Advisers that are writing approximately £20,000 of business per month, with the ability to write more, will be provided with their own administration person in their office. In a pilot, over the past six months, the brokers who received such support wrote an average of 45% more business than without it.
With the administration for every mortgage application now taking up to one and a half hours, Just Mortgages expects it will provide these brokers with an extra five hours a week to spend with their clients.
In addition, Just Mortgages has also established an administration centre in Sheffield that will expand from an initial eight staff to 25 over the next 12 months. The new administration staff will take care of all cases after submission, chasing any outstanding paperwork required to get a mortgage through to completion. It is also expected to help customers to get their mortgages approved more quickly.
John Phillips, group operations director for Just Mortgages and Spicerhaart, said: “While it makes sense that lenders require a lot of detailed information on the person they are about to lend money to, it doesn’t always make sense that the person providing this information is a broker. The broker will of course still do all the initial fact finding and a thorough check on affordability. However, after this point it is possible for an administration person to take it on, submitting the application and providing the lender with any additional information required.
“Because our administration staff will be dedicated to making sure that everything is correct and every form is filled in correctly, it means less work for lenders. This not only works in the borrower’s favour as they are likely to get their mortgage through more quickly, but it also benefits brokers as it gives them more time to see clients.
“The pilot that we have done to date has proved to be a success with huge gains in business written, so we are now rolling it out to all qualifying brokers throughout the country.”