that 45 per cent of landlords saw no change in demand from tenants in the second quarter compared to the first. Meanwhile, London was the only area of the UK to see a fall in demand. More than […]

The Nottingham moves into RIO market

The Nottingham Building Society has announced its move into the retirement interest-only space with the launch of three of the later life lending products. The offerings come in three 40 per cent LTV flavours: a two-year discount, which has an initial rate of 2.99 per cent, a three-year fix, at 3.34 per cent, and a […]

What attendees thought of the LendInvest Property Development Academy

LendInvest ran its first Property Development Academy in London last month. Attendees from all over the UK gathered to learn how to better equip themselves with the skills they need to grow their property development portfolios. Speakers from CBRE, Gleeds, Arcadis, Gowling, Residential Edge and AZ Urban Studio gave their insights into their respective fields […]

Newsletter

News and expert analysis straight to your inbox

Sign up