Why do the vast majority of borrowers choose to use a Mortgage Broker?

Three fifths of mortgage business (82%) now goes through intermediaries (brokers) whilst the buy-to-let sector has grown by 49% year-on-year, according to the 2016 Mortgage Efficiency Survey conducted by IRESS.

The research indicates that intermediaries continue to dominate the mortgage market with more than three quarters of sales going through this channel.

Why are so many homeowners and property investors using Mortgage Brokers to obtain property finance?

“Simply put, since the credit crunch, the criteria of lenders has become incredibly diverse. What works with one lender may not work with another and in correlation with that, an applicants circumstances may be acceptable to one lender but not to another. As a result it is not a case of comparing the market and identifying the right deal by interest rate or by product fees, there are many different considerations and it takes a professional to assess properly” states Howard Bowes, Managing Director of Harvey Bowes Limited.

Using a professional to advise on, or carry out, specialist tasks is certainly not new. Technically a person could do their own conveyancing (although this would not be acceptable where mortgage finance was involved) however, the vast majority of property transactions are transacted via a solicitor. And when it comes to business, the figures are looked after by an accountant. So when it comes to a serious purchase like a property, whether it is a persons own home or an investment, should it really be a surprise that a broker would add value?

Very often, it is not just the advice that makes the difference. Not only can a broker find the right deal and explain why they make a specific recommendation. But also, a good broker will often liaise with the solicitors and estate agents, acting as the go-between in keeping the deal alive and communication flowing.

With property investors, the property is being purchased at a keen price or may hold opportunity to add value and may therefore be attractive to other investors. Or perhaps it is a motivated seller who wants certainty and speed. This is another key area where brokers can help. With their finger on the pulse, knowing which lenders are performing fast and showing real hunger to lend, a broker can identify and inform a property investor of which lenders are most likely to deliver in the required timeframes. This can be critical in making a deal work.

Combined with managing the process, this can save time on getting mortgage applications through to offer and completion. A broker should be able to process documents accurately and swiftly and use their knowledge to make sure the process is as swift as the lender can manage. This often becomes more difficult with smaller broker firms where there is no real administration support, however, professional brokers are set up to deliver with speed and deftness.

To find out how Harvey Bowes can hep you, contact us today on 029 2175 4150.


Shawbrook’s New to the Pride

Shawbrook Commercial heads to South Wales to introduce the latest Strategic Broker Partner to join their Pride – Harvey Bowes.

Howard Bowes, Managing Director of Harvey Bowes had the following to say on joining Shawbrook’s Strategic Panel:

“Harvey Bowes offer our clients finance options from a wide range of lenders and we don’t favour any particular financial institutions, instead striving to provide the best deal possible for our clients.

“Although our client base covers a broad range, our niche specialist area is working with property investors. Whether investors are looking for residential investments, HMO’s, short term refurbishment & sale or developments, our experienced team of professionals will be on hand to assist in finding the right finance package. Everyone involved at Harvey Bowes always strives to offer great advice, and we find this level of service reflected from the bottom-up by Shawbrook’s dedicated lending teams. Across both Residential and Commercial business areas, they have a range of carefully selected underwriters who are competent, personable and able to work in tandem with our staff to deliver a premium level of service to the borrower.

“The mortgage market has changed significantly of late, and will continue to evolve. Shawbrook has always been at the forefront of staying relevant and competitive ever since we started working with them. There are regular product enhancements which are clearly communicated to everyone on their broker panel, ourselves included. We always feel in the loop and there’s a real sense of a two-way relationship with the Shawbrook teams, built on a mutual respect.

“They go to a great deal of effort to listen to what brokers like us are saying and then act accordingly. A recent example would be them launching the E-AIP online application system for Residential and Commercial cases. This saves us time and has resulted in us receiving numerous instant IMOs (Indicative Mortgage Offers) which we can go back to our clients with – truly outstanding service.

“There’s a lot more to be said about the service Shawbrook provides but, in a nutshell, they are a lender that listens closely and leads by example in the commercial mortgages market. It’s a pleasure to work with them and I look forward to many more of Harvey Bowes’ clients benefitting from their pragmatic approach to lending.”

Gavin Seaholme, Regional Development Manager of the South Central region for Shawbrook Commercial added:

“I’ve been acting as Shawbrook’s field sales representative for Harvey Bowes for a couple of years now. During that time, we have nurtured a close working relationship which has resulted in many of their clients becoming Shawbrook Bank customers.

“They have proven during that time to be one of the most tenacious and knowledgeable Broker Partners we have on our panel. They richly deserve their new status as a Strategic Partner of the Bank, and I look forward to providing further positive outcomes for their clients in the future.”

To contact Harvey Bowes about your mortgage requirements, call 029 2175 4150 today.


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Harvey Bowes – shortlisted in the Specialist Finance Introducer Awards

Harvey Bowes has been shortlisted as one of three nominees for the 2016 Specialist Finance Introducer Awards, presented by Mortgage Introducer, for the category of Best Commercial Broker.


The award nomination comes just weeks after Shawbrook Bank appointed Harvey Bowes Strategic Partner status, citing the quality of mortgage applications and ability to swiftly move from application to a position of completion as key reasons for the appointment.

“Our continued success is due to our commitment to both our clients and the banks with whom we work. Forging strong alliances with the key banks who provide finance for property investors in addition to delivering excellent advice and service to the property investor community is precisely why we have earned a reputation as the ‘go to’ niche broker in this market” – Howard Bowes, Managing Director, Harvey Bowes Limited.

IMG_2117 Howard Bowes, Managing Director and Jonathan Holland, Senior Case Manager, Harvey Bowes Limited.

Contact Harvey Bowes today on 029 2175 4150.


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