Pink has increased its mortgage volumes by 20% in the last quarter and this has been reflected to a greater or lesser extent across the intermediary market.
If lending figures are static yet brokers are completing up to 20% more business this can only mean that more people are placing their mortgage business through advisers rather than going direct to a lender.
In essence therefore intermediaries must be taking market share away from branch staff and lenders’ other direct mortgage operations.
With the sheer volume of new deals coming out every week, along with a much wider range of products available, it means borrowers must feel the need, now more than ever, to go via a mortgage broker to understand the range of products available and to get the best the market has to offer.
Although the mortgage process still throws up regular challenges for all of us, the client will receive a better all round experience going through a broker supported by the intermediary lender staff, than by dealing with a branch direct.
For example, communication can be the biggest hurdle for a borrower when going direct as it is not uncommon to wait longer than a week for a basic update; while brokers might have a similar challenge from time to time they are in a better position to deal with any unforeseen problems.
Knowing someone is in your corner fighting your cause is what sets us apart and it certainly seems like it must be playing a very big part in light of the Bank of England figures.
Mark Graves is head of Pink Network
