Pick Your Lane

I had a long car journey this week, to Scotland and back. Nothing unusual in that as my work requires I travel. I did notice though, how many stretches of our motorways are being converted to so called “Smart Motorways”

A Smart Motorway involves converting the hard shoulder into an additional lane to reduce traffic jams and more speed limits and information on the gantries. The need to pick your lane carefully and adjust with the information given is paramount.

I started thinking about us. Have we picked the right lane in our business and are capable of changing it, with information given at a future time? Let’s test this with news from the last two weeks and see if this changes the way you operate.

You decide to specialise in the Buy to Let mortgage market and become extremely competent in that area, hoovering up referrals and developing a reputation. Now some news.

I read about a new company last week called Property Partner that uses peer to peer style financing to purchase hundreds of residential buy to lets. Individuals can invest in this scheme and receive yields of over 7% without the hassle of maintaining their own buy to let portfolio. I can see a lot of people interested in this following the fiscal changes which started this week for landlords. These schemes might “drain the swamp” for you in arranging buy to let mortgages. Now some more news.

This week two lenders, the Nottingham and the Buckinghamshire Building Society launched some pretty good self-build mortgage schemes. So, you change your lane to specialise in those.

Next some more news comes in. The equity release market hit £2.15 billion pounds last year, a massive increase. But if you compare that to the mortgage market as a whole of £246 billion, you can see there’s plenty of room to grow.

Next step the lending to the elderly market.

That’s just two weeks’ of news. I think the future will be victorious to anyone who is fleet of foot, quick to adapt to the changing world we work in. Fail in that and you’ll get left behind.

All that these so called “Smart Motorways” are doing at the moment is causing miles and miles of traffic jams as they build them. It won’t be long until they’re finished and we change the way we operate on the motorways forever. Are you ready for the changing face of the mortgage market?

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