Specialist mortgages are Number 1 for broker business growth
25 March 2019
CLS Money records new business growth of 112% last year
Lending predominantly in specialist first charge area
Announcing another record year for new business, CLS Money Managing Director, Clayton Shipton, has confirmed specialist first charge lending has been largely responsible for the great year the company experienced.
New business volumes at Essex based CLS Money increased by 112% in 2018/2019 and the highest percentage of cases were introduced to non-high street lenders. CLS Money’s 2019 new business pipeline is continuing to grow.
Clayton said, “Specialist lending is definitely the place brokers need to be fully involved in! From the evidence we have seen a high percentage of active homebuyers and those seeking remortgages, typically do not fit the template of the average high street lender. If they have tried to go directly themselves, the experience of being turned down has given them a greater appreciation of what a broker can do. Customers definitely prefer to deal with advisers like us, as we have access to multiple lending sources, give comprehensive advice and provide valuable human contact throughout the process.
There are a number of reasons why perfectly good cases do not fit the high street template but they only tend to surface once we get past the initial sourcing sweep. Predominantly, change of circumstances, credit history, changes in job status, self employment or gaps in employment history tend to crop up, along with issues involving the property, which can stem from specific instructions given to surveyors by individual lenders.
The current generation of second and third time home movers were the first to face the full impact of the credit crunch and many are still carrying baggage caused by that event. Although it was over ten years ago, the knock on effects, in terms of changing the way people are remunerated and job security among other factors, have meant that more customers, thanks to their advisers, are turning to specialist lenders to fulfil their needs.”
