Monarch Financial Services are a Directly Authorised firm, we have two appointed representative firms and a trading business called Complete Financing which are second charge specialists.
Where are you based and where do you operate geographically?
We are based just outside Glasgow but our clients are anywhere from Orkney to Devon!
What are the main issues impacting your local market?
Stock, it’s been a huge issue for us. We are speaking to so many clients just now yet the market remains competitive with closing dates set every other day. Lenders’ deals are also moving quickly as they adjust to the market. Rate changes seem to happen on an almost daily basis now as well.
What challenges are you facing as a broker?
Our biggest challenges are lenders moving rates too quickly. It’s very hard to keep up with it and given we are a high volume business it is having an impact having to rebroke deals. Long queues and more complex underwriting requests especially around self-employed clients are also very challenging.
What are the main opportunities for brokers in your area and nationally?
It’s a busy market, despite the concerns there probably hasn’t been a better time to be involved in the industry given the volume of enquiries and potential buyers we are in touch with. Due to the impact of Coronavirus we are seeing more self-employed enquiries coming our way as high street banks aren’t quite as welcoming to those who have taken grants etc.
Also IR35 rules affecting many contractors has also meant more people are seeking specialist advice.
What could lenders do to help further your business?
Employing more telephone staff. It’s obviously very busy and recruitment should be addressed. I also find a lot of the ‘free legal’ solicitors have had next to no service aspect which is resulting in more clients coming back to us with issues they are facing. I think a lot of the industry could do with a review to make this whole process easier for the customer.
What sets you apart from the competition?
We genuinely care, we aren’t a transactional broker and set ourselves up to work with a client over their mortgage term to make sure that their mortgage is the best one available to them and that they are properly protected should something go wrong.
How should potential borrowers contact you?
By email [email protected] or telephone 0330 122 0997. A quick google search will also show our 5 star reviews!