The mortgage intermediary sector has boomed in recent years with increased regulation leading to a more complex advice process fuelling its growth. However, change is afoot..
Paul Hunt is a marketing consultant
With the Spring sunshine finally arriving with us, I headed downstairs to our basement to dig out all the summer garden furniture & BBQ equipment to take full benefit of the glorious weather.
Whilst searching downstairs, I came across an old box marked 'stuff' and in it I found the history of my employment in the form of branded fridge magnets, coasters, pens, post-it-note pads and mouse mats.
It wasn't so long ago, a trade exhibition stand would look bare without the accompanying mouse mats (andother miscellaneous deskaccessories) proudly displaying logos, website addresses and a phone number - what an effective way to subconsciously promote your brand with an item literally under someone’s nose throughout the day, we thought as marketers.
However, I rarely see a mousemat on my travels now to offices, so when did they cease being a ubiquitous office accessory?
Where am I going with this thought process, I hear you cry?
The mortgage intermediary sector has boomed in recent years with increased regulation leading to a more complex advice process fuelling its growth. However, change is afoot..
Whether it’s the rise of product transfers, increased efforts by lenders to retain borrowers, more BTL mortgage prisoners, robo advice or changes in estate agency practices, it’s clear the business model of many mortgage brokers will need to change to survive as we creep towards the 20’s.
Despite all of the above, there is hope, with more and more potential customers no longer fitting into a mainstream lending profile. Many of these people may not think of using a broker after being turned down by their bank or turned away by a estate agency mortgage consultant - this is a massive opportunity for brokers.
Undoubtedly, you’ll need to consider how you attract such customers, plus you’ll need to look at smarter tools like a criteria search system, for example, to help save time in narrowing down the possible lenders you can use for each client.
The ‘specialist’ lending sector is served by more lenders than ever before as people much cleverer than I have realised the opportunities available.
It’s time for you to develop and adapt, you don’t want to become a mouse mat, do you?
