Mortgage News
Brokers should not ignore ‘micro mortgages’ – Cheshire
Brokers are missing out on sales opportunities by shying away from selling micro mortgages, according to the Cheshire Mortgage Corporation.
Generally offered to homeowners who are looking to make home improvements, micro mortgages are often offered by specialist or alternative lenders, but Cheshire calling for brokers to offer the product to more of their clients.
The company says that selling a micro mortgage product can broaden the range of selling opportunities for brokers, with loans starting from as low as £10,000 and available on most unencumbered properties.
They say that micro mortgages are useful for clients who have paid off a previous mortgage or are owners of inherited property.
Nick Jones, national sales manager at Cheshire Mortgage Corporation, commented: “There are a number of people out there who aren’t looking to borrow large amounts on a mortgage, so will be ignored by high street lenders.
“There is a real opportunity for brokers to generate further business if they consider offering a product like a micro mortgage.”
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