The hidden value of a broker's advice

Originally published 05/03/20

The process of buying a house can put a huge strain on people’s health, careers and relationships.

After all, it carries many worries, concerns and challenges, such as securing the right mortgage, finding a suitable property, paying a fair price, managing the conveyancing process and being hit with hidden costs.

So it’s no wonder that buying a house is often referred to as one of the most stressful life events.

It’s therefore vitally important that brokers leverage the value they can provide.

You can do this in two important ways. 

Firstly, by being transparent about the costs involved in the process, and secondly, by positioning yourself as a reliable, trustworthy source of advice that’s always available to put fears to rest. 

Not everybody, for instance, will know the amount of paperwork lenders will expect of them for a mortgage application, or other considerations when moving into a new home, so being ready to hand them guides such as how the mortgage process works or a first-time buyer moving house checklist will help.

Part of the anxiety people feel about the home buying process is because many of the factors that affect them are entirely beyond their control.

For example, interest rates are at a 15-year high and inflation is well above the Bank of England’s target of two per cent.

Furthermore, the Office for Budget Responsibility is predicting that the average mortgage rate that UK homeowners are paying will rise over the next three years and peak at 4.2 per cent in 2027.

And, in the midst of all this, there is no longer any support scheme offered by the government specifically for first-time buyers.

With such stories in the news, it’s no wonder that anxiety exists among those looking to take out a mortgage for the first time or remortgage their current property.

Stress often comes from not understanding, feeling out of control and being in the dark about a process. 

Making the biggest purchase of your life, as well as committing to decades-long debt, can be daunting.

But with preparation and awareness of what to expect, a lot of worry can be put to rest. The question brokers need to ask to ensure no customer falls through the cracks is, ‘how can I help?’

Learn more: How to support vulnerable clients

Learn more: Real life mortgage lending: The broker’s guide to a client’s financial wellbeing