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Borrowers reaching out to new brokers after ‘blaming previous advice’ ‒ analysis

  • 20/06/2023
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Borrowers reaching out to new brokers after ‘blaming previous advice’ ‒ analysis
Some borrowers are approaching new brokers, as they blame previous advice for their current mortgage repayment issues, intermediaries have told Mortgage Solutions.

Brokers have told Mortgage Solutions disgruntled consumers are leading the charge who have previously taken advice from other intermediaries.

It comes after Just Mortgages called on brokers to do more to engage with their local communities through mortgage clinics in order to support residents with their mortgage worries at an uncertain time.

John Phillips, national operations director at the firm, argued that there were “opportunities still out there for proactive brokers”.

Was the advice right?

Jamie Lennox, director at Dimora Mortgages said that demand from buyers had been “firmly turned off” in recent weeks, as a result of the rate increases.

He added that his firm was seeing a higher than normal number of customers reaching out who had previously used other brokerages in the past.

Lennox continued: “This is often quite rare, as once the trust is gained there is rarely a need to use another broker. 

“However, we all know no one could have forecasted the challenging period we are now in but there is no doubt some customers in their heads will blame the advice they received on leading to them having to remortgage in a period of high-interest rates and more may look to seek a second option.”

What is going on?

Imogen Sporle, managing director of Finanze Property, said that her firm was seeing a “good mix of existing and prospective clients” looking for help with refinancing from variable rates which have now become unaffordable.

She continued: “We have a lot of clients asking for our advice not just on mortgages available now but what our predictions for the market are from a professional point of view.” 

Joe Stallard, director and adviser at House and Holiday Home Mortgages, said that while the majority of his firm’s work is repeat business, there is also interest from new applicants.

He added: “Right now, in this constantly changing landscape related to mortgages and the wider world of rising costs, there’s plenty of activity out there, and people need good advice now more than ever.”

Business is dropping

Graham Cox, founder of, noted that business had “slowed markedly” over the last few fees.

He added: “With daily headlines about soaring mortgage rates, it’s no wonder. We’re still generating business via existing clients and organic website traffic, but it’s a tough market right now.”

Social media offers opportunities

Scott Taylor-Barr, financial adviser at Barnsdale Financial Management, said he was seeing new enquiries from a broad range of sources, from those looking to review their deal, landlords looking to expand their portfolio, and those reaching out after seeing his social media content.

“This is an ideal mix for me, as I often find if one falls quiet at any given moment then another channel picks up.  Having a broad mix of reactive and proactive inquiry sources is always the best bet, but isn’t always easy to set up,” he continued.

Sporle also pointed to social media as providing further options to brokers looking for new clients. 

“We often speak to prospective clients on Facebook property groups as we find clients go there to initially ask questions and look for advice on their mortgage worries,” she added.

Around 90 per cent of the business at RNR Mortgage Solutions comes through client referrals, explained Anil Mistry, director of the firm. 

He continued: “By cultivating strong relationships with our clients, we foster an environment where they are inclined to endorse our services to their network of family and friends. 

“Nonetheless, we remain committed to actively engaging with potential customers on various social media platforms, which has yielded some organic inquiries thus far, with no paid advertising.”

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