The UK mortgage market is worth a staggering £1.3 trillion and is the biggest in Europe. Approximately 11.1 million properties currently have some form of mortgage attached to them (https://www.cml.org.uk/industry-data/key-uk-mortgage-facts/), and for the clear majority of people, it would be impossible to buy a property without the assistance of a mortgage broker.
What does a mortgage broker do?
Mortgage brokers are individuals or companies that act as a go-between between lenders and borrowers, making them highly in demand. They work with borrowers to determine their needs and to ascertain their financial and personal situation. They then use this data and scour the marketplace to find relevant and beneficial mortgages for their clients. In a lot of cases, the broker may have access to mortgages that are not advertised elsewhere, especially in the case of bad credit mortgages and other specialist mortgages. As well as working with individuals to help finance the acquisition of a family home, brokers may also work with businesses and investors to help source financial products.
Brokers play an integral part in the property acquisition process. They are especially important to the borrower, and most borrowers will conduct a lot of research to ensure that the broker they use will offer the best service. As such, customers often look for brokers with an established name, meaning setting up as a brand-new mortgage broker firm is challenging. The new broker has no reputation and, therefore, will have to build their brand from scratch.
Why choose a mortgage broker franchise?
One of the considerable benefits of investing in a mortgage broker franchise is that this is not necessary. The franchisee will have the benefit of buying into an existing brand. Much of the marketing, advertising, and branding has already been done, so while there are franchise costs to pay in order to start the business, these costs are worth it for instantly being able to offer consumers a trusted name. You also receive guidance, advice, and training.
Different mortgage broker companies currently offering franchise opportunities include The Good Estate Agent, Ingard and Brokerplan. However, all franchises have different fees and offer varying levels of support, so why not speak to us today for help finding the best franchise for you?