The shelf life of mortgage products is shrinking dramatically. According to Moneyfacts, products are currently on the market for an average of just 17 days, breaking all previous records. In a similar vein, Moneyfacts reports that there were 149 fewer mortgages on offer at the start of August than July, ramping up the pressure to lock into the best deals. Despite this, the wider economic downturn and rapidly rising interest rates mean that remortgage levels are high, with borrowers keen to lock into cheaper deals while they can. As such, the FCA reports that the number of borrowers missing out on savings by not remortgaging has fallen significantly, down from 800,000 in 2016 to 370,000 today.
The opportunity for brokers is therefore huge, but not without challenge. Brokers and clients will need to act quickly, but not rashly, if they are to secure a top deal.
Having the right tech tools to hand will be crucial to achieving this. Having access to fully integrated tools in one complete platform will allow brokers to submit business in minutes, not hours, and better support clients in this fast-paced market.
Offering direct applications, client fact finds, and one-click DIPs, alongside eliminating re-keying, are just a few of the ways we streamline the mortgage journey. Let us handle the time-consuming admin so you can spend more time doing what you do best; guiding clients towards the optimum deals.
Book your demo with Smartr365 today to see how much time you could save.