Helping you achieve your financial goals
We did have issue with clients providing credit reports that were not very helpful, or the wrong one for helping us to place business. Now with the multi agency report. We can now get reports from Equifax, Experian, Transunion (formally call credit and now called credit Karma) and Crediva.
In one report we can see all four agencies and what information they hold. This is a big help to us and our clients.
We have also innovated in other areas of the advice process, developing overviews and visuals to help clients see where they are in the process from the time of our first appointment to the very end of the legal process, when the mortgage completes and the client either completes on a new rate or moves into a new house.
Recently we have seen some truly remarkable things happening not only more exclusive rates been offered to us, meaning when you come to us, you get a rate that no one else has, but also in other areas. Banks and Building Societies we use have been chopping down lead times to offer. The protection side has seen more and more value added benefits, from free cover for children on life & critical illness to fracture cover been included as standard with some providers. Even seen with one income protection provider a growth in benefit from 60% of salary to 65% of salary been given after deferment period ends. All this makes for more value for our clients.
Getting the most from our research
‘ To just want a mortgage is not the only consideration. Protect every pound borrowed, as well as earnt, and use your broker to understand what is on offer. Get a bigger bang for your buck.’
A client wants a mortgage, this is a want, the client never considers what they need. The two are not mutually exclusive and we try to make both happen at once. Wanting a mortgage is to invite a long term financial commitment, yes you have a home for your money. If the unexpected happens, death, critical illness or income protection how will you cope? Naturally with death it is a question for those you leave behind. If you find yourself unable to work and your employer has to stop supporting you, can you survive on statutory sick pay alone. Research suggests that the average household can survive with no money coming in for just 28 days.
‘I have not seen a house, but can I get a mortgage?’ The question is really, how much can I potentially borrow and at what rate?
The circle of protection is discussed from the outset along with the full list of mortgage consideration.
We have developed questions to target the client wants in a more specific way. However we consider the future in these requirements and make our recommendation personal to them.
In this manner we do the same with the protection needs, its personal to the needs they have. Paying off the mortgage in the event of death or critical illness. Ensuring financial stability in the event of long term illness occurring. A famous quote was when a client stated he never got ill, then later fell down the stairs!
The High Street & Internet vs Broker
In a World of click mortgage or high street banks in supermarkets. The broker mortgage market accounts for 53% of all mortgages sold. Why? Because a broker can beat the high street and they offer a helping hand throughout the entire process, not just mortgage advice.