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Tony Taylor Principal Your Mortgage Solutions Lowestoft, Suffolk First Complete
The market is still very hard for mortgage brokers but a little easier for financial planners and life assurance salesmen. The profit margin in doing low loan size mortgages without charging a substantial broker fee is just not viable, however providing a full package of mortgage, life, critical illness, general insurance and a fee plus any other peripheral products can still be very lucrative. The key to success in the current market is comprehensive fact finding, good quality questioning and time with the client. We must be looking to find clients not customers and solve problems not sell policies. It is sometimes very hard to do this by yourself so the modern mortgage broker cannot be without professional connections to an IFA, an estate planner and high quality affinity providers. In 2012 the market is going to be the same or harder, there will still be a lack of confidence and a lack of funding, however the good brokers will find that by doing a proper fact find, working with the client to achieve their financial goals for the future, building wealth and protecting assets they have a constant supply of profitable business. .
Peter Suttill Principal
Burwood Financial Sevenoaks, Kent TMA
From day one in January we were tremendously busy right through to June - then it went very quiet. It started with the dollar crisis, then the Greek and Euro crises and it has knocked confidence. However from mid-October we’ve been busier than ever - and mostly due to buy-to-let. Traditionally I’ve done 5% buy-to-let now it’s nearer 50%. This is a huge transformation; even if it’s not a buy-to-let mortgage it is people remortgaging their own home in order to fund a buy-to-let or even an HMO property which is unusual. There are three reasons why we are so busy: lenders are now so picky that people increasingly rely on brokers for their specialist knowledge; there are so few brokers left that we are picking up what work there is; and people now accept current economic circumstances. They are fed up of putting their lives on hold and so are dropping house values and moving home. In 2012 there may be a slight pick up but not a huge upturn, and I would like to think that more intermediary deals will address the first-time buyers market.
Matthew Smith Principal
Ark Fiscal Solutions Ltd Nottingham First Complete
I’ve been really busy, business has been good, enquiries and referrals are going well, I’ve seen an increase in mortgage business over the last six months, predominantly in the buy-to-let sector from people who have got money accessible in the bank and are snapping up rental properties at a decent price. Clients seem to be using this as pension funding. Buy-to-let is making up about 70% of my mortgage business at the moment. I also do a lot of protection combined with wills and trusts. I’d say my business split is 70% protection and 30% mortgages but have increased the number of mortgages this year. As for next year I think the growth in buy-to-let will continue. There will be plenty of opportunity mixed with difficulty. In business the formula never changes, sometimes there is more opportunity than difficulty and sometimes there is more difficulty than opportunity but the mix is always the same. A business philosopher I know was once asked what the next one, three, five and 10 years will look like in business terms and the above was his reply!
32 mortgage introducer JANUARY 2012
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