Of course you would. Brokers are starting to become more aware of the benefits of second charges but they need to better understand the benefits to themselves.
If I could guarantee you that adding seconds to your offering would generate more new business enquiries – including boosting your remortgage business, reduce the amount of wasted work you do, increase the number of referrals you get, boost client return and increase your income, would you decide it’s worth getting involved? I’m sure you would.
The seconds industry has done well in promoting the benefits of seconds to consumers -and this needs to continue – but we must also focus on promoting the benefits to brokers of selling them.
It’s been said before that there is a somewhat worrying case of apathy sweeping the mortgage market,
Second charge loans have not soared in popularity as one might have hoped following the Mortgage Credit Directive and there are rumblings around the market that mortgage brokers’ unwillingness to get involved is the problem. Part of the reason for this, say commentators, is that they don’t understand the product.
Education is absolutely vital in order to help brokers to feel more comfortable embracing a product they have never really worked with before. And this must continue. It is the responsibility of everyone in the second charge sector to ensure brokers are given the resources and the training opportunities to fully get to grips with secured loans.
However, I think it’s also important to make them understand the impact bringing second charges into their business can have.
Make it known that you can handle loans as well as remortgages and just see the difference it makes to your business. You won’t regret it.