With a variety of sources estimating that approximately 57% of fixed rate mortgages are up for renewal this year, Marc Randall (pictured), CEO of Property Circle, has noted that the role of mortgage brokers has become even more vital.
“I believe that the time is right for mortgage brokers to go on the remortgage offensive by thoroughly leveraging their existing client banks to see which clients might benefit from a better deal,” he said.
According to Randall, there are a number of factors that make now the perfect time for brokers to maximise opportunities.
He said: “Firstly, the inflationary upward trend is slowly reversing as lenders are beginning to mark interest rates downward.
“Secondly, mortgage activity is picking up across the board according to the Bank of England, including remortgages, where numbers rose 5,000 to 39,100 between May and June.
“Thirdly, with rates coming down, there will be a corresponding rise in people looking for help to source their remortgage.”
He added: “However, on the downside, I estimate that it would take 42-man days for a broker with 500 existing clients to review each client record by hand.
To help brokers, Property Circle recently launched a platform to equip brokers with the tools to review their client banks in a more streamlined fashion, but also monitor and report back 24/7.
Randall concluded: “As rates fall, there has never been a better time to make use of brokers’ biggest asset.
“Property Circle is offering the means to benefit their clients in line with Consumer Duty obligations as well as adding to their own bottom line.”
