UK Market Analysis
As per the statement of Commerce of British Chambers said at the conference yearly “The revolve of global economy from the previous year have been remarkable”, specified the extent of the blow since financial year. This will give the foundation of support for continuous growth of UK market inside global economy and offer a supportive environment.
The reason behind the growth in the UK economy was because of three most important factors.
- Recovery of Confidence
- Asia Growth and Other promising markets
- Impact of financial system strategy
If confidence builds the spending on private sector recovers. UK exports better performance helps them to reimburse for the continuous low demand for domestic and industrial goods. In spite of the depressing headlines released the UK economy is performing better in the world.
United Kingdom is the most important and developed country in the economy and stands 6th position in the world economy in terms of GDP (Gross domestic product). It also stands in the 6th position In terms of purchasing power. UK enters into recession in the year 2008faced the most horrible recession in the year 2009 and improved the growth in the economy at the end of 2009. The world’s most globalized country is UK. London the capital is the foremost financial hub in UK economy for worldwide business. UK plays an important role in the world economy. London stands in the 6th place as a largest city in world economy. It produces around 30% of the UK economy and GDP. Service industry is the main industry of UK. In the starting of the year 2010 the GDP and the economy has increased by 0.3%. UK left the recession on 26th January 2010.
Product & Technology Analysis
Technologies
Innovation substance the one who innovates will be the leader in mortgage market. Initially we need to realize the relentlessness of the problems facing by the lenders and facilities facing. It is not time to stop or outsource the technology but we need to change the method of using the technology so as to achieve the success in the mortgage market from investor, to lender, to servicer.
By introducing Online Residential Mortgage Lending Product in the market it gives more opportunity to create a centre of attraction to the customers towards the mortgage loans and helps them to attract more customers to purchase the houses. We are dedicated to give confidence to the customers that we will provide good houses at a reasonable price and interest so that they can afford to purchase the property at a reasonable cost.
We also provide easy repayments of the mortgage by giving reasonable time duration to the customers so that it will be easy for them to repay the mortgage. We provide services like, showing the properties through online so that they do not need to go directly to the place of the property to see. This reduces the time of the customer as has an easy access to find the mortgage property. By making the mortgage process online it reduces the time and cost in finding the mortgage by providing wide range of options and information. The online process links to the lenders, credit providers etc..
Important Features
- Low process charges and in less time
- Availability of information and easy access to the information through online 24/7
- Easy documentation
- Reasonable interest rates
- Online Repayment
- 24/7 customer help desk
- Interest rates based on the credit history
- Low mortgage rate for the first two years
Process to open an account for online residential mortgage lending
- Open an account in just few minutes.
- Should be a UK resident
- Should have a UK current account
- Current account number
- Bank sort code
- No time limit
- No entry fees.
Swot Analysis
Competitor Analysis
To sustain in the market with the competitors we need to be more innovative in attracting the customers and in building the confidence of the customers. We should provide wide range of service and offers and comparatively less charges compare to the competitors. It is very difficult to be the leaders and to sustain in the market. To be successful in competitive era we have to think innovatively. Need to persuade the behaviour of the competitor for the advantage of the firm. Availability of information about the competitors to analyze and forecast. Having enough information about competitors to analyze.