Thursday, 15 March 2007

Mortgage business quieter this year...good!

I read in a recent article by Davys that mortgage brokers are reporting a slower year than previous boom years. The article itself can be read here.

While obviously not wishing hard times on any of my financial services colleagues, I believe this to be a good thing for the consumer. The previous boom years in the mortgage market had meant that customer service had reached all-time lows as lenders struggled to keep up with the volumes of business coming in. Furthermore, there was less pressure on lenders to compete with each other.

If there's less business to go around, hoopefully lenders will be better able to service it. In addition, expect plenty of competition for slices of the pie.