Mortgage brokers are divided on whether Lloyds Bank’s launch of a fully online remortgage service is a threat to the sector.
Mortgage advice by video: Save yourself a trip to your branch and speak to a mortgage adviser at home
Lloyds Bank and Halifax have launched an online video service to connect new and existing customers to mortgage advisers from the comfort of their own homes - just as Lloyds gears up to close 39 branches in April.
The video link service can be accessed on a laptop, desktop, or tablet computer once the customer has booked an appointment through telephone banking.
They then receive an email link to the video appointment ahead of the booked time slot - with virtual meetings available between 8am and 8pm during the week at both banks, and between 9am and 2pm on Saturdays at Lloyds and 9am and 4pm at Halifax.
Consumers can use the service to see if they can get a cheaper deal with Lloyds and then get an agreement in principle in minutes.
If approved the bank indicates the amount of money it can lend and the full mortgage application can be completed online on an execution-only basis in around half an hour.
Andrew Montlake, director at Coreco in Central London, said: “It’s undoubtedly a threat to intermediaries but it’s about us as an industry making sure we promote the benefits of getting professional advice.
“It’s all very well being able to do it online but you are only getting the benefit of one particular lender’s products which doesn’t necessarily mean it’s the right product for that person.
“It’s always better to go with brokers who can access 90 different lenders rather than one.
For Your Next Step Advert - Lloyds Bank
“There will always be borrowers who don’t want to interact with brokers and would rather do it themselves and as long as it’s completely simple and easy there is a place for it.”
Richard Hanlon, principal at Mortgage Planners in Dundee, reckoned this online remortgage service will split generations.
He said: “It has to be seen as a threat but I don’t see it as an immediate threat that will rock the marketplace.
“Only the youngest technical savvy people will do it because in my experience people like advice and don’t want to make the choice themselves – people like someone to blame!”
Source ONS
Click to enlarge .Britain's ageing population is on the increase. UX UI designers will need to think ahead , as tech becomes, the even more norm, in our everyday lives , older generations , who are not tech savvy, will need better ease of access, these new fintech platforms.
But Jonathan Burridge, who is an independent mortgage broker based in East London, said: “It’s not a threat. It will make things easier for a percentage of the population who don’t believe they need advice.
“Some people will have their creditworthiness affected because they will apply shotgun style to different lenders, get declined and then see a mortgage broker afterwards.
“The majority of the population value advice and in the UK it’s still available independently at a reasonable price.”
Meanwhile Arthur MacIntyre, principal of Money Planning in Cambridge, remarked that Lloyds’ move won’t rock the boat because it’s rates “aren’t very competitive” but wondered whether online execution-only could be a more of a threat in future.
Lloyds’ system allows applicants to upload documents electronically and self-select by mortgage type, such as a variable or fixed term. It also offers a web chat service to talk borrowers through the process.
With talk of other lenders following Lloyds, Montlake said advisers need to invest in technology to match their lender counterparts.
He added: “All lenders will be looking at their technology capabilities and it’s only a matter of time before all of them have offerings like this.
“All the main lenders will because it’s the way the world is going and that’s why brokers need to look at their own technology offerings.
“They can make it easier for the client to do business; to get information to them and to provide their details.
“Technology has a role to play but for me it’s important that people follow the high tech and high touch model – technology needs to work with the personal touch.”
Lloyds Banking Group has already invested £750 million in digital innovation since 2013 and says it will continue to invest a further £1 billion in its digital capability over the next three years.
Further Reading
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The video link service can be accessed on a laptop, desktop, or tablet computer once the customer has booked an appointment through telephone banking.
They then receive an email link to the video appointment ahead of the booked time slot - with virtual meetings available between 8am and 8pm during the week at both banks, and between 9am and 2pm on Saturdays at Lloyds and 9am and 4pm at Halifax.
Consumers can use the service to see if they can get a cheaper deal with Lloyds and then get an agreement in principle in minutes.
If approved the bank indicates the amount of money it can lend and the full mortgage application can be completed online on an execution-only basis in around half an hour.
Andrew Montlake, director at Coreco in Central London, said: “It’s undoubtedly a threat to intermediaries but it’s about us as an industry making sure we promote the benefits of getting professional advice.
“It’s all very well being able to do it online but you are only getting the benefit of one particular lender’s products which doesn’t necessarily mean it’s the right product for that person.
“It’s always better to go with brokers who can access 90 different lenders rather than one.
“There will always be borrowers who don’t want to interact with brokers and would rather do it themselves and as long as it’s completely simple and easy there is a place for it.”
Richard Hanlon, principal at Mortgage Planners in Dundee, reckoned this online remortgage service will split generations.
He said: “It has to be seen as a threat but I don’t see it as an immediate threat that will rock the marketplace.
“Only the youngest technical savvy people will do it because in my experience people like advice and don’t want to make the choice themselves – people like someone to blame!”
Source ONS
Click to enlarge .Britain's ageing population is on the increase. UX UI designers will need to think ahead , as tech becomes, the even more norm, in our everyday lives , older generations , who are not tech savvy, will need better ease of access, these new fintech platforms.
Lloyds Bank High street branch closures 2016
But Jonathan Burridge, who is an independent mortgage broker based in East London, said: “It’s not a threat. It will make things easier for a percentage of the population who don’t believe they need advice.
“Some people will have their creditworthiness affected because they will apply shotgun style to different lenders, get declined and then see a mortgage broker afterwards.
“The majority of the population value advice and in the UK it’s still available independently at a reasonable price.”
Meanwhile Arthur MacIntyre, principal of Money Planning in Cambridge, remarked that Lloyds’ move won’t rock the boat because it’s rates “aren’t very competitive” but wondered whether online execution-only could be a more of a threat in future.
Lloyds’ system allows applicants to upload documents electronically and self-select by mortgage type, such as a variable or fixed term. It also offers a web chat service to talk borrowers through the process.
With talk of other lenders following Lloyds, Montlake said advisers need to invest in technology to match their lender counterparts.
He added: “All lenders will be looking at their technology capabilities and it’s only a matter of time before all of them have offerings like this.
“All the main lenders will because it’s the way the world is going and that’s why brokers need to look at their own technology offerings.
“They can make it easier for the client to do business; to get information to them and to provide their details.
“Technology has a role to play but for me it’s important that people follow the high tech and high touch model – technology needs to work with the personal touch.”
Lloyds Banking Group has already invested £750 million in digital innovation since 2013 and says it will continue to invest a further £1 billion in its digital capability over the next three years.
Further Reading
Underwriting standards for buy-to-let mortgage contracts ,– CP11/16,PRA ,Bank of England warnings on Brexit ,clamp down on buy-to-let mortgages
Hometrack UK Cities House Price Index February 2016 , reports unseasonal acceleration in house price growth across UK cities in last three months
renting your property to short-term is a booming market: Nine top tips for Airbnb property letting success
UrPad Online new Hybrid online estate agent for Wales ,rolled out by Property Industry Experts,Caerphilly
easyProperty a 20 20 vision Yahoo Google Bing , Zoopla, Rightmove, Facebook ,twitter
online estate agent settled.co.uk takes on high street receiving more funding
Former Cricket Team Aces Join the Online EstateAgent business model thehomecloud.co.uk
Tepilo.com online real estateagent sees 400% increase in turnover with £10m target set for 2016
Barclay Brothers son's YOPA , expanding into the Midlands
Upestates Online estate agency & will be expanding with 7 new offices in Birmingham Leicester & Nottingham
coca cola tango free fall on Osbornes sugar tax & How Jamie Oliver made the big boys listen
New UK Property App Development Service For Estate Agents launched by iDevelopers
PurpleBricks change marketing strategy
shock horror Hang on ,,,Why Land Registry Privitisation, is a good thing & long over due
easyProperty a 20 20 vision Yahoo Google Bing , Zoopla, Rightmove, Facebook ,twitter
Canada’s House Price Dilemma >Monetary Policy and Financial Stability
Zac GoldSmith > Launches Housing Manifesto > off plan mortgages high street lenders, government & 6 London Local Authority pension funds
Purplebricks - And the teams just keep on growing! - online hybrid estate agent @onthemarketblog
Housing Minister Brandon Lewis' speech outlines the government's housing aims including its intention to deliver 1 million homes by 2021
Global demand for prefabricated housing is forecast to increase 2.7% per annum through 2019 to 3.4 million units
David Bowie, Beautiful, Romantic Mustique ,stunning , Caribbean Villa designed by Arne Hasselqvist
UK house prices increased by 7.9% in the year to January 2016, up from 6.7% in the year to December 2015.
Average British home price, tips over 300,000 pounds @onthemarketblog
Running Costs - Zoopla tool, Phil Spencer explains, Dan the Detective Zoopla new TV advert
Shelter launch Great Home Debate ,Ellie Goulding shows her support on twitter social media UK
current account deficit has partial defence against shock says BoE's Forbes
propertyeye.net a new property , residential homes website, for sales and lettings ? Iain Duncan
Smith resigns over planned disability benefit changes,indefensible changes
UK interest rates remain balanced , though sterling hit by EU vote says BoE
No Brexit for me, why I'm staying in a reformed EU and so should you
Rio Ferdinand and housing minister Brandon Lewis launched a new scheme to build thousands of affordable homes across UK
David and Samantha , morning after: how Brexit divorce gets messyPropTech ,WILL change ,the global economy“beyond recognition” Rics at MIPIMconference
Starter Homes: Unlocking the Land Fund Brandon Lewis MP
Video Bank of England Mark Carney Governor quizzed on the risks of Brexit ,Sir Jon Cunliffe
Cyber Criminals Phishing Scam Email, targets rightmove property portal, inc other property sites
Locally-Led Garden Cities , Villages Towns in the United Kingdom
coca cola tango free fall on Osbornes sugar tax
Good News for Airbnb Londoners - online MicroEntreprenuers
AirBnb / online, Ebay Amazon Start Up, micro-entrepreneurs rent property income, internet ,homes
#Budget2016 George Osborne ,Stamp Duty Surcharge ,Tax, Capital Gains Tax,Housebuilding
UrPad Online new Hybrid online estate agent for Wales ,rolled out by Property Industry Experts,Caerphilly
Facebook Founder Zuckerberg settles dispute with no pay out to property developer Voskerician
new affordable housing hits record low in london data shows
Days of Chaps payment numbered ,Central banks rival Bitcoin new RSCoin super currency
what the VLOG ? London property developers, Hackney Dalston E8 Vibe illusion
technology law - eddies from property portals boliga.dk and now zoopla.co.uk
Online estate agents, expecting sales bonaza, as sellers shun costly high street rivals
A Welsh developer of student accommodation ,plans March 2016 IPO + Wales tallest building
Help to Buy: mortgage guarantee scheme, Quarterly Statistics, March 2016
number of high street estate agents going bust up 16% , online estate agents market share up dictated by consumer not industry
NHBC NEW HOME STATISTICS ANNUAL REVIEW 2015,English Housing, Papworth Disability Trust ,Joseph Rowntree & Bungalows !
why Frank Whittle and the Saville row tailor have more in common with Warren Buffet
FT first 'Rightmove maintains grip in battle of property portals @onthemarketblog
Brick-And-Mortar Crumbling? Don't Believe It > Forbes > Leadership
Foxtons high street estate agent facing landmark claim for £2million from group of 55 landlords
Building a new deal for London: Final report of the London Housing Commission
'Kleptocracy tours' 35,000 London properties currently have unknown offshore owners.
Pop-up housing could cut cost of London’s rental market & help UK housing Crisis
Chinese hunt for property bargains in Manchester amongst others say Pinnacle Alliance Property Developer
Property pain Investigation ,service charges increasing rapidly with 30 % of firms increasing fees
UK's largest property developers accused of 'profiting' on the back of the housing crisis
Private rental prices grew by 2.7% in England
Rental prices increased in all the English regions over the year to January 2016, with rental prices increasing the most in London (3.9%).
Property pain Investigation ,service charges increasing rapidly with 30 % of firms increasing fees
Foxtons report 4% revenue increase to City, despite Prime Central London property experiencing a dead-cat bounce
Property Partner successfully completes £15.9M ($22.4M) funding round
Nested - Start Up , property online disruptor to quick sale homes ?
Building a new deal for London: Final report of the London Housing Commission
high street estate agency valuations – flattery will get you nowhere by @emoovceo
Start me up: Why London needs open workspaces for creativity, innovation and growth
Live inquiry application launch 14 th March say Land Registry Marketing Manager
LA police testing knife found on OJ Simpson property - reports
'Kleptocracy tours' 35,000 London properties currently have unknown offshore owners
UK's largest property developers accused of 'profiting' on the back of the housing crisis
Pop Up Housing a solution not just for London but the UK
estate regeneration statement GOV UK DCLG ,Lord Heseltine ,Brandon Lewis MP
Digital Mortgage service: making improvements again & again
Buy-to-let investors 'could face losses'
Uber's property footprint unmatched among San Fran Bay Area ,Tech StartUps
Guests staying with AirBnB for the super bowl top 15,000
Nobroker.com Homes, one step closer to making estate agent obsolete , new round of funding
OnTheMarket overseas properties , Britons with holiday homes in France face paying extra 10% in tax if they sell the property following a Brexit
Guests staying with AirBnB for the super bowl top 15,000
FT first 'Rightmove maintains grip in battle of property portals @onthemarketblog
Morrisons Super Markets signs deal to sell food to Amazon online customers
Amazon eyes up UK restaurant delivery market
Booking.com Launches of Passion Search ,Don’t battle your passions, unleash them
David Cameron calls EU referendum for June 23 2016 Official Statement @onthemarketblog
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Good News UK mortgage approvals hit two-year high BoE
IMF Statement: LUXEMBOURG: Concluding Statement of the 2016 Article IV Consultation Mission
Spanish house prices 2015 see rise highest rise 2007 crash , stabilisation of housing market, idealista.com
No Brexit for me, why I'm staying in a reformed EU and so should you
Scotlands House prices rise and sales grow ros.gov.uk
An analysis of recent trends in the Irish rental market 2015 in Review
fourth quarter 2015: First-time buyers took out 87,100 loans to purchase homes. + house prices in UK
GeoPhy Exodus-from-EU-may-spark-correction-in-the-rental-market.html
1st of March David Cameron St David's Day message "wonderful country and a great part of the United Kingdom"
Amazon eyes up UK restaurant delivery market
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Morrisons Super Markets signs deal to sell food to Amazon online customers
Brick-And-Mortar Crumbling? Don't Believe It > Forbes > Leadership
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