Chat to a team member

Blog

Brokers must beware rise in product transfers

Jonathan Samuels Jonathan Samuels
Posted on Nov 22, 2019 | in Blog

Mortgage data published by UK Finance earlier today showed that the number of non-advised product transfers continued to rise in the third quarter of the year.

In Q3, 135,500 product transfers were carried out on an execution-only basis, compared to 128,400 in the second quarter of the year. By value, £18.1 billion of internal product switching was on a non-advised basis, up from £17 billion in Q2.

Now if you’re wondering why I’m writing about term mortgage data, the reason is simple enough.

A lot of the bread and butter business brokers have been able to rely on to date is starting to thin out as lenders up the ante and become ever more aggressive with their product transfer marketing.

In other words, the need for brokers to diversify their propositions and look to other sources of revenue beyond the term market has never been more important. And that’s where specialist property finance can come in.

Making the effort to expand your advice in to short- and medium term finance, or at least to learn enough to be able to direct your clients to a relevant packager, doesn’t just make your business look more holistic it also provides a real boost to the bottom line due to the higher proc fees payable.

Best of all, there are plenty of opportunities to learn more about how specialist property finance can help your business: here at Octane we do a number of seminars and roundtables around the country each year ourselves.

But against the backdrop of the UK Finance data, it seems to me that for the long-term health of your business, it could pay to think short-term.

More in this section

Mark Posniak

Four years old, flat out and having fun

Feb 24, 2021 | Blog

I can’t believe that this week we celebrated our fourth birthday,…

Mark Posniak
Mark
READ MORE

Specialist lending flies over the cuckoo’s nest

Feb 11, 2021 | Blog

If the closing stages of 2020 were crazy, the start to 2021 has…

Mark Posniak
Mark
READ MORE

Redemptions milestone amid pandemic my proudest moment yet

Jan 15, 2021 | Blog

Over the years the team here at Octane has achieved many great…

Matt Smith
Matt
READ MORE
Sections
Archive
Twitter
Follow us @octanecapital

3 days, 14 hours ago
Octane Capital Ltd #BuyToLet #Lending at its finest. NO STRESS TESTING = Higher Leverage! Well done Josh Knight &… https://t.co/1xHg2sdE4h

3 days, 17 hours ago
I am so proud of our amazing Octane Capital Ltd team for their performance and efforts in Q2. It was a real slog a… https://t.co/FjdGmbzMh2

5 days, 11 hours ago
Next step in the Journey today with the official opening of our new long term home! Feel so proud of this moment -… https://t.co/tXAnJTxDMt

1 week, 2 days ago
Just about coming up for air now after a manic few weeks with the Euros, Wimbledon & finalising our office move to… https://t.co/6Q056agpTt

1 week, 2 days ago
really enjoyed recording this Andrew Robinson @OctaneCapital #3rdGen https://t.co/aIVXfyOZni

1 week, 4 days ago
Enough is enough! I am disgusted at the level of racist abuse Sancho, Saka and Rashford have had to endure. Ple… https://t.co/5rj7Zq6DIg