TSB announce branch closures
TSB announce branch closures
TSB recently announced that they plan to close 82 branches across the whole of the UK throughout 2020, making it increasingly difficult for TSB customers to get in front of a mortgage advisor with their own bank.
With banks on the high street closing on an almost weekly basis, we are regularly asked if there will be any banks left on the High Street in years to come. The answer is yes, main city centers will always have branches open, it is the more rural area and small towns which will see the decline on the high street mainly due to lack of footfall and the increased use of internet banking.
Building society’s will be slightly different. As they have to take deposits to be able to lend money, I believe they will become more of a community base; this is highlighted by Nationwide Building Society’s Branch Promise – “Here today, here tomorrow. That’s our promise to every town and city with a Nationwide branch on its high street. So, if we’re still a part of your community on March 18th 2019, we’ll stay part of your community until at least May 31st2021.”.
The reality is the banks and building societies will need to rely more heavily on the mortgage intermediary market to introduce clients to them in the future. A recent conversation with a member of one high street lenders intermediary team revealed that introduced business from the intermediary market currently accounts for approximately 80% of their mortgage business. With many banks not replacing in branch mortgage advisors when they leave, the likelihood is that this figure could increase further over the coming years.
Benefits of using a online mortgage broker
It can take over 2 weeks to get an appointment with a mortgage advisor at your own bank (if that’s even an option), with many of these appointments being done via Skype from either another branch or a central call centre.
An in-branch mortgage advisor is only able to recommend the best product for you from the range of their own mortgage products, whereas a whole of market mortgage expert will have access to over 2000 or more deals and offer the best available product from all lenders.
The mortgage experts we work with are whole of market, with access to all high street lenders, building society’s and specialist lenders, meaning that you can do everything from the comfort of your own home at a pace that suits you – while also guaranteeing you get the best deal for the whole mortgage market.
Our mortgage experts work as an advisor for life, which means that they will look after you all the way through the lifetime of your homeowner journey, taking care of all of your mortgage and protection requirements from remortgaging, moving home as well as changes in your protection requirements. We can also help when it comes to freeing up equity from your property to get your children on the housing ladder!
If you would like to discuss any of the points covered in this article, then fill out our quick enquiry form or give us a call on 0300 124 5655 to see how a mortgage expert can help you.