Our August 2023 Spread the Word has landed! With some exciting team updates and a detailed look at the new Consumer Duty regulations put in place by the government to protect and support consumers. Read on to learn more…
Team News
Once again, our team has grown! We welcome Amanda Worthington from Charnwood Mortgages to our extended network of mortgage brokers.
Amanda has over 30 years of experience working in financial services. She holds the Advanced Financial Planning Certificate and is CeMAP qualified. Operating in the Leicestershire area, Amanda works incredibly hard and takes personal pride in looking after her clients. She greatly enjoys talking with clients and creating bespoke proposals based on their individual needs.
“It is an honour to be invited to join the Stratton Thorpe network of extended mortgage brokers. I’m in great company! We all share the same ethos of providing a tailored service for our clients, always going above and beyond expectations.”
Great to get our team together last month with a few new faces. Top of our agenda was how to continue supporting our clients as the Bank of England raises interest rates to slow inflation. We agreed on the importance of our top four customer care principles:
Finger on the pulse - remain 100% up-to-date with the mortgage market, deals, lenders & options
Flexible appointments - often out of hours at customers' homes or places of work
Personalised service - everyone's circumstances are unique, and we need to think outside of the box to find solutions
Proactive - we believe in prompt, timely communications to make sure all parties are kept up to speed and in the loop
NEWS & UPDATES
We know this is a worrying time for many homeowners. As mortgage brokers, we’re here to support you by providing professional advice to anyone with a mortgage. Whether you’re an existing client or not, our door is always open. Julian, Peter and the Stratton Thorpe team have jointly worked in the mortgage industry for over 50 years through recessions and base rate changes, let us share our years of experience.
Please don’t be frozen with worry, and certainly don’t miss any repayments. If you are struggling or worried, the sooner you act, the better.
Options and solutions are available to ease the financial burden and provide reassurance. This may include extending your mortgage length, switching to an interest-only for the short term, or perhaps moving to a different product. Each lender has processes in place to help borrowers who feel overwhelmed. We can help you to navigate these to find mortgage products from a comprehensive range of lenders across the market. Everyone’s personal circumstances are different-we will look at your options and provide a clear plan tailored to you.
Rates, deals, lenders’ products, and eligibility criteria constantly change. Brokers are best placed to provide the latest guidance and updates from across the mortgage marketplace, not just from your current lender.
Don’t be worried about your mortgage, please get in touch. We offer free no-obligation initial consultations. All information is treated in absolute confidence, and meetings are held at a time and location to suit you.
UPDATE: NEW CONSUMER DUTY effective from 31st JULY & OUR COMMITMENT TO OUR CLIENTS
You may have heard about the new Consumer Duty changes the regulator is bringing into force from 31st July. The Consumer Duty aims to address current consumer harms, including:
Where consumers...
Find it harder to make an informed or timely decision or take timely action to manage their financial affairs such that they are paying more or not getting the most suitable deal for themselves.
Buy products and services that do not meet their needs or objectives, for example, because they are too risky or otherwise harmful.
Pay prices that do not represent fair value, where the benefits or quality of service consumers receive are not reasonable relative to the price they pay.
Receive substandard treatment during their relationship with a firm.
Here at Stratton Thorpe Mortgage Solutions, as you would expect, we have been working to ensure that our clients continue to receive professional advice and that we continue to deliver solutions and recommendations which align with the FCA’s standards post Consumer Duty on 31st July 2023 in all aspects of our business, including Mortgage advice, Protection advice, and General Insurance solutions.
The Consumer Duty, in brief, states:
Consumer principle - A firm must act to deliver good outcomes for retail customers
Cross-cutting rules Firms must:
Act in good faith toward retail customers
Avoid foreseeable harm to retail customers
Enable and support retail customers to pursue their financial objectives
Four customer outcomes also under the new duty:
Products and services should be fit for purpose and be designed to meet the needs, characteristics, and objectives of the target market and distributed appropriately.
Price and value: there should be a reasonable relationship between the price a consumer pays for a product or service and the benefits they receive from it.
Consumer understanding: Firms’ communications should support and enable customers to make informed decisions about products/services and be presented in a way they can understand and give them the information they need.
Consumer support: Customers should be provided with a level of support that meets their needs throughout their relationship with the firm and be supported in pursuing their financial objectives.
We’re here to help if you have any questions about the new Consumer Duty or anything relating to mortgages.
Do you have business plans we can help with?
We're supporting our business clients by partnering with Watts Commercial Finance, one of the UK's fastest-growing independent financial consultancies. Since 1985, Watts Commercial has provided bespoke finance solutions to businesses of all types and sizes through an extensive and ever-growing panel of lenders.
Are you self-employed?
Do you have plans for your business that could need commercial borrowing in the next 12 months?
Do you own your business premises, or have you considered buying your premises?
How is your current business cash flow?
Are you looking to buy more machinery or equipment to expand your business?
Have you considered growing your business through acquisitions?
Want to know more? Contact us today.
*The FCA does not regulate commercial lending. We act as introducers only.
Borrowers reaching out to new brokers after ‘blaming previous advice’
Some borrowers are approaching new brokers, as they blame previous advice for their current mortgage repayment issues, intermediaries have told Mortgage Solutions.
Brokers have told Mortgage Solutions disgruntled consumers are leading the charge who have previously taken advice from other intermediaries.
It comes after Just Mortgages called on brokers to do more to engage with their local communities through mortgage clinics in order to support residents with their mortgage worries at an uncertain time.
John Phillips, national operations director at the firm, argued that there were “opportunities still out there for proactive brokers”.
SOURCE - MORTGAGE STRATEGY
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