Niche products, first time buyers and the whole package… What we learnt at FSE Glasgow.
The Financial Services Expo promises to provide a key space for financial services providers to showcase and learn about developments in the industry, and this year’s FSE Glasgow was no exception. It was fantastic to be on the ground chatting to intermediaries about the market, their own business and the trends they were seeing in the industry so far in 2016. Here’s what we learnt:
First time buyers are hot property
With Help to Buy Scotland re-launching on 1st March 2016 there was understandably a lot of interest from brokers looking at lenders’ Help to Buy offerings, especially in relation to their first time buyer customers. Help to Buy Scotland has made it stricter for applicants to secure Help to Buy funding in Scotland, more so than the English equivalent, and brokers had many questions about how their clients could secure funding.
There was also plenty of interest in high LTV products available for first time buyers. With the housing market in Scotland becoming competitive in recent months, more first time buyers are finding themselves paying over the asking price to secure their property, leading many to have smaller deposits than they originally budgeted for. Brokers therefore, are finding themselves with many customers in the market for high LTV products.
Niche products are in the spotlight
On our stand in particular we saw a lot of interest from brokers in more niche products such as our Holiday Let mortgages and multiple occupancy Buy to Let mortgages. Leeds Building Society are one of only a handful of lenders to offer specially designed mortgages for properties used as holiday homes, there was considerable interest from brokers in these very specialised products and how they could be used in their own business.
Brokers are looking for the whole package
While great products are of course important, intermediaries are increasingly looking for the whole package when it comes to choosing where to place their business. Quick turnaround times of cases, having advice on hand if they need it and great customer service all rated highly on broker’s checklists when it came to choosing a lender. We also learnt that tailored approaches are valued by brokers, and that they would like to see more lenders offering different approaches to low LTV cases from high LTV for example.
If you couldn’t attend FSE Glasgow but would like to speak to a member of the team regarding Leeds Building Society’s offering in Scotland, call 03450 50 5555.
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