…much more than just advice

As mortgage brokers, many of you are very good at providing advice and selling mortgages, but how do you sell yourself?

In this blog, we’ll look at some of the benefits you provide as a whole of market mortgage broker, to give you some things to think about when it comes to explaining what you offer to your clients – and also to give you a little lift!

You’re a qualified professional

The first thing you have to do to become a mortgage adviser is pass several exams that have been recognised and accredited by professional bodies, such as the London Institute of Banking and Finance (LIBF), or the Chartered Insurance Institute (CII).

As well as examining your knowledge on the specifics of mortgage products and advice, you’ll also be tested on your understanding of financial services regulation and compliance (every adviser’s favourite section of the exam!) Passing the exams is achievable for anyone who puts in the necessary study hours and hard work, but becoming a qualified mortgage adviser is by no means easy.

And the learning doesn’t stop once you’ve passed the exams – you’re expected to maintain and develop your knowledge by completing a certain amount of Continuing Professional Development (CPD) each year. You need to do this to maintain your Competent Adviser Status as far as your network (that’s us!) and the Financial Conduct Authority (FCA) are concerned. You’ll also have to meet your CPD requirements to retain any professional memberships you might have with the LIBF and CII.

Generally speaking, it’s only other professionals – such as solicitors, doctors, or accountants – who have similar obligations.

Having an accredited qualification shows your commitment to your chosen profession, and by completing CPD and keeping up to date with things like changing regulation, market developments and trends, new products and lender criteria, as well brushing up on your sales training and soft skills, will help you to provide the best service and customer experience for your clients.

Also, as a mortgage broker, you fall under one of the most stringent regulatory regimes for any professional – as well as having to adhere to the rules and regulations of the FCA, you’re also bound by the requirements of the Financial Ombudsman’s Service (FOS) and the Financial Services Compensation Scheme (FSCS).

This should reassure your clients that not only has the UK’s financial services regulator approved you, but that should the worst happen, then your clients will be protected and able to seek redress and compensation.

We think you’d agree that when it comes to reassuring your clients about your knowledge, professionalism and the protection they have, you have a very strong case.

You’re able to get the best deals

Some lenders don’t deal directly with the customer, so their products are only available through intermediaries. As a broker, you can access these exclusive products and your clients can benefit from some of the most competitive deals on the market.

As you’re a whole of market broker, you have access to more lenders, and as you’re not tied to just one bank or building society, you have a much better range of products to offer. Better choice means better deals for your clients, whatever their individual circumstances.

You’re able to solve the trickiest of problems

Depending on how long you’ve been in the profession, you’ll have seen a wide range of clients, all with different circumstances, different credit profiles, and different needs. Because of this experience, you’ll be able to find solutions to the most challenging of problems – such as customers with adverse credit, complicated personal circumstances, or complex income.

You understand the market and will know which lender is the best match for your client – which means their application is more likely to be accepted. Getting their mortgage approved first time means a smoother, quicker, stress-free process.

You’ll also find solutions to problems the client might not realise they have – such as a protection gap. If you offer insurance products alongside mortgage advice, then you can help your clients improve their overall financial well-being and help them to protect their family, health or income.

You’ll save your client time, worry and hassle

Someone looking to buy a home and get a mortgage will already have a lot on their mind.

Finding the right house in the right area, getting a deposit together, making appointments with estate agents to view properties, working out a budget – these are just a few of the things that will be taking up their time and thoughts.

Add to that the multitude of lenders and thousands of mortgage products to choose from and it can be an overwhelming experience for some, especially first-time buyers. Even for experienced buy-to-let investors, getting professional advice is the best way for them to get the best deal.

Rather than the client spending their valuable time searching online, or ringing round to speak to different banks and building societies, once they’ve spoken to you, you’ll do all that for them and find them the best deal. It’s a great weight off their mind and it frees them up to concentrate on other things while you work your magic and find them the right mortgage.

Over to you

We hope that this little blog has reminded you about the value you offer your clients and we hope that you take a moment to remind them when you next see them (in a nice and humble way, of course!)