And yet, that brings us to one of the most shocking realisations one can come across in an industry as cut-throat as this, when on earth did we get to the point where the man with the money has to beg others to take it from them?
Nonsense I tell you, but incredibly interesting – the power that a good quality intermediary can accumulate in this market is nothing short of astounding.
Which brings me onto that all important industry cliché, as we progress into the depths of product-tuning, are we getting ever closer to products that can no longer be differentiated?
Bridging rates as low as 0.65 per cent, LTVs through the roof and to top it all off – volume business like we’ve never seen before…
Decisively, service will always go hand-in-hand with loyalty, but, if I was a broker, I’d still have my eyes on that free 50” plasma incentive – I mean, Christmas isn’t cheap!
‘Come and get your rate cuts, oh alright then, I’ll throw a free valuation in there too, you know what? I like you, why don’t I give you free legals as well?’
‘Woh woh woh, wait a second - the client has a CCJ? Actually, you know what, take the money anyway, now get out of here – you little scamp!’
It can’t be disputed, bridging is booming, and lenders can’t wait to get rid of their money, even us journalists are getting a piece of the action - you’re keeping the newsletters full with these product improvements after all.
So in theory, the question I ask, and one that I open to discussion, is - if products continue to merge into one seismic snowball of financial jargon and bolt on perks, how does a lender continue to encourage brokers to use them?
I’ll tell you, more trips to Marbella, new iPhones, and more personalised cupcake deliveries! It sounds utterly ridiculous in a world where men (and women) can sanction the repossession of a property for another man’s inexplicable gain, and yet, it boils down to - who’s giving me the best tit for tat?
Ultimately, there’s no flowery financial way of putting it, if I was a broker, I’d be loving the current climate, and I’m sorry to say lenders –I don’t know if a pack of promotional cookies (you know who you are!) would be enough for me to throw that juicy looking £2 mil’ bridge your way.
So, for the moment, let’s sit back and watch the bloody and wretched rate war continue, while we dine out on that delectable extra 1 per cent bolt on proc fee.
Particularly now with UTB recently entering what was previously essentially a jousting match, let the gladiatorial proceedings commence!
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