Brokers focus on quality over quantity

Sarah Davidson

August 14, 2014

With the introduction of the Mortgage Market Review more than seven in 10 brokers (71%) said their primary focus was on the quality of applications.

Graham Felstead, head of NatWest Intermediary Solutions, said: “Whilst the introduction of the new MMR requirements was a major milestone for the industry, it is great to see that SimplyBiz Mortgages members have embraced the changes communicating them clearly to their customers and making greater efforts to submit correctly packaged applications.

“As a lender we value highly ‘right first time’ packaging as it means we can process applications quicker with less work for the broker to do – a win:win situation for brokers and their customers.”

There is now far more optimism surrounding buy-to-let, homemover mortgages and remortgaging.

As many as 37% expect to conduct more buy-to-let business this year than the one before, while over than half (55%) has seen increased demand from second and third movers. In terms of remortgaging three in five said they have seen an increase compared to six months ago.

Martin Reynolds, chief executive of SimplyBiz Mortgages, said: “Now that MMR has been delivered we are keen to refocus on continuing to develop the business opportunities for our members.

“This research shows that market sentiment is in a good place and gives us and our lender partners a good steer on where to focus our efforts.”

Brokers were divided when asked which incentive was most appealing for first-time buyers, as two in five opted for inclusive free legal and valuation fees while another two in five opted for having Stamp Duty covered.

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