Cover
Name: Nick Thomas Position: Principal Company: Your Local Broker BRIDGEND
We’ve had a challenging 2012 for many different reasons. We’re growing a new business whilst getting to grips with products, providers and process. The panel gives us good access to providers and I’ve found the business forums inspirational, sharing key hints and tips with new and experienced brokers alike.
“Wrapping up 2012 and going into 2013 and beyond we’re very optimistic and enthusiastic as there are lots of opportunities”
People are still not fully aware of the value of cover so the advice we give is about informing our clients, as well as giving value for money and choice. Life and critical illness are essential with a mortgage especially for families, but with the rental market on the increase our income protection business has grown. I can see a 100% uplift on new business in 2013 compared to 2012. Your Local Broker set up in March 2011. We’ve got a good team, including essential back office administrative support, and are planning to expand our field advisers. It’s an exciting time for everyone. Wrapping up 2012 and going into 2013 and beyond we’re very optimistic and enthusiastic as there are lots of opportunities to exploit and drive forward.
Name: Peter Griffiths Position: Principal Company: Haven Financial Solutions RADSTOCK
The mortgage market is tough and the lenders’ approach to lending can prove to be an obstacle for people looking to buy or move. There are some cracking mortgage deals, the best I’ve known in 30 years, but trying to get clients through the underwriting criteria and lenders’ credit scores can prove to be difficult. We achieved what I expected in 2012 but if the lender’s approach was not quite so unforgiving we would have achieved even better results.
First-time buyers are there but struggle because they haven’t got enough deposit or don’t pass the credit score. Getting them a mortgage is proving to be difficult.
“Higher LTVs would open things up and give the market a boost”
Buy-to-let was kind to me in 2012. House prices dropped and rentals increased making buy-to-let more attractive. However, some lenders are restricting buy-to-let mortgages to three now and introducing minimum income requirements, making it difficult for established landlords to increase their portfolios and also for some new entrants into the market. I think 2013 is likely to mirror 2012, showing signs of improvement as the year goes on. Percentage borrowing needs to improve, especially for first-time buyers. Higher LTVs would open things up and give the housing market a boost.
32 MORTGAGE INTRODUCER JANUARY 2013
Name: Richard Brattin Position: Mortgage Adviser Company: DMC Properties and Mortgages LIMAVADY, NORTHERN IRELAND
It’s been a reasonably good year for us in a slowly improving market. Most of our first-time buyer business has come from Northern Ireland’s Co-Ownership scheme which has attracted those first- time buyers unable to raise the deposit required for a full mortgage. Rental yields have improved resulting in a gradual improvement in our buy-to-let business. However, negative equity is still a problem and as a consequence our remortgage business has been poor.
In the past clients walked in and it was easier to place their mortgage from a wide choice of lenders. Now, if they can’t afford it, don’t have enough deposit or are declined, we’re investing much more time, educating and planning, to try to get them the mortgage they need.
“House prices have bottomed out attracting more buyers. Lenders just need to offer higher LTVs”
I’m positive about 2013; support from First Complete is good and the continued focus on protection is giving us the cross selling opportunities we need. House prices have bottomed out attracting more buyers. Lenders just need to offer higher LTVs, but the real stumbling block is criteria.
www.mortgageintroducer.com
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