I am deeply worried about the future of the market – and wondering where all the new mortgage intermediaries are going to come from.
While becoming involved in finance is probably not what most 16 to 21-year-olds want to do when they leave school or college, in past years, the opportunities in the market have opened doors for people and made them realise the diversity and opportunities available. Now, with the national press continuing to castigate the mortgage market, and television programmes highlighting the minority of bad cases within the market, it would seem that the future blood of the market has become a little scared.
I wouldn’t blame them to be honest. The Financial Services Authority (FSA) has done much to take the ‘fun’ out of selling, and by that I don’t mean selling inappropriately or outside of regulatory law; I mean actually being able to sell, rather than being held down by unreasonable, time-consuming and frankly pointless paperwork.
If this market is to have a future, there needs to be a real drive by the larger, and smaller brokers, and perhaps even local initiatives launched to encourage people to look at the opportunities, both financial and otherwise, in becoming involved in mortgages and related investment product sales, helping buyers achieve their dream of home ownership. It seems that estate agents have no trouble snapping up school leavers – why can’t the same be said of mortgage companies?
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