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Why Brokers are needing to diversify

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Brokers need to diversify

Recent research conducted by Legal and General Mortgage Club has revealed that over 80% of brokers will look to diversify their business models and income streams over the coming months as shifting market landscapes and emerging technologies combine to place an increasing onus on the benefits of offering broader ranges of financial services.

The downturn in previously secure markets (such as buy-to-let or first-time residential property sales), as well as the perceived threat of robo-advice and other cyber-innovations, are cited by many brokers as evidence of a need to expand their products and services. Indeed, industry experts have been recommending diversification as a means of ‘future proofing’ businesses from the impact of as yet undetected factors.

Furthermore, of course, evolving expectations as to the remit of customer service and the increasingly widespread belief that financial needs could (and should) be catered ‘under one roof’, offer a compelling argument for expanding horizons and product ranges (especially if they relate to core businesses).

Key Criteria & Application Guidance

By developing knowledge and awareness of specialist products that fall outside of traditional areas of business (such as second charge mortgages, bridging loans and the like), brokers can make better informed decisions for clients and look to build longer term relations with their custom bases. Moreover, repeat custom that is predicated on multiple services and strong foundations of trust can yield wider sources of revenue and offer better chances of growth.

Many brokers have become accustomed to selling insurance products alongside mortgages, so a similar ‘shift’ towards specialist products that reflect changing needs and circumstances shouldn’t be too much of a leap- just look at the surge in second charge mortgages over 2017 and the similar growth in bridging loan business (with 65% of brokers reporting increases in loan volumes for Q3 2017).

And, if this seems like a step too far at the present time, then brokers can consider partnering with businesses that do offer specialist products. Either way, with uncertain political and economic factors presenting their own challenges, more and more brokers are beginning to realise that they need to be jack of all trades, master of SOME to survive.

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Intermediary Guidance for Broker Diversification Options

Structuring competitive terms on broker diversification options for your clients requires direct access to specialist underwriters. In addition, our intermediary lending desk works directly with over 90 specialist lenders across the UK.

Consequently, partnering with Promise Money ensures whole-of-market broker access, transparent procuration fees, and rapid decisions in principle for your client cases.

Specialist Underwriting & Whole-of-Market Access

Because specialist lending facilities require bespoke underwriting, comparing lenders across the UK is essential. Explore our complete guide to Secured Loans Desk to understand how different lending criteria apply to your requirements.

Promise Money is an independent credit broker authorised and regulated by the Financial Conduct Authority (FRN 681423). Our experienced team reviews your specific circumstances to secure optimal terms across 90+ UK lenders.

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Key Takeaways: Broker Diversification Options Broker Briefing

Additionally, partnering with Promise Money gives intermediaries whole-of-market access across 90+ specialist second charge lenders.

Furthermore, direct access to our specialist underwriting desk protects client relationships while guaranteeing transparent and competitive proc fees.

Consequently, complex borrowing scenarios—including high LTVs, adverse credit, or complex income—are structured efficiently without delays.

Therefore, introducers can submit case details directly online or via phone to secure rapid Decisions in Principle.

Specifically, second charge homeowner facilities are assessed with commercial speed to meet critical funding deadlines.

Moreover, comprehensive lending criteria checklists ensure client applications are fully structured prior to lender submission.

In addition, dedicated underwriter communication guarantees updates at every milestone from enquiry through to completion.

Crucially, keeping existing low-rate primary mortgages completely untouched saves your clients thousands in remortgage penalty fees.

In practice, our intermediary team handles valuation queries and legal liaisons so you can focus on client advisory.

Above all, whole-of-market access allows you to place non-standard cases that mainstream high street lenders routinely decline.

As a result, your brokerage delivers reliable capital-raising solutions even for complex homeowner borrowing requirements.

After all, working with an established specialist credit broker with 35+ years experience protects your professional reputation.

Meanwhile, dedicated broker portal tools provide real-time tracking on survey sign-offs and fund disbursements.

Indeed, high LTV options up to 100% or more allow clients to unlock needed capital without moving home.

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