Together they delve into the world of first time buyers and find out how brokers can attract them. Daniel outlines how there are still plenty of first time buyers out there looking to buy, despite the current direction of house prices.
The average age for first time buyers has risen fast, with many over thirty before they buy their first property.
First time buyers want to know exactly how much they can borrow. This is where brokers can really deliver value, advising about what sort of mortgage they can afford and then guiding them through the entire process.
First time buyers can bring their own challenges. They can struggle with the conveyancing process and can need their ‘hand held’ throughout. This can pay off for your business because building rapport with first time buyers is a great way of growing your client base. If you show you are attentive when they first buy their property, they are likely to approach you again when it comes to remortgaging.
What’s more, Daniel says it can be worth doing some extra checks on your first time clients’ income. It’s a good idea to have a close look at any extra sources of income. Sometimes buyers can use a short term second or third job to boost their affordability in the run up to buying a home. It’s important to ensure that all their income is sustainable before moving forward with the mortgage.
Daniel explains the importance of technology when working with first time buyers. Even simple technology, like a picture based fact finder, can help brokers provide more holistic advice to first time buyers and an efficient portal is perfect for connecting with millenials who are accustomed to seamless technology.
The Growth Series is a dedicated resource that aims to help mortgage brokers grow their business using digital and communications marketing techniques. For more hints and tips on how to grow your business, you can sign up to the Growth Series for free, here.
0.00 - 0.50 Welcome and introduction
0.50 - 24.05 In conversation with John Brenan, Senior External Communications Manager at Accord Mortgages and Daniel Hobbs, Managing Director at New Leaf Distribution, discussing the first time buyers’ market, specifically detailing:
The state of the first time buyers’ market
How mortgage brokers can optimise their service for first time buyers
What mortgage brokers should be careful of when working with first time buyers
27.00 - 27.51 Outro