When implementing a training and development scheme or learning any new concept, one of the most common phrases used is ‘there’s no such thing as a silly question’.
Whilst this may be true in certain settings, I’m sure there are times in all our lives when we’ve thought of a question and immediately blurted it out without really thinking it through.
The answer to which is obvious as soon as the words have left your lips.
To the same extent, I’m sure there are also many occasions when we’ve all been a little too embarrassed to ask a question for fear of negative judgement or simply being laughed out of the room.
In terms of questions around personal finance, Martin Lewis and the Money Saving Expert website is often the first port of call for many consumers and time and time again this has proved itself to be valuable resource.
What’s also apparent is how it advocates speaking to experts on more complex areas such as mortgages and the value of a specialist advice process.
This complexity raises 10 fold for many first-time buyers which is why it’s so important for lenders and advisers to help fill this education gap.
I’m labouring this point as I’ve just read about Skipton Building Society’s top 40 questions that first-time buyers want to know the answers to but are too embarrassed to ask.
Within this, 60% of homeowners admitted feeling overwhelmed when talking to the likes of estate agents, solicitors, and mortgage advisers, and 68% were worried about looking stupid in front of the professionals.
The research also found that many first-time buyers went to great lengths to gain a better understanding, with 68% spending hours researching the process.
For those who sought help, it was suggested that 44% went to professionals such as mortgage brokers or advisers, while the same percentage relied on the internet.
Obviously, the 44% seeking advice from mortgage brokers is a figure which could certainly benefit from some improvement and this research also got me thinking about any questions which brokers might be less forthcoming with around the needs of their first-time buyer clients.
Now I know from personal experience that most brokers are not backwards in coming forward when it comes to quizzing BDMs, so let me rephrase that a little.
Could brokers benefit from asking questions to a more diverse array of lenders about their approach to FTBs?
Again from personal experience, I would have to say yes but I also understand how much time pressure brokers are constantly under.
For example, here at Hanley, we’re a lender with a long history of supporting a range of FTBs onto the property ladder.
Helping to educate borrowers around this daunting task also remains a key element within our proposition and we try to work closely with our intermediary partners to ensure that they understand the type of business we accept and, as importantly, what we don’t accept.
Although, as is always the way, there is always room for improvement.
So, I urge brokers to keep probing their BDMs and to stress that there is really is no such thing as a stupid question when it comes to trying to find the right solution to match your client’s needs. After all, it’s what we’re here for.
Sue Pedley is business development manager at Hanley Economic Building Society
