TikTok: the social media platform where you can get help and guidance on many topics.
Did you get an air fryer for Christmas and are now on the lookout for help with what you can cook in it? TikTok can help with that.
Or maybe you gave into the hype and got the latest Dyson hairdryer and need some guidance on how to use it properly – TikTok can help with that.
What about if you are looking to buy your first house and have some questions about rates or even whether you need a mortgage broker, can TikTok help with that?
Well, it turns out it can.
There is a handy feature on the social media platform where users can ‘go live’ and livestream to anyone that lands on their page as well as their followers.
This allows the host to talk directly to the audience and answer any questions or interact with the comments that feed through to their page.
Most commonly the live sessions I have stumbled upon have been 'TikTok celebrities' answering questions from their adoring fans or the latest Love Islander commenting on what life was like in the villa.
But I must admit I certainly had a shock when a mortgage broker popped onto my phone screen.
Now, while brokers are a huge focus in my work life, I don’t tend to look up mortgages in my spare time at 7pm at night, but yet here was TikTok telling me to join this mortgage broker live.
And curiosity got the better of me.
The ‘new kind’ of broker
One broker I saw had 2,400 likes and on a Monday evening had 460 people watching at one time.
Questions from buyers flooded in and focused on rates, first-time buyers and remortgages.
For example, one person asked if they could still get a mortgage even if they were on a zero-hour contract, while another questioned whether they could leave their mortgage early for a cheaper deal.
But some questions even focused on brokers themselves.
One user asked what were the benefits of using a mortgage broker?
The host answering these questions explained that a broker does the research and assessment on behalf of a client and then finds the cheapest and best lender for that person’s circumstances.
He explained that brokers liaise with solicitors and estate agents and take the stress out of the home-buying process, with them ultimately giving the client advice because they are qualified to do so.
Over the past week I have noticed there are a few mortgage brokers jumping on livestreams and answering people’s burning questions, but why are people turning to social media for help with mortgages?
The appeal of social media
Firstly, livestreams are easy to access. A person could be on the sofa in front of the TV or out walking the dog, they can easily open the TikTok app and get the information they are looking for.
