The Key to placing business for clients with the right lender the first time, is understanding the clients requirements and the lender requirements. Due to the “Credit Crunch” lenders are a lot more cautious as to what they will and will not take on, they are a lot more selective with regards to the right client and are now all looking for the ideal client i.e. that client with the 40% deposit and who is able to provide a substantial income.
The reality is that these clients are few and far between, the key is therefore keeping up to date with what lenders will and will not consider and keeping a constant dialog with lenders to understand fully what they are looking for. I recently help an American couple who have just over 2 years remaining on working visa in UK and who have only been in the UK for 9 months. They had initially been turned down by one lender who unknown to the clients had altered their requirements for non-UK nationals.
Mortgage Broking is complicated, lenders move the goal posts on a regular basis, it is important for clients to confident that their Mortgage Broker is working for them and concentrates on mortgages solely. Be aware of the IFA who tries to do it all, i.e. Pensions, Investments, Insurances, Mortgage Broking, you would have to ask yourself how are they able to keep up to date with all of these complex areas of financial advice with only 24 hours in a day?
Andrew Fowler worked for Limetree Financial Services until December 2010. Feel free to contact another member of our team for help or advice.