You are here: Home - News -

Borrowers must open eyes to niche deals

by:
  • 01/07/2002
  • 0
Only 60% of consumers are aware of specialist mortgages, such as self-certification and buy-to-let, ...

Only 60% of consumers are aware of specialist mortgages, such as self-certification and buy-to-let, confirming the market still remains relatively untapped.

A survey of 3,000 borrowers by niche lender Verso has confirmed the role mortgage advisers have, especially when a client may require a specialist mortgage.

When it came to whom the public trust on mortgage advice, 88% of borrowers said a mortgage adviser contributed to their decision and 9% said advice from family and friends would sway their choice.

Adverts and information from lenders polled last as influences, at 3% and 2% respectively. When asked what assistance they thought advisers gave, 66% said they would, ‘deal with the lender on my behalf,’ and 60% said, ‘to save time and effort.’ Just under half (49%) cited, ‘showing me a range of mortgage options,’ as a reason.

Eddie Smith, business development director at Verso, pointed out these results emphasised the integral role the professional adviser has in the eyes of the public, and the opportunity for brokers to target niche products into an untapped market.

He said: ‘Lots of people see an intermediary without knowing what products are available. I don’t think all intermediaries look at all the options ‘ they just think in terms of mainstream. There are still lots of members of the public that do not realise they can get a mortgage reasonably easily through a niche lender.’


Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
LENDER VIEW

The Intermediary Mortgage Lenders Association (IMLA) represents the views of some 25 UK lenders invo...

Close