Lenders are repricing mortgage products at a rapid, and sometimes daily rate, while service levels are being stretched as the market tries to adapt to the constant change.
At the same time, the number of borrowers experiencing financial pressure due to increased living costs is also rising as the fallout of higher interest rates and the impact of the financial disruption caused by the pandemic starts to play out.
For many brokers, this combination of factors means they are now having to work harder and faster than ever to ensure they secure the best outcomes for their clients.
While the ongoing change in the market can be both time-consuming and unsettling, the good news is that rates are heading downward as lenders react to positive market forces such as falling inflation and the decision by the Bank of England to maintain the base rate at 5.25 per cent at its September meeting.
With this trend likely to continue as we head towards the end of the year, keeping on top of all the change can be difficult, particularly in a market awash with lenders and many different types of mortgage products. It is here that enlisting the services offered by a specialist mortgage distributor can reap dividends.
Partnering with a specialist
As a specialist market player with over 40 years’ worth of experience, Norton Broker Services has a wealth of knowledge of the specialist lending market as well as close partnerships with, and access to, a large number of specialist and high-street mortgage lenders.
This means we are ideally positioned to work with brokers to help secure the best outcomes for their clients and this can prove particularly useful in the current climate where the market is moving on a daily basis.
For example, in some cases, those lenders currently offering more attractive rates may not be the best solution for those clients that need to move quickly as poor service levels could cause the application process to drag. Instead, it may be worth paying a bit more and placing the client on a slightly higher rate, with a lender who can process the mortgage in a quicker timeframe, provided they pass the affordability test.
This approach can prove essential for those brokers looking to get the job done in two weeks rather than six weeks as it will ensure their client gets the deal they want as quickly as possible. The same is also true in cases where lower costs are more preferable than speed and the client is in no rush to secure a deal.
Refer to a specialist master broker
Brokers who need some help or guidance navigating the complexities of the current market can refer their clients to a specialist master broker who can help to ease the pressure of keeping up with the ever-changing market by doing the leg work on their behalf.
Not only will this ensure their clients receive the best possible outcome for their needs, there is the added bonus that the broker will be paid for the referral as they initially introduced the client. In fact, as this is an ongoing arrangement, it means the commission will also be paid at a later date should the client return directly to us in the future.
With market fluctuations expected to continue for some time, brokers looking to ease the load should consider enlisting the help of a specialist distributor who can help them keep up with market changes while also providing assurances that they are still meeting the needs of their clients in a challenging market.