Pink Home Loans’ 1000 Index Survey shows rates drive brokers’ decisions when choosing which lenders or packagers to deal with.The online survey was aimed at mortgage intermediaries and questioned 1,000 brokers on industry issues . In stating which areas influence their decisions most when deciding which lender or packager to send a mortgage to, 25.9% of brokers say rate driven products while 21.55% say service. Among other factors cited were criteria driven products, at 14.36%, and the relationship, at 10.5%. But proc fees influence only 4.97%. Another question looked at which criteria are most important when determining the best product for a client. The findings show 35.63% think the initial rate is the most important factor while 22.99% say true cost over five years is most important. The speed of the lender or packager was quoted by 13.79% of brokers. Tony Jones, managing director of Pink, says it is quite a surprise to see initial rate coming out so high on the list of reasons why a broker decides which product is best for their client. He puts this down to customers wanting to keep down initial costs. Jones says: “It is a surprise to see that 35.63% of brokers think the initial rate is most important when deciding which product is best for their client. “But it is no great surprise to see that rates come out at the top and service second when deciding which lenders or packagers to use. “It’s also good to see that the influence of proc fees on brokers’ decisions is so weak.”
- Top trends
City broker Square Mile Mortgage Finance is to terminate its relationship with Hamptons International Mortgages and become an appointed representative of Cobalt Capital.In a move that will shake up the London mortgage broker market and give Cobalt Capital a link in the City , Square Mile, the reigning Mortgage Strategy Small Broker of the Year, […]
All forthcoming em-roadshow events are proving to be extremely appealing to the UK broker community. Events are planned for Bristol on September 27, Reading on October 4, Newcastle upon Tyne on October 25 and Leeds on October 26. Guy Garrard, director of business development at em-, says: our roadshow events offer our brokers the chance […]
1,500 buy to let properties will be made available to City of Edinburgh Council through an ambitious private sector leasing scheme that goes live this week. Through the scheme the authority leases the housing neededthrough one specialist provider who sources the properties from buy to let landlords.Property services group Orchard & Shipman plc has contracted […]
The latest data from Charcolonline, the online mortgage broking service, shows online buy-to-let deals increased from 14% in July to 17% last month, illustrating that more buy-to-let investors are heading for the internet when looking for the best deals. At the same time, first-time buyers edged down from 15% in July to 11% in August, […]
The rollout of Fit for Work (FFW) has now started in England and Wales.
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