Great ideas happen when you are dealing with situations day in and day out and constantly think about how to make a process easier and more effective.
For Maria and Molly, it came from their years of experience, after leaving school, working in the property and finance sector. Maria had been working as a Compliance Manager for 100 brokers before becoming a Mortgage Broker in Southend-on-Sea and Molly had witnessed the frustrations and difficulties that prospective home buyers experienced in the Estate Agency business, before she became a Mortgage Broker in the seaside town.
They found themselves chasing for the relevant facts needed in order to decide which Mortgage Lender would best match their individual client’s needs and having ideal client/mortgage lender matches wasted because these relevant and necessary facts were not disclosed.
Between them they knew what was needed to get more people owning their own homes in Southend-on-Sea and the surrounding areas, and the solution was a simple one.
Looking at statistics for a particular group of buyers, First Time Buyers, it seems that not only are British First Time Buyers older than they were a few years back, when trying to get on the property ladder, they were also having to put down more money as a deposit, too. The average amount being £32,800. The South East is shown as having the largest increase in First Time Buyer mortgages. (Finder.co.)
Judging by this information, it seems that people are patient. They are saving their money whilst living with families or renting.
Maria and Molly realised through talking to their clients, that they had been patiently saving and sometimes they were lucky enough to have money ‘gifted’ to them. Suddenly their patience was running out as they had their deposit and wanted to buy their first home. Exciting times!
They started to research Mortgage Brokers to get them a deal. Whilst they were used to using a Wedding Planner for planning a wedding, sometimes years in advance, they hadn’t considered planning for possibly one of the biggest assets in their life, the mortgage for their first home.
Wedding Planner Vs Mortgage Planner. Wedding Planners are used sometimes months, often years, in advance and a Mortgage Planner, the Mortgage Broker, used at the very last minute.
This is a big problem. People were using resources like online mortgage calculators and getting ‘Guestimates’ without any advice and then going on to a mortgage broker completely unprepared for the reality of what they would need in order to obtain a mortgage.
This is when Maria and Molly from The Mortgage Library, had their great but simple idea. They had to get people in Southend and the South East, to plan their mortgages in advance of needing them. Even if that was months, possibly years, in advance.
This way they could discuss their clients’ earnings; mentioning all self-employed income; mentioning any bonuses; checking all credit records and all outgoings. This is not the time for people to be nervous and by planning and getting to know a mortgage broker in advance, confidence in their confidentiality and their ability, can grow.
Planning a mortgage well in advance gives choice and power to the client. Remember, a ‘no’ from one lender is NOT a ‘no’ from ALL Lenders, but having plenty of time to choose, is crucial.
Enthusiastic Mortgage Brokers, Maria and Molly have this great idea to get you your mortgage and they recognise that people are losing out because they are rushing and ill-prepared at the last moment.
Their idea is to get people to come to them as soon as they can. They say, ‘it’s never too early to get in touch with us so that we can plan a mortgage together. Do it as if it’s a wedding or a longed for holiday…in advance.’
You will find them at The Mortgage Library, Beech House, 1 Journeymans Way, Temple Farm Industrial Estate, Southend-on-Sea, Essex SS2 5TF. Call 01702 899 072 and get Moving!
The Mortgage Library
