MORTGAGE BROKERS
HIGH STREET BANKS BEST PLACE TO DELIVER LEADING MORTGAGE SERVICES
Ewen Fleming , Partner and Head of Financial Services at Johnston Carmichael , and Global sector leader of Financial Services at Moore Global , discusses why high street banks are best positioned to deliver leading mortgage services .
“ Mortgage products are long-term commitments . For a customer to make the most of these , they need to understand how the products are intended to perform , as well as costs and benefits , for up to 25 years or more .
“ For lenders , the product ’ s complexity and lifespan requires lengthy terms & conditions , disclosures , agreements , caveats , warnings and a lot of technical explanations .
“ It is a complex conversation to have , but banks , with their physical locations and their unique status at the heart of communities , are ideally placed to guide customers through the many intricacies of the mortgage process .
“ In an increasingly digital era , there is something very reassuring about being able to have these conversations face to face . After all , taking out a mortgage is a major life decision .
“ And now that we are all well versed in online meetings , the negotiations can be supplemented by remote consultations – helping to fill the gap as branch networks contract .
“ As in most industries , the use of data will be fundamental in giving banks a much better understanding of risk and to enable them to price effectively for that risk .”