I was heartened but not surprised, to see a survey from lender TML that confirmed what many of us in the industry already know. Namely that mortgage brokers are recognised by over 75% of the public as the place to go for the best deal.
We have all been impressed by what the internet and technology have brought to our lives and yet in the lending market the primacy of human interaction between customer and mortgage broker continues to set a benchmark which the most shiny, sophisticated computer program has yet to match.
With mainstream lenders wedded to rules based computer underwriting, it is good to see that more people understand that they are better served going to a broker who can offer them the whole market rather than just a single product from their high street lender which is subject to their ‘one size fits all’ underwriting model.
At Borro, we have always believed in the intermediary channel as the best conduit for our service. Whether for loans backed by high net worth assets or property, our experience has shown that brokers and their customers appreciate the personal service we offer. Like our introducers we have harnessed the best of technology to create better outcomes while maintaining that only human underwriters can provide the right service for clients, whose circumstances do not fit into a rigid framework.
The great British public really do understand that just because the high street deal looks tempting it does not necessarily mean they qualify and that the best deals are made via human contact from brokers with experience of the whole market and underwriters who can analyse an applicant’s ability to repay, better than any algorithm.