Ignoring the specialist sector can no longer be seen as a viable option.
Paul Hunt (pictured) is a marketing consultant
It was only a few days ago that I was sitting in the garden in my shorts, living the dream as a consultant and now I’m walking to the tube station with a thick coat and scarf, so it must beChristmas soon.
Summer has moved straight to winter and it seems that this is also true for many working in the sector, as 2018 is pretty much over for many lenders and all eyes are on 2019. Is this the same for brokers or distributors and can you afford to do the same?
As discussed with many clients over the last month or so, this time of year presents many opportunities and many of them will be found in the specialist finance sector, which is still an area off limits for many mortgage brokers.
However, with ever increased pressures on revenue for both brokers and distributors due to low housing transactions, a fall off in the buy-to-let purchase market and an increase in product transfers amongst other things, ignoring the specialist sector can no longer be seen as a viable option.
But, and it’s a big but, the terminology, product structures and even how to obtain such business isn’t always straightforward and despite this, many providers in the sector make it almost impenetrable to mortgage brokers to enter and offer such solutions to their clients.
I can see things changing though and 2019 could be a breakthrough year for many specialist areas, including equity release. The time is now, if you haven’t already, to familiarise yourselves with these products and maybe even dip your toe in and test various providers to see if their actual proposition live up to their marketing.
If you aren’t doing this now or soon, I doubt you will be ready for 2019 and I am sure many of your rivals will be, so can you take that risk? Happy Christmas!