Nathan Reilly

Mortgage Intelligence Update: The revival of the prefabricated home

Product Development Manager Nathan Reilly reflects on the up and coming trend of prefabricated homes.

What we associate with prefabricated homes has come a long way in recent years. Previously thought of as cheap post war buildings, they were built en-mas lacking character and individuality.

Yet modern day prefabricated homes are now recognised for their unique and modern design, energy efficiency and advanced technology. Prefabricated homes are becoming widely accessible even to the point where you can now order your new home online.

What exactly are prefabricated homes?

Prefabricated homes are a type of specialist building, which are manufactured offsite in panels, modules or transportable sections of the full structure. These sections are then shipped and assembled onsite to make the final construction where the foundations will have been laid.

How can they help?

Many people aspire to build their very own dream home, but decide it is unachievable. However, prefabricated homes are making this goal more attainable by helping people avoid the lengthy, complex and expensive process of building a home from scratch.

Some even suggest prefabricated homes may contribute to solving the housing crisis. At a time when we require 250,000 new homes a year, with only 130,000 being constructed, the efficient nature of a prefabricated construction may be preferred. Prefabricated homes may be produced twice as fast as traditional constructions, due to the fact that whilst the foundations are laid on site, the house is being built in the factory.

So what’s the catch?

One of the main problems with this style of home is finding the land to build it on. Clear building sites are few and far between, especially in the south of England. For this reason many self-builders are choosing to buy a house and knock it down, making the process of building prefabricated homes less time efficient and cost effective.

There is also the issue of planning permission, as the modern structure of prefabricated homes are likely to be too distinct from surrounding homes. But, they may be favoured by some local authorities due to their design status and environmental benefits.

It is worth noting that because prefabricated homes aren’t typically considered to be of standard construction, some mortgage lenders may have certain restrictions when lending against them. This will all depend on valuer’s comments, warranties and the location of the property.

If you would like to know more about how to join our award-winning Mortgage Network as an appointed representative or becoming a member of our Mortgage Club, call our Broker Support Team on 0845 130 7446, option 1.


Mortgage Intelligence update: Landlords prepare for September’s PRA changes

Nathan Reilly discusses the upcoming changes in the buy to let market and how advisers can help landlords prepare for them.

The buy to let sector has seen a number of changes in recent years. This has been a challenge for landlords, lenders and advisers alike during a period of adaptability, flexibility and resilience.

But with the Prudential Regulation Authority’s (PRA) second phase of new underwriting standards for buy to let lending coming into effect on 30th September, there is further in store for the sector. Some lenders are already making announcements regarding their approach to buy to let portfolio lending, which means landlords need to prepare now.

What exactly is changing?

In line with guidance set out by the PRA, from 30th September 2017 landlords who have four or more mortgaged buy to let rental properties will be considered as portfolio landlords by lenders. The PRA expects all firms that conduct lending to portfolio landlords to use a specialist underwriting process that takes into account complex borrowing scenarios.

This will require the entire portfolio to be underwritten when applying for a new buy to let mortgage, even if the other mortgages are with a different lender. Lenders will also be required to use additional affordability tests on portfolio landlords and will require additional documentation to support applications.

How can landlords get ready?

Specialist lenders, already experienced in using a similar underwriting approach, have been clarifying their stance and assessment criteria. Whilst a number of mainstream buy to let lenders have also started to confirm whether they will be supporting portfolio buy to let lending going forward.

It’s likely there will be more announcements over the coming weeks, but between now and 30th September, it’s vitally important landlord clients are aware of how the changes could impact their current or future plans.

If you would like to know more about how to join our award-winning Mortgage Network as an appointed representative or becoming a member of our Mortgage Club, call our Broker Support Team on 0845 130 7446, option 1.


Looking ahead to 2018 – Are you ready to help your clients?

Product Development Manager Nathan Reilly highlights some of the big opportunities for advisers to help clients in 2018

2017 was a big year for several sectors in the mortgage industry, with plenty for advisers to keep on top of. This has made helping advisers prepare for opportunities and adapt to change an even bigger focus for our network and club this year.

To help advisers stay ahead of the game once again, I have highlighted some of the top opportunities there will be to support clients in 2018!

The cessation boom

Current data predicts that £220bn worth of mortgage product cessations are due in 2018. This is a massive opportunity to help clients ensure they are on the most suitable product for them, especially if that means they can save money on their monthly mortgage repayments.

Some lenders are increasing the number of remortgage and product transfer products they offer. Data shows that remortgaging was responsible for 37% of valuations in August 2017, which is its highest share of the market in a decade. Early signs suggest remortgaging will have another big part to play in 2018.

Base Rate rises possible

Whether or not the Bank of England increases the base rate from its historic low on Thursday 2nd November, there has been definite movement from the Monetary Policy Committee towards an increase.

Even a small upward movement could create a substantial change in consumer behaviour. Moving from just talk of a rise to the increase itself will mean people may start looking more closely at those stress margins they were tested against. Advisers will be invaluable once again, as this may also trigger a new wave of remortgage opportunities.

Changes to HMO

A recent survey found that more than 85% of all landlords were unfamiliar with upcoming changes regarding Houses of Multiple Occupation. From April 2018, landlord clients may have to carry out expensive restructuring work on properties or risk being fined.

The new laws will impose tougher minimum standards on room sizes, waste disposal and storage facilities. After the changes, some landlords may even be left with rooms they are no longer able to rent out to tenants.

GDPR comes into effect

The General Data Protection Regulation, otherwise known as GDPR, will replace the existing Data Protection Act. This will become part of UK law from 25 May 2018 and apply to any organisation that handles any individual’s personal data. The new rules are designed to give more people control over how their data is stored and for how long.

Help for mortgage prisoners

The FCA has been calling for lenders to do more to help mortgage prisoners. These are borrowers that have found themselves trapped on a lender’s SVR, unable to remortgage due to complicated borrowing scenarios.

Experts are concerned at the growing number of mortgage prisoners in the market, who often as a result of changing circumstances no longer meet new affordability and stress testing rules. Fortunately, we have grown the number of specialist lenders on panel to bring advisers more options to help those with borrowing needs that require a specialist touch.

Second phase in BTL tax relief

After being introduced in April, the changes in tax relief that landlords can claim on their mortgage repayments for second homes will reach its second phase in April 2018. The level of income tax relief landlords can claim will be restricted to the basic rate by 2020. This will affect those that let residential properties as an individual, or in a partnership or trust.

All residential landlords with finance costs will be affected, but only some will pay more tax. Landlords that won’t be affected include UK resident companies, non-UK resident companies and any landlord of Furnished Holiday Lettings. It is of course important to ensure that clients are getting the required tax advice from an expert when considering the financial effects of any tax changes.

Advances in technology

It is hard to get away from changes in technology, and this is as much the case in the mortgage sector. Robo-advice is still being looked at as a possible way of streamlining the mortgage process for consumers. Freeing up time to spend with clients can only be a good thing, and far from replacing the adviser, changes in technology could simply mean more clients will be supported even more efficiently.

A certain portion of those needing to borrow money for a home will of course be looked after more quickly through automation. But human advice is still highly valued in a sector that contains numerous borrowing scenarios, which often need looking at in more detail than simply a series of questions.

Other things to keep an eye on

EPC changes – Energy Performance Certificates (EPCs) are used as a measure of the energy efficiency of a property. Although first introduced for those buying and selling homes, they are now prevalent in the rental market as well. From April 2018, landlords will need to reach a minimum EPC level before renting their property to new tenants.

Aging population – As people live and say healthier for longer, it becomes more common to borrow into later life. Lenders are adjusting their criteria all the time to suit the changing needs of older borrowers. This includes higher age limits and a raft of more suitable options to suit their needs, such as interest-only and specialist products.

Open Banking – The CMA (Competition and Markets Authority) retail banking market investigation found that larger banks did not have to compete for market space when compared with their smaller and newer counterparts. This has resulted in consumers paying more and not benefiting from new services. The CMA is therefore implementing one of their reforms called ‘Open Banking’, a transparency initiative that the FCA finalised requirements for in September.

If you would like to know more about how to join our award-winning Mortgage Network as an appointed representative or becoming a member of our Mortgage Club, call our Broker Support Team on 0845 130 7446, option 1.


Self-employed: the potential of the work force

Britain has seen a large increase in the number of self-employed workers in recent years but there is a belief from some that the mortgage system is biased against them. Our product Development Manager, Nathan Reilly, takes a look at whether the mortgage market is making the most out of Britain’s own bosses.

Demand for specialist residential mortgages is being driven by a diverse set of customer needs, particularly from the self-employed. According to Paragon’s Q4 2017 Financial Adviser Confidence Tracking (FACT) Index report, based on interviews with 198 mortgage intermediaries, 21% of specialist lending is for the self-employed.

But amongst Britain’s own bosses there is a common belief that because they’re self-employed they will struggle to get a mortgage. A staggering 30% of self-employed homeowners believe the mortgage process is biased against them, according to research by Aldermore. It only takes a quick google search to see the number of articles, blogs and questions from the self-employed asking if they can get a mortgage!

So, is the mortgage market making the most of Britain’s own bosses?

The size of the self-employed work force alone suggests there is huge potential in the market. They now account for a substantial 15% of British workers having risen from 3.3 million in 2001 to 4.8 million in 2017, according to the Office for National Statistics.

For intermediaries this presents a huge opportunity. It’s important to ask yourself whether you are keeping in touch with these potential customers and regularly reviewing how lenders are adapting their criteria and products to meet their needs. For instance, do you know which lenders take one year’s accounts? How different lenders treat different types of income? Which lenders are best for sole traders, contractors and partner or company directors?

To fully tap into the self-employed market, we need to get the self-employed talking about mortgages and start debunking the myth that they’re unable to get them. Why not make use of the promotional materials available on Broker Zone? Simply log in and order your self-employed posters, flyers and digital images to help you make the most of Britain’s own bosses.

Here at MI we aim to provide the highest level of service for our members which is why our Broker Support Team are also always on hand to take your call and help place your cases. Put them to the test and let them help with your tricky self-employed clients!

To become a member of our award-winning network or club contact us today on 0345 130 7446.


A summary of the mortgage market: Looking back at 2018

2018 was a big year for the industry and it brought with it many complicated changes and advancements that heightened the value of intermediaries. Our Products Development Manager, Nathan Reilly, takes a look at the main changes from over the past 12 months.

Retirement Interest Only

In March Retirement Interest Only mortgages were reclassified. Having previously been classed as a form of equity release, advisers once needed the appropriate qualification to advise on the product. They have since been redefined by the FCA and RIO mortgages, in their simplest form, are retirement interest only mortgages that don’t have a fixed repayment date.

Members of our Network and Club received a dedicated later life lending edition of our Insight magazine in September to keep them up to speed with the changes and we also hosted specialist RIO webinars and covered the changes in more detail at our MI Live roadshows. Moving into next year we’re looking to host a dedicated later life lending workshop too!

EPC

The start of April saw changes to the private rental sector. Rental properties, since the change, must have a minimum Energy Performance Certificate rating of an E. The change applies to new lets and renewals meaning existing tenancies have until April 1st 2020.

This meant that landlords could no longer rent out properties with a rating of F or G and if required energy improvements should be carried out. These improvements range from simple things like swapping light bulbs for energy efficient ones to potentially more complex and costly issues like insulating wall cavities or roofing and updating a boiler system.

GDPR

A big change, that still remains relevant today, are the changes that were enforced as part of the General Data Protection Regulation, or GDPR. The changes overhauled how businesses process and handle data and GDPR became the new framework for data protection laws.

The mortgage industry has felt the full impact of GDPR too, from lenders to brokers, everyone has been affected. GDPR is here to stay so it is important you continue to think about the data you hold, the way it is stored and what you may need to change within your business.

Technology

Like almost every other industry, the mortgage industry has seen changes in technology over the past 12 months.

From APIs seamlessly connecting the intermediary and lender – saving time by removing the rekeying of information, to chat bots supporting customers through the mortgage application process, there have been a whole host of advancements in 2018. We covered many of the changes for you in the October edition of Insight Magazine, we gave you an overview of some of the technology out there and talked about how it’ll impact you.

We believe that technology has an important part of play in the future of the mortgage industry and we are continuously looking at how tech can improve the services we offer and how it can benefit our brokers.

HMOs

One of the largest changes we saw towards the end of the year was the changes to Houses of Multiple Occupation regulations. The main changes meant that houses with five or more people from two or more households must now be licensed as an HMO, properties with any number of storeys can now be an HMO, houses now have a minimum room size for bedrooms and they must have an appropriate place to store rubbish.

To become a member of our award-winning network or club contact us today on 0345 130 7446.


60 seconds with Business Development Manager Andy Yates from Teachers Building Society

Nathan Reilly spoke with Business Development Manager Andy Yates from Teachers Building Society to chat about what Teachers Building Society can teach the financial services industry, why he loves his job and his West Country roots.

Andy has over 30 years’ experience working in the financial services industry. Having worked with high street lenders, as an adviser, regulated trainer, T&C supervisor and regional manager he has a huge amount of knowledge about mortgages and the wider financial industry.

 How do you help both Network and Club members?

The recent broadening of our lending criteria means that we are now available to all occupations nationally, we’re like a new lender option for you. As a smaller regional building society you can quickly build a relationship with us as you have continuity of contact points with the broker team, we provide an excellent speed of service, access to in-house underwriters for decisions, strong affordability at higher LTV with our 5 times income cap available up to 90% LTV (95% LTV for teachers) and we’re also able to consider future contracts and probationary periods.

 What sectors do Teachers Building Society specialise in?

Our lending is based on criteria rather than price, we can help FTB or First Time Movers requiring higher affordability at higher LTV. We are happy to consider an applicant’s future contract and those starting on a probationary period – useful where payslips are not yet available. We support the government Help to Buy schemes both purchase and re-mortgage and provide a 95% lending option for shared ownership clients. Specific teacher criteria include:  Newly Qualified Teachers on their first one year contract are treated as permanently employed and Supply Teachers can be considered once they have a track record of two academic terms.

What is it that surprises advisers when you talk to them?

That we have broadened our lending criteria to support all occupations – not just teachers! Our 5 times income multiple remains available up to 90% LTV … and 95% LTV if you are a teacher.

What’s the best part of your role as Business Development Manager?

Easy answer – the day to day contact with advisers and being able to provide a solution. I really enjoy the relationship side of the BDM role, its great working with established adviser relationships and as one of the smaller regional building societies, I enjoy the opportunity of presenting and meeting new broker firms.

 What can Teachers Building Society teach the financial services industry?

Good question – I’d say use our experience of the Teacher profession sector, future contracts, pension contributions, supply teachers etc. Every lender will aim for first class service levels and Teachers is no different – if you’ve not used us before give us a call.

 If you could live anywhere in the world, where would it be?

I’m a West Country lad, so I would move back to the south west, somewhere on the coast like Shaldon – it’s a lovely spot with some great local pubs. The Shaldon car sticker I saw made me smile “A beautiful drinking village ruined by fishing.”

If you could only eat one meal for the rest of your life, what would it be?

Playing on my West Country roots, I’d opt for a pasty!

Join our award-winning Mortgage Network as an appointed representative, or become a member of our Mortgage Club, to start benefiting from our fantastic range of comprehensive services and support. Call the Broker Support Team on 0345 130 7446 (opt 1) to find out more.


Looking back at 2017 – a mortgage market summary

Product Development Manager Nathan Reilly takes a look back at an eventful 2017 in the mortgage market, and highlights how advisers have helped their clients this year

2017 was another big year for the mortgage industry, with an array of complicated changes that have put even more value on intermediaries. Advisers have responded by keeping on top of all the ramifications for their clients and spending time with industry representatives and experts to fully understand the details.

Below is a round-up of all the big 2017 announcements. We have supported advisers throughout the year by giving them access to relevant events, such as mortgage workshops and webinars, designed to help absorb the changes. This means that no matter what the industry throws our way, advisers have the support needed to continue delivering the same first-class advice to clients…

First-time buyers

Help to Buy

The year began with the end of the Help to Buy: Mortgage Guarantee scheme, as lenders began supporting more borrowers with small deposits. But the Help to Buy: Equity Loan scheme was also extended to 2021. This is great news for those struggling to find the required deposit to buy their first home.

In autumn, Theresa May promised to boost the Help to Buy scheme with an additional £10bn funding, which she confirmed would help another 135,000 people onto the ladder. The Help to Buy ISA is also continuing to be used by plenty of first-time buyers to boost their savings and save money on their house purchase.

Stamp Duty

One of the big mortgage announcements in November’s Budget was the scrapping of stamp duty for first-time buyers. The Chancellor’s flagship budget policy will mean those buying a home worth less than £300,000 will no longer need to pay stamp duty land tax, which according to the government will encompass 85% of those looking to buy their first home. The cut will also apply to the first £300,000 on properties valued up to £500,000, in areas such as London, purchased by first-time buyers.

There was speculation leading up to the Budget that the tax would be scrapped completely, in an effort to support first-time buyers and to make home-owning more affordable for young people in the UK. Solving the housing crisis in the UK was always going to be one of the main focuses of the budget, and this announcement by the Chancellor should go towards increasing first-time buyer transactions in the UK.

Homeowners

Base Rate

Obviously a base rate rise affects everyone. But homeowners especially will have been looking at their current mortgage rate a bit more closely. With rates at record lows for so long, it is only natural that advisers would get calls from clients, asking how this would affect their mortgage.

The move raised some big questions for borrowers, least of all the possibility of another rise in the near future. Those borrowers financing mortgage repayments on standard variable rates (SVR) may have already seen their repayments increase, with those on tracker rates even more likely to have been affected.

Remortgages and Product Transfers

Even after the base rate was increased, the opportunities for homeowners to save money by remortgaging has continued throughout the year, with lenders competing to offer competitive fixed rates and low cost borrowing prevailing. We have been helping where we can, by supporting client touchpoints and encouraging advisers to reach out to clients, especially those with products nearing cessation.

Investors and Landlords

Tax Relief

April saw the first stage in the reduction in tax relief for landlords, which is scheduled to be phased in over a four year period. This move is part of the Government’s plan to redress the balance between investors and buyers in the housing market, by reducing the tax relief landlords received on their mortgage payments.

By April 2020, the tax relief that landlords of residential properties receive for finance costs will start to be restricted to 20%. In the first quarter of 2017, this created increased interest from investors considering moving their portfolio over to a limited company. Limited companies set up for the sole purpose of buying and letting property, will not be affected by the changes.

PRA changes

One of the big impacts in 2017 came in the form of new rules on lending to portfolio landlords. From October 1st, extra stress testing is used for those with four or more mortgaged properties. Some lenders however have approached the new rules differently which may have affected those outside of this definition.

The additional testing has meant more in-depth affordability checks, taking into account properties, as well as personal income and tax liabilities. We held a series of workshops to help advisers understand the changes and how each lender would be altering their criteria as a result. This meant they could go back to their clients and help them prepare their documents.

Join our award-winning Mortgage Network as an appointed representative, or become a member of our Mortgage Club, to start benefiting from our fantastic range of comprehensive services and support. Call the Broker Support Team on 0845 130 7446 (opt 1) to find out more.


60 seconds with … Commissions Supervisor Louise Clarke

We spoke to Commissions Supervisor Louise Clarke about how the team have improved the payments process over the last year, as well as her favourite TV show and dream holiday!

After previously working as a Beauty Therapist and at JP Morgan, Louise joined the company back in 2010. Soon after joining the Commissions Team, Louise became a Senior Administrator, before taking over the supervision of the team.

How has the Commissions Team managed to improve their efficiency by so much in the last year?

“Everyone on the commissions team has pulled together to share ideas on how we can make the whole process better. We wanted to make the whole team and its processes more effective in terms of speed, whilst maintaining the very high level of accuracy we are so proud of.

“We have worked with IT on improving the systems in 2017, which has both streamlined the commissions process and made it easier for us to spot any issues that may crop up on statements. All this has enabled us to consistently hit our service standards for express payments within the deadlines.”

How has the automation of so much commissions processing actually improved the service quality?

“We have worked with lenders and providers to ensure as many statements as possible can be processed through our automated payments system. This means that we have now been able to put even more focus on the validation of statements and the analysis of the payments themselves.

“All this ensures that although we now process at least double the amount of commissions from the year before, we can now also ensure that even more controls and checks are put in place so that the payments made to advisers are what they should be getting.”

What’s one of your favourite things about being Commissions Supervisor?

“I am constantly looking for ways to improve the team even further, so I ensure I am still fully involved in the daily duties. This means I am able to understand exactly where we could still do better in terms of systems, processes and customer service.”

Even though you were lucky enough to recently have gone on honeymoon to Venice, do you still have a dream holiday destination?

“If we can ever find the time to fit it in, my husband and I would love to go to Thailand and destination hop around South East Asia!”

I can’t help but overhear how much you keep on track of your TV shows! What’s your current favourite?

“Until the next series of Game of Thrones starts I will have to say The Walking Dead or I’m a Celebrity (Toff was a worthy winner by the way!). I am also loving Peaky Blinders at the moment, but any boxset is good for a binge watch for me!

What’s your favourite place to eat in Bournemouth?

“It would have to be Funky Griller for decent food, atmosphere and value for money. Everyone loves a good steak!”

Join our award-winning Mortgage Network as an appointed representative, or become a member of our Mortgage Club, to start benefiting from our fantastic range of comprehensive services and support. Call the Broker Support Team on 0845 130 7446 (opt 1) to find out more.


60 Seconds with Ipswich Building Society: Keeping it simple for advisers

Nathan Reilly spoke to Business Development Manager at Ipswich Building Society Andrew Sadler about how Ipswich can support advisers in understanding complicated areas of the market, and a little bit about his DVD collection…

With 25 years’ experience in financial services covering advisers from Land’s End to John o’ Groats, Andrew joined Ipswich Building Society in 2015 and has been busy spreading the word ever since.

Why should advisers use Ipswich Building Society?

“I simply tell advisers that when they have a case that needs an expert opinion and manual underwriting, we can help. We like to think of ourselves as an extension to their business, to support them with extra knowledge in difficult areas.

“We understand that it isn’t just clients that need help with specialist lending, it can be advisers too. We love sharing expertise and knowledge, to make it easier for advisers to get to grips with difficult subjects.”

What sectors do Ipswich specialise in?

“Unusual business is our idea of business as usual. We specialise in self-build, shared ownership, new-build, buy to let, top-slicing, to name but a few. We set ourselves apart from mainstream lenders by manually underwriting every case.

“It is becoming more common for borrowers to have unusual scenarios, and we understand that there is no such thing as a normal working day anymore, which is why we will now consider zero hours contracts.”

What’s the best part of your role as Business Development manager?

“It’s going out to see advisers and keeping them updated on exactly how Ipswich can help their clients. No two days are ever the same and I approach every adviser meeting the same way that we approach lending: ready to be flexible, understanding, and offer a tailored service.”

What is it that surprises advisers when you talk to them?

“Many advisers don’t realise that we support those with small deposits as well, offering 95% mortgages up to £500k. We also help those looking to build their own home, by offering self-build lending of up to 80% LTV*.

“We offer a generous 50% fee-free overpayment facility on all our products*, one of our best kept secrets. Advisers are also surprised about our reach, as we lend all over England and Wales. We are able to help professional sports people, contractors, entertainers … you name it! We make the seemingly difficult easy for both advisers and their clients.

“We are able to support several parts of the borrowing journey, by helping both first-time buyers and older borrowers, with no maximum age limit. We can also help them remortgage so that they can support their children, allowing 100% of a deposit to be gifted*.”

This wouldn’t be a 60 Second interview without a food question, so what is your favourite cuisine?

“Easily Italian. You simply can’t go wrong with a calzone pizza or a bowl of carbonara!”

Really important one this, what is your favourite film of all time?

“Star Wars. It was the second film I ever saw in a cinema way back in 1977. I am also a 80s nerd at heart and love movies. I have a DVD collection which would have rivalled Blockbuster in its heyday.”

Finally, what is the most amazing country you have ever visited?

“Canada, especially the west coast. Nothing beats it for breath-taking scenery and views.”

*All deals and rates correct as of 25/04/2018

Join our award-winning Mortgage Network as an appointed representative, or become a member of our Mortgage Club, to start benefiting from our fantastic range of comprehensive services and support. Call the Broker Support Team on 0345 130 7446 (opt 1) to find out more.


What is a Master Broker?

Many intermediaries aren’t aware of the positive impact that working with a master broker can have and how it may benefit their business. Our Product Development Manager, Nathan Reilly, explains what exactly is a master broker?

Mortgage advisers are experts in what they do, but in an increasingly complex and time consuming market, it can be difficult to provide a high level of expertise across all areas of finance. When a client visits a broker with a funding requirement which is outside the normal environment is when working with a master broker can be beneficial.

They can often have experience in helping customers with more complex borrowing requirements, maybe someone is looking to explore what commercial property has to offer or considering a big refurbishment project, these are just a couple of areas that the everyday adviser may not regularly come across.

Working with a master broker and their range of expertise enables brokers to retain their clients and extend their relationship with them, whilst ensuring the client receives appropriate advice and the solution that best meets their needs.

Faster processing times

Depending on whether the Master Broker is taking responsibility for the advice or packaging the case, there are a number of different ways that they can support the application process. From completing the fact find to collating documentation, all of these services can often give advisers the additional time to concentrate on their day to day business.

New relationships with lenders

Another area where Master Brokers can add real value to advisers is lender access. Some lenders may make the conscious decision to only deal via Master Brokers or potentially restrict product access to certain partners. Exploring a Master Broker route to see whether a more appropriate solution for the client’s needs is always a good exercise.

This is purely just a flavour of how a Master Broker could positively impact your business, and there are simply too many examples to cover in a short blog post!

Here at MI we aim to provide the highest level of service to our members. For details on how to become a member of our fantastic mortgage network or club, call 0345 130 7446.