‘Time for mortgage brokers to go on the offensive’ - Property Circle
14 September 2023
“ I believe that the time is right for mortgage brokers to go on the remortgage offensive by thoroughly leveraging their existing client banks to see which clients might benefit from a better deal.” according to Property Circle’s CEO, Marc Randall.
With a variety of sources estimating that c.57% of fixed rate mortgages are up for renewal this year, Marc believes that the role of the mortgage broker has become even more vital.
He said, “ The time is right for a number of reasons. Firstly, the inflationary upward trend is slowly reversing as lenders are beginning to mark interest rates downward. Secondly, mortgage activity is picking up across the board according to the Bank of England, including remortgages, where numbers rose 5000 to 39,100 between May and June. Thirdly, with rates coming down, there will be a corresponding rise in people looking for help to source their remortgage.”
“However, on the downside, I estimate that it would take 42 man days for a broker with 500 existing clients to review each client record by hand.
To help brokers, my company, Property Circle, has just launched a platform to equip brokers with the tools to not only review their client banks in a fraction of the time it would take to undertake the task manually, but also have the capacity to continually monitor and report back on those clients 24/7. As rates fall, there has never been a better time to make use of brokers’ biggest asset. Property Circle is offering the means to benefit their clients in line with Consumer Duty obligations as well as adding to their own bottom line.”
