Three quarters of brokers (74%) do not tell their clients that they offer second charge mortgages, following our extensive research.
The results of the research revealed that only 26% of brokers said they mentioned second charge mortgages to their clients during conversations to discuss their purchase or remortgage, or at any point during the term of their product. This means that 74% of brokers don’t mention second charge mortgages as an option for their clients at any point during their relationship.
The good news is that this means three quarters of brokers now have a great opportunity to boost their business levels as we move into next year. It’s widely anticipated that the purchase market will slow down in 2021 with the removal of Help to Buy and the end of the Stamp Duty holiday, but the second charge mortgage market is set for growth as demand increases from customers who want to release capital from their home.
Now is a great time for brokers who don’t have experience in second charge lending to partner with a specialist in this area so that they can hit the ground running, safe in the knowledge that they can access sector-specific expertise for their clients.
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Results were taken from research amongst 1076 intermediaries, using the following channels to ensure a good sample:
- Brokers have been polled during webinars
- A broker poll has been posted on Twitter
- There has been a poll running on Brightstar’s EasySource platform
- Emails have been sent to several broker databases, including readers of Financial Reporter
The median of the polls was used to deliver the results of the research.
FOR INTERMEDIARIES ONLY AND NOT INTENDED FOR THE GENERAL PUBLIC