Cover Story
raise in these scenarios has been a key driver. Also, some borrowers are remortgaging simply to get onto a fi xed rate and this is not surprising given the uncertainty that exists about where rates will be in the next year or so.
FITTING CRITERIA Whilst we all know that house purchase numbers are lower than the long term average there are still 50,000 transactions per month and a percentage of those borrowers trying to buy a house will have a credit issue that prevents them getting a mortgage with a high street lender. I believe that many mortgage brokers will have customers that fi t Precise Mortgages’ near prime criteria and a phone call from their broker telling them that there is an option available to them that wasn’t there a few months ago may be of interest. To fi nd out whether we can do a deal for your customer is pretty straightforward. Literally a few minutes of keying the customer’s details into our online mortgage platform will give a decision in principle.
HIGH STREET THREAT
One of the issues that brokers face is the dominance of high street lenders who now account for 90% of all new mortgage business.
The customers that they are all chasing are sub
consumers that they do have options”
brokers we can help educate
“With the help of mortgage
70% LTV with prime profi les, and whilst this is creating some welcome competition and headline grabbing rates, it does leave a large segment of potential customers out in the cold. All of these high street lenders have benefi tted either directly or indirectly from the trillions of pounds of taxpayers’ money that has been injected into the system in order to keep them afl oat. Yet
is it socially useful or benefi cial to the economy to make it so diffi cult for people to get a mortgage?
EDUCATION Fortunately the landscape is changing. Precise Mortgages is at the forefront of this market and with the help of mortgage brokers we can help educate customers that they do have options even if they have a less than perfect credit history. Mortgage brokers have had a diffi cult few years but the strong ones have survived. By being proactive it is perfectly feasible to make a good living in the mortgage market and Precise Mortgages provides a brand new source of lending that mortgage brokers can talk to their customers about. I would urge all brokers to join in with our campaign to educate customers about their mortgage options and together we can help inject some much needed good news into the mortgage market.
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