Driving customers into brokers’ arms

ALAN CLEARY, MANAGING DIRECTOR, PRECISE MORTGAGES
ALAN CLEARY, MANAGING DIRECTOR, PRECISE MORTGAGES

It’s great to see Legal & General and the Association of Mortgage Intermediaries kicking off a campaign that aims to drive customers into brokers’ offices.

I can’t remember the last time I read something in the national press that was fighting mortgage brokers’ corner.

We have also been busy over the past few weeks bringing out near-prime products to help customers who do not fit high street criteria.

We have been carrying out research with customers and it is clear that millions of borrowers are not confident that they will be able to get a mortgage when they want one.

A significant 30% of respondents said that they will be looking for a mortgage in the next 12 months.

We all need to make a concerted effort to persuade these consumers to seek advice from a broker rather than going direct to lenders.

Some 80% of those surveyed said they would prefer to deal with a broker who could look at multiple lenders rather than having to traipse down the high street visiting each one individually.

This is a massive selling point for brokers and one I think we should all be shouting from the rooftops.

I have calculated that if a customer wanted to approach each bank individually it would take them at least 10 hours. Who in their right mind would want to do that?