It is hard to write or talk about anything even related to a mortgage these days without mentioning the B word, but as we enter Political party Conference season, there will be no escape from the continuing misadventures of our relationship with the EU and the effect it may or may not have on anything.
But endeavour I must and hence attention is focused solely on the mortgage market this week. What has been interesting is that the cost of funds where SWAP rates are concerned has risen again over the past couple of weeks, though we have not seen any effect as yet on mortgage pricing itself.
The overwhelming impression I get from my conversations with lenders is that they undoubtedly want more applications, more lending and a greater share of what is out there. Having used some 74 different lenders last year at Coreco it is difficult to please everyone, but it has opened up some very interesting conversations as to what type of products and service our clients want.
Many lenders from High street behemoths to smaller Building Societies have all acted on feedback from certain brokers such as ourselves and many of the new criteria changes and service models have been born out of such conversations.
To this end it would be really interesting to hear from any of you as to common gripes or issues you have seen in the lending market and whether there are different types of products or service ideas that would help. Is there a type of product you think should be more readily available or just doesn’t exist? (Oh, and don’t just reply with 100% no proof of income – that doesn’t work for anyone!)
Are mortgage lenders missing some key lending criteria that would help open up the market? Is there part of the process that always frustrates? What key change would you make?
Please feel free to contact us with any suggestions, ideas or general feedback. In fact, you can contact me personally [email protected] and I will compile them to take to lenders and/or other service providers.
Our market is improved by collaboration and lenders seem keener than ever to take these ideas on board whilst they can.