A Look at the Changing Face of Mortgage Brokering

Over the years, the mortgage industry has seen many changes in terms of regulation, technology, and customer expectations. Mortgage advice has been greatly impacted by these changes, leading to a shift in how mortgages are sourced, recommended and managed.

In the past, mortgage advice was predominantly given face-to-face by a mortgage broker or adviser. This often involved lengthy appointments where the adviser would gather financial information, discuss mortgage options, and provide a recommendation. The process was time-consuming, and customers often relied heavily on the adviser's knowledge and expertise.

With the rise of technology, the mortgage industry has undergone significant changes. The internet has made it easier for customers to research mortgage products and compare rates, giving them more control over the process. Mortgage advice is now available online, allowing customers to receive guidance and recommendations without leaving their homes.

The industry has also seen a shift towards more regulation, with stricter requirements for mortgage advisers to be qualified and registered. The Mortgage Market Review, which was introduced in 2014, has changed the way affordability is assessed and has made it harder for some customers to obtain a mortgage.

Another significant change has been the emergence of specialist mortgage brokers, such as Mortgage321. These brokers have the knowledge and expertise to source mortgages for customers who may not fit the standard lending criteria. They can help customers who are self-employed, have adverse credit, or require a buy-to-let mortgage.

Overall, the changing face of mortgage advice has led to a more efficient and customer-focused industry. Customers have more control over the process, and specialist brokers have made it easier for those with unique requirements to obtain a mortgage. However, the increasing regulation has also made the process more complex, and it's crucial to seek advice from qualified and experienced advisers to ensure you make informed decisions.