Last week we held a brainstorming session to come up with ideas on saving money and generating revenue now interest rates had been cut again.
We all agreed that going back to basics was the best way forward – treating every client as if they are your last, doing everything for them to avoid them being poached and delivering what you say you will.
This took us off on a tangent and we started debating what we would do if we were in government. Here are the results:
Mortgage Interest Relief at Source – Give all movers tax breaks on their mortgages for five years.
Mortgage Indemnity Guarantees – Underwrite debt or contribute to premiums if outsourced. In years past MIG was a reassurance that loans would be repaid and as the government has a stake in most debts these days, why not cut out the middle man?
Stamp Duty – Introduced as a tax on the rich so make it that way again.
Self-cert – Has a place in today’s market. If risk is priced and regulated properly it could boost purchases and remortgages.
Savings – Abolish the National Lottery and make premium bonds compulsory. Consumers build a pot of money to be used as a pension at the age of 65 and in the interim are entered into a £1m draw each month. Radical but it might work.
Sometimes we have to look back to look forward so let’s not reinvent the wheel – let’s dust off some old wheels and get them rolling again.