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Time for Independent Mortgage Advisors to Evolve?
The credit crunch has not just affected the stock market over here and America, but also the property sector. Companies offering UK Mortgage Advice have seen a huge decrease in borrowing with most experiencing record losses.
The Bank of England have confirmed that mortgage lending has fallen from ?3billion in July to only ?143million in August. The value of a mortgage for a new customer has also seen a massive 95% drop from July to August. August 2007 saw over 27,000 new loans approved whereas August 2008 approved just 2,000. The stats appear to tell it’s own story.
Who is this down too? Where should we put the blame? Unfortunately there doesn’t appear to be just one problem but a combination of a few. Uncertainty surrounding charges for stamp duty, tumbling house prices and the credit crunch are all to blame for the lack of lending. For Independent Mortgage advisors however, who’s to blame is not the question that they should be asking, what they should be focusing on is how they will prepare for an uncertain future.
Repossession of homes, unemployment and personal debt is expected to rise over the coming months and years and this niche will be looked at closely by Mortgage advisors. Companies already available that deal with debt solutions are making a lot of money and also offer an opportunity for worried customers who’s finances have got out of control.
An Independent Mortgage advisor who are is the ball should use their experience and knowledge of the financial sector to move out to new, fresh areas. Financial advice will always be needed and some would argue more so when times are tough. Debt management advice can earn advisors a lot of money. It is vital that people in the business/financial sector are prepared to change and evolve if they want to prosper in this new economic world. If not the consequences could be fatal.
© SOURCE: apexmortgageadvice.com
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