Specialist mortgages take longer, but customers don’t seem to mind

Published on

91% of brokers are spending a lot more time completing specialist mortgage cases than those fitting mainstream criteria, according to research carried out for United Trust Bank Mortgages’ latest white paper.

However, UTB found that care and attention appears to produce more loyal clients with 96% of brokers saying specialist customers are more likely to use their services again.

49% of brokers who took part in the research said that they were spending from 10-30% more time on specialist cases with a further 31% saying they were spending more than 30% extra time than they would on average spend on a mainstream case.

38% of brokers said that more than half of the cases they had completed in the last 12 months were specialist. 21% included in that figure said that all their cases had been specialist. 87% of brokers said that clients often approached them having been turned down by a lender or other broker.

Although 82% of brokers still prefer to submit their cases direct to lenders, 43% said that they may use referral partners in the future.

Brokers can download a copy of the white paper, Growing opportunities for brokers in the specialist mortgage market, here.

“Building trusted partnerships is key to the health and continued growth and success of the mortgage industry as a whole”

Buster Tolfree

Buster Tolfree, director of mortgages at United Trust Bank, said: “The specialist mortgage market is continuing to grow and undoubtedly offers excellent opportunities for brokers.

“Many are now devoting their whole business to customers who are not served by the mainstream mortgage market whilst others continue to complete smaller volumes.

“It’s no surprise that customers who don’t meet mainstream criteria can take a bit more time to source mortgages for. However, the end result is customers who will come back to the broker time and again when they refinance or move home.

“For those brokers who feel they lack the market knowledge or time to take on specialist cases, packagers and referral partners are an excellent way of keeping new business opportunities.

“Building trusted partnerships is key to the health and continued growth and success of the mortgage industry as a whole and it’s great to see more brokers embracing collaboration as a means of growing their business and looking after more customers who may struggle to find the mortgage they need on the high street.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Your clients aren’t being stolen… they’re being handed over

Let's be honest about something the industry won't say out loud. Lenders going direct...

Fintech entrepreneur joins Swansea Building Society board

Swansea Building Society has appointed financial technology entrepreneur Martin Breach as a non-executive director. Breach...

Brilliant Solutions’ mortgage club claims record month

Brilliant Solutions has reported its strongest month on record despite signs of slowing momentum...

Nationwide trims fixed mortgage rates by up to 0.19 points

Nationwide is cutting fixed mortgage rates for first-time buyers, home movers and remortgage customers...

Walbrook launches mortgage adviser apprenticeship pathway

Walbrook Institute London has expanded its apprenticeship offering with a new Level 3 pathway...

Latest publication

Other news

Private credit has reached its next stage of maturity

Every lending market experiences moments that prompt uncomfortable questions. A high profile default, allegations...

Your clients aren’t being stolen… they’re being handed over

Let's be honest about something the industry won't say out loud. Lenders going direct...

Fintech entrepreneur joins Swansea Building Society board

Swansea Building Society has appointed financial technology entrepreneur Martin Breach as a non-executive director. Breach...