28 May 2015

Non verbal communication in mortgages

I guess that one thing we all agree on, like it or not, is the ever increasing reliance upon non verbal communication.  It is surprising just how much we rely on email, Twitter, Facebook and  a growing myriad of similar links to deal with almost everything we do these days. Even to the point of trusting people we never meet, including banks, solicitors, shops, trading platforms and, dare I say it, future life partners too!

More often than not, this leap of faith will prove to be successful and I am an aficionado. Yet papers remain full of stories about customers who have received something they did not order, or maybe where they are left to wonder how they got it so wrong ending up with items of the wrong shape or size, possibly including the life partners too!

So how is this relevant to the mortgage sector?  Simply that the mortgage still remains the largest financial transaction that a person will normally make during their lifetime.  Some will enter the mortgage market several times during their working life, often in increasing amounts, and it is this that I find intriguing when electronic information transfer is used to manage such life changing business.

My message is not that there is any particular reason not to transact electronically.  More that when the matter is complex in nature and crucial to financial comfort and sanity, then surely it makes sense to talk to someone who knows the innermost workings and product criteria and who can provide you with the degree of comfort you need before you start parting with money. In the case of a mortgage, this may include a mix of application, valuation and legal fees and this is just to get you started!

Thinking further, you will have agent’s fees if selling and removal expenses, and if buying, stamp duty, disbursement charges, utility connection charges and more..
These can most, if not all, be conducted online but all are good reasons to talk to someone along the way to help pull the strings together.  And yes, there may sometimes be a fee to pay for this but you may find it all worthwhile!

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