Mortgage Advice For A New Generation

Monday, November 21st, 2016

A recent survey targeting Millennials, suggested that around 40 per cent of those surveyed would happily use a mobile App (i.e. an application or self-contained program/piece of software as downloaded to mobile devices) in order to obtain a mortgage. It also confirmed that up to 50 per cent of them would willingly take out a mortgage with one of the new relatively small retail banks (otherwise known as “Challenger Banks).

The Mortgage App Dilemma

Of the Millennials surveyed, over 35 per cent say they would be “unhappy” to use such a service and nearly 40 per cent were “undecided” or did not know enough to commit either way. Delving deeper, 75% of those unwilling to use an App felt that that something as important as a mortgage advice should involve an experienced mortgage adviser either in a face to face meeting, or alternatively over the telephone.

Although two of the perceived benefits cited for using App to obtain a mortgage included speed and convenience, concerns still exist around the potential for greater mortgage fraud and as to whether or not such a service could actually be deemed as giving ‘mortgage advice’ anyway.

The “Robo” Mortgage Adviser

Despite the resistance expressed, roughly 60 per cent of those surveyed said they would be happy if their mortgage lender provided an App for use by existing customers who were looking to change their deal. However, as the survey has shown, dealing with an automated mortgage adviser where the decision is based on artificial intelligence is seemingly not for everyone, so whilst so called “Robo” mortgage advice is not a new phenomenon, it is a concept that is likely to be deliberated for years to come.

The Evolution of the Mortgage Market

There is no doubt that even those who might regard themselves as “Tech savvy” would still prefer to discuss something as important as mortgage advice face to face with a specialist. That said, the distinctly digital approach taken by many of the Challenger Banks will mean that some of the more traditional lenders may have to evolve digitally in order to remain competitive and that could mean greater choice for the consumer no matter what route they choose.

So, how can we help?

Here at Caboodle Financial Services Limited of Sutton Coldfield, Birmingham, we work very hard to ensure that, subject to eligibility our clients get the very best mortgage in all the circumstances.

For mortgage advice tailored for you, call us today on 0121 308 9114 or just click HERE to contact us by email and we will be delighted to do our very best to advise you!

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. CONSOLIDATING DEBTS MAY INCREASE THE TERM AND TOTAL AMOUNT PAYABLE.

Your initial consultation is free and you are under no obligation to proceed with a mortgage we recommend. There will be a fee for mortgage advice. The exact fee will depend on your circumstances and may be reduced depending on the loan amount and any commission we receive from the lender. It is estimated that the fee will be £595, but it may range from £495 to 1% of the amount you borrow. The fee is only payable on completion and can normally be added to the mortgage. This will be discussed and agreed with you before you make an application. Please ask for a personalised illustration.

Secured loan rates from 3.95% APRC, although we have plans available up to 29.9% APRC which allow us to assist customers with the most severe credit problems. The overall cost for comparison is 7.65% APRC. For secured loans a broker fee up to 10% of the loan amount borrowed may be payable on successful completion. A lender fee may also apply. The actual APRC available will depend on your circumstances. All loans are subject to status. Please ask for a personalised illustration.

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Caboodle Financial Services Ltd, registered in England at SQ2 House, 240b Lichfield Road, Four Oaks, Sutton Coldfield, West Midlands B74 2UD (number 08044670).
Caboodle Financial Services Ltd is an appointed representative of PRIMIS Mortgage Network (PRIMIS), a trading name of Advance Mortgage Funding Ltd which is authorised and regulated by the Financial Conduct Authority. PRIMIS is only responsible for the service and quality of advice provided to you in relation to mortgages, protection insurance and general insurance products. Any other product or service offered by Caboodle Financial Services Ltd may not be the responsibility of PRIMIS and may also not be subject to regulation by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some forms of Buy to Let.

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