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Are brokers doing more mortgage cases than normal?

Journalist: Myra Butterworth, Freelance

ended 11. October 2024

Hi, I'm writing a story for Mortgage Solutions about how often brokers are rebroking mortgage cases.

In particular, I’m looking at whether the amount is more than normal.

I’m looking for some comments on this:

  • How often are brokers rebroking cases? (Actual figures or percentage increases or decreases accepted)
  • Is this amount more than normal?
  • With rates coming down, are you finding that borrowers are trying to chase the cheapest rate?
  • Now that rates might be starting to rise again, has that causes a greater sense of urgency?

4 responses from the Newspage community

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Elliott Culley
Director at Switch Mortgage Finance
With rates decreasing there is always a large amount of work to be carried to monitor exisiting products and ensure all clients are on the best rate. The impending rate increases have not filtered through to mainstream media yet, but as soon as some of the larger lenders increase, activity from clients usually spikes to ensure the best product.
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David White
Chief Operations Officer at Simply Lending
With talk of rate rises, we have certainly seen a greater sense of urgency among people wanting to secure their mortgage deals as soon as possible. With affordability being extremely tight across the board, there are genuine concerns among borrowers that an increase in rates could scupper a deal.
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Dennigan Tyson
Mortgage & Protection Adviser at Pia Financial Solutions
Absolutely, I am more doing more work for clients than before with the rate changes and erratic nature of the market. I think the most common example is for clients who opted for Product Transfers, then opt for a remortgage due to rates being better, to then see their existing provider has matched the remortgage rate!

With the budget looming, I think people are now going to be cautious as the Labour government has kept warning that it "won't be pretty".

Lastly, clear and concise advice as well as management of client expectations is now imperative to every transaction.
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Stuart Gregory
Director at Lentune Mortgage Consultancy
Brokers are working harder for less - that's the reality for most brokers. Please don't buy into the outdated idea that a procuration fee of 50% below a standard rate covers the work involved in a Product Transfer, it may have done when they were launched but it won't now. We regularly re-submit at least 3-4 times before the switch completes and each time it's additional open-market research before we do so. If lenders want to have Brokers to distribute for them, the procuration fees need review - it's not 2008 anymore.