Each of those is clearly important, but for some clients the most important result is obtaining the offer and then completing the purchase or remortgage.
Many existing borrowers are specifically concerned that their ability to remortgage, for instance, has been compromised by potentially much harsher affordability measures.
However, since those early days of the Mortgage Market Review when lenders tended to gold-plate the requirements, we’ve certainly seen a move away from the more stringent checks.
In that quest to show the value of your service as an adviser, you have been provided with further ammunition by the recent statistics issued by IMLA – an extra boon when it comes perhaps to allowing borrowers to determine whether they are best placed going via an adviser or direct. No contest obviously.
They perhaps tell us much about the level of business lenders now accept (and require) from the intermediary sector but also about the quality of the service proposition advisers have, and the quality of the applications they are putting forth.
This would be a particularly pertinent statistic to use with those borrowers who we might refer to as reluctant clients – those who could believe they have no chance of securing a new mortgage, or those who a few years ago did not find their mortgage application experience as successful as they might wish.
Stuck in the SVR
Of course, there is a large education opportunity available here for such borrowers, particularly those who are currently on their existing lenders’ standard variable rate (SVR) and might believe they are stuck with it.
For those looking at the very competitive rates currently available, a broker’s ability to get an application through to offer will surely be seen as reason to get in touch.
Plus, of course, they may simply not know the lender and product options that are currently available to them.
What is also interesting about IMLA’s research is the current buoyant mood among mortgage advisers – despite the fact that there appears to be plenty of talk about subdued market places, and the political and economic factors that could weigh heavily on borrowers’ future decisions.
Advice required in spades
This positivity can certainly be felt among our own membership, and tying this mood in with a commitment to get the very best (and most) out of every single piece of business written, must be an ambition for all practitioners.
The good news is that advice is required in spades by those new to the market, and those who have been through the process before.
Advisers’ ability to get results is not in question, so make sure you tell your success stories far and wide, and reap the rewards from the inroads you are making and your delivery of real, tangible results for your clients.