Intermediary mortgage products grow by 46%
Recent data generated by IRESS’ mortgage sourcing software, Trigold show that intermediary mortgage products grew by over 46% in 2017. The total including variations, incentives and network specials now puts the amount of lines to around 35,000. This is seven times more than direct to consumer products which remained almost static through 2017.
The highest growth of 61% (14,142), was in remortgage products through brokers, as homeowners looked to secure new deals with the looming base rate increase. Buy-to-let remortgage products also saw a double digit increase of 45% (8,076) as landlords sought to remortgage before the new rules and tax changes in the buy to let market came into force.
“Our data show a significant increase in products and variations enabling brokers and advisers to source products tailored closely to a customer’s needs and circumstances, providing a more personalised experience.
The diverse range of products also lends itself to digitalisation, smart sourcing and automating the online application process, taking the heavy lifting away from the consumer and the broker. This is likely to lead to a symbiotic model of advice for mortgage customers in the future. A process where trusted face to face advice will combine with digital technology for a seamless mortgage journey.”
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