Any time of great change will offer opportunities for some people and brokers can thrive, even in the current marketplace, as long as they focus on certain key areas.
Being realistic is key – the days of stretching a mortgage, whether via income or criteria, are long gone. The starting point for any application should be the lender’s criteria and making sure your client fits this.
Use affordability calculators – most lenders have them. They are an accurate, free and easy resource, so take advantage of them. If it doesn’t fit here, it probably won’t fit when you apply either.
Submit a decision in principle as early as possible – there is no point wasting time on something that is not going to go anywhere, so find out as early as possible.
This will also make estate agents take your client more seriously as a potential purchaser.
We know proof is required at every stage of the process, so advise clients accordingly. Self-cert no longer exists. Make sure the client knows that and only use fast track to expedite the process. Get on file all the proof that is needed for every aspect of the transaction.
Have proof of deposit available, as well as proof of provenance of the funds – this is frequently requested and the lender will expect you to be able to provide it.
By focusing on these points and proactively guiding their clients, good brokers can add real value to the process. This will ensure a greater volume of applications complete and help differentiate them from price comparison sites or direct lender applications.