Andrew Cappaert, national account manager at Brightstar, said it was impossible for a broker to be an expert in all areas, but specialists at firms like Brightstar would likely know how to deal with cases that are uncommon for mainstream brokers.
Cappaert added: “Not only do you have to deal with all the different ways that those areas are working, but then when you see the lenders and the different nuances and criteria, that’s a really big thing to learn.”
He said brokers did not need to be the expert in every area, but should be an expert in spotting opportunities to refer a case.
He said difficulties and challenges meant there was an “opportunity to grow”. Cappaert added that it was human nature to stick to what you know, but if brokers did this, they would “be struggling”.
He said referring to a specialist broker would create a better service for the client.
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Rachel Geddes, strategic lender relationships director at Mortgage Advice Bureau (MAB), said people with complex circumstances had become the “new norm”, and more brokers were coming to the network’s brokers in need of specialist support.
Nick Parker, head of networks and clubs at Together, said more people went through “financial challenges” during the pandemic that they had not come across before.
“What that period did was [it] actually broke down a number of barriers and stigmas around people that have financial difficulties, because so many people experienced them,” Parker added.
He said that had been a “significant driver” in the rise in people with complex borrowing needs. Further, some people tried to put off their financial shocks by turning to buy now, pay later (BNPL) schemes, to kick the can down the road with the expectation that interest rates would return to their low levels.
Parker said it was obvious that this was not the case, and this meant more people had adverse credit and would need additional support.
