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Let’s head Back to the Future in the Mortgage world

4th December 2023

Back to the Future was released on the 4th December 1985. That’s thirty eight years ago. If you want to add some maths into it, it’s eight years longer than when Marty and Doc went ‘back to the past’ in the first movie by thirty years to 1955. It’s also eight years on from when from when they went ‘into the future’ in the second of the franchise in 2015.

So, while we wait for our to size-adjustable clothes and flying cars, lets pop our tongues firmly in our cheeks as we look at our own wild ride in mortgages over the last couple of years. 

We may not be able to take you on a DeLorean journey through time, but almost as impressively we can draw mortgage wisdom from Doc Brown and Marty McFly's adventures. So, strap in because we're about to explore the fascinating world of later life lending with a touch of retro inspiration.

1. You are our Flux Capacitor

In Back to the Future, Doc Brown's Flux Capacitor made time travel possible. In the mortgage world, You, the broker, act as a similar driving force.

Marty, with the help of Doc navigated the world of time travel. You are the Doc to our Marty, or as we like to call them, the customer). Helping them successfully navigate through the complex terrain of specialist mortgages the same way Doc helped Marty.

2. The importance of the space-time continuum

Doc and Marty had to navigate the space-time continuum carefully to avoid catastrophic consequences. Similarly, working with the customer and aligning their financial timeline with your own.

Later life lending often involves the extending the term of the customer's mortgage, incorporating their retirement income and expenses. You’re the key to unlocking the right option for the customer throughout the equity release, residential, 50+ and RIO mortgage markets. Options which can allow the customer flexibility in their later years, allowing them to stay in their homes comfortably while managing their finances.

3. Biff Tannen and the importance of a good deal

Biff Tannen was the epitome of a bad deal. When advising customers about the best later life lending option for them, avoiding your ‘Biff moment’ is paramount. This means working hard to get the best deal possible for your customer.

When George stands up to Biff, he becomes more confident and gets the girl. This is the kind of confidence needed. Expert mortgage brokers understand the market. Your customers trust you, sharing their age, income, and financial goals. The customer might also take a leaf out of George’s book and be filled with confidence that you'll get the best deal for them.

4. Planning for time-paradoxes

Time paradoxes could have had catastrophic consequences for Marty and Doc. Similarly, taking on a mortgage in later life requires careful financial planning to avoid future budgetary paradoxes.

Sitting down with the customer, creating a financial plan which considers their retirement goals, healthcare expenses, and potential changes in income and outgoings is vital when taking on a mortgage in later life. You’re able to take time out with them, explore mortgage options that align with their specific financial circumstances which can in turn, provide them with peace of mind as they journey into their later years.

5. Unleash your inner hoverboard

Remember the hoverboard from Back to the Future Part II? It was a game-changer.

In the mortgage world, you the broker are the hoverboard! When a customer is considering a mortgage in their later years, enlisting a mortgage broker who specialises in that area is like them having their own hoverboard.

You have the experience and expertise to assess their financial situation, connect them with lenders specialising in later life lending and can provide a hands-on approach through the application process. You’ll provide them with the expertise, knowledge and support they need, particularly in their later years.

So, let’s wrap this up. While we can't travel back in time or hop into a flying DeLorean, we can certainly learn valuable mortgage lessons from Doc Brown and Marty McFly. By understanding the customer’s needs, aligning the mortgage with their financial timeline in later life and with your experience, you can provide the customer with the best deal. Ensuring the customer can navigate the world of mortgages with confidence, even as they approach retirement.

If you have a customer with a story that mirrors Marty and Doc’s, reach out to us! We love to support customers in the moments that matter. You can find a BDM, here.

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