"It’s a challenging environment, with low transaction levels, lenders taking a more cautious approach and clients who are feeling the pinch"
Adverse credit, business volumes and broker fees were the three most talked about topics in June on the cherry adviser forum.
A popular talking point amongst mortgage brokers last month was on cases being declined by high street lenders as a result of historic adverse credit, with some comments saying they had applications declined on applications where the missed payments were more than 15 years old.
Another popular thread on the cherry forum discussed the low number of new business enquiries many brokers have experienced in recent months and included brokers supporting each other with tips on how they could be more proactive in promoting their businesses and taking on more complex, specialist cases.
The issue of broker fees was also common in June, with the thread including discussion on whether brokers charge clients a fee and, if so, how much.
The fourth most popular thread involved discussion on whether brokers are recommending fixed rates or trackers in the current environment, and for how long. And the fifth most popular thread raised the issue of clients challenging previous recommendations and the importance of robust documentation.
Other popular topics in June included product withdrawals and repricing, lender dual pricing and lengthy call waiting times for lenders, reflecting some key industry issues that have been prominent in the press in recent months.
Donna Hopton, director at cherry, said: “The cherry broker forum provides a secure environment within which advisers can share their thoughts, frustrations and thoughts on best practice and the most popular topics for June provide a snapshot of the current environment for intermediaries.
“It’s a challenging environment, with low transaction levels, lenders taking a more cautious approach and clients who are feeling the pinch, cost-conscious and sometimes misinformed by the media, their friends and family. In this environment in particular, having access to a forum of like-minded individuals who face similar challenges, can provide brokers with a vital support network and we’re seeing record traffic to the cherry forum, with more visitors month on month. We’re also seeing more traffic in the evenings and at weekends, which demonstrates the significant role that cherry has established in the lives of brokers.”
