In the Spotlight with Karen Hedges, First Complete

We spoke to Karen Hedges, Mortgage Manager at First Complete, about the growth of the intermediary market and the importance of protection.

Related topics:  In The Spotlight
Rozi Jones
22nd July 2016
In The Spotlight
"Every mortgage broker should discuss the client’s plans and ability to pay the mortgage in the event of illness or death of a borrower."

FR: The intermediary mortgage lending market saw strong growth in 2015 – is this something you see continuing?

A mortgage remains the largest debt that most clients will ever have, and it is normally a long term commitment with terms of 25, 30 or 35 years. It is therefore important that professional advice is sought as one wrong decision could potentially cost the client thousands, and in the worst case scenario even their home.

Intermediary share reached its highest level in 2015 with some of this growth due to MMR.

I would hope to see the intermediary market share continuing. Whilst time is precious and everyone seems to have a shortage of time, spending a few hours with a professional adviser will ensure that the client receives advice on a number of different lenders and products that are best suited to their requirements.

FR: How is technology improving the way the financial services industry works and how can brokers utilise this?

Technology has helped to make the whole process much quicker, easier and less time consuming.

The use of electronic submission of applications and supporting documentation has helped brokers. The days of waiting for papers to arrive via the post, which fortunately did on occasions go missing, are long gone.

It has also been extremely useful to receive updates by e-mail and SMS. Instant updates allow for things such as applications to be approved much quicker.
 
FR: How do you see specialist lenders filling increasing consumer demand in 2016?

Specialist lenders are continually developing solutions for customers who do not meet the High Street criteria, have an unusual mix of income, adverse credit history or unusual property construction.

FR: With an increase in FTB numbers, do you think more brokers need to be thinking about including protection as part of their service?

Absolutely – every mortgage broker should discuss the client’s plans and ability to pay the mortgage in the event of illness or death of a borrower. Securing the clients mortgage is part of the service, helping to keep them in their home if the unforeseen should happen should also form part of the service. If clients choose not to cover themselves that has to be their decision but every adviser should at least raise it.

More like this
Latest from Property Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.