Mortgage News
Two-thirds of brokers see no extra business from Help to Buy 1
Two-thirds of mortgage brokers say they have seen no boost to their new-build business since the launch of the Help to Buy equity loan scheme a year ago.
Recent figures showed the more than 19,000 homes had been purchased using the equity loan in the year to March.
However, 67% of mortgage brokers responding to the latest Mortgage Solutions People’s Poll said they had seen no increase in their own new-build business.
One-in-ten respondents said their new-build business had been subject to a big increase in activity in the past year while a further 22% said they had seen a small uplift.
Writing for Mortgage Solutions, Mortgage Advice Bureau’s new homes director Andy Frankish said brokers not involved in the sector could be missing out on big business.
“We are seeing is a return to the market of the smaller developer building a handful of units on a regional basis,” he said. “And it’s here where there is real opportunity for brokers with high service standards to pick up some of the best quality leads in the market.
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“But you need to be prepared; you need to know your product and especially the different government schemes available. You also need to be prepared to “go retail”.
“Most activity on new-build sites happens between Friday and Monday so you need to be available on those days to support your sites; this can be a total shift in your normal working week but a fundamental essential if you want to get into this market.”