Secondly, you can be anonymous on social media. We all get told ‘there is no such thing as a stupid question’, yet as humans we find it easier to ask for help when it is not face to face.
On TikTok you can be a random user, which could mean people find it easier to ask those burning questions.
And while the brokers state that what they are saying does not constitute advice and is only guidance, people are getting information for free.
The information from the brokers is not personalised and only speaks about the mortgage market in a generic sense, but still people feel as though they are getting a better understanding of how the industry operates and what they should take into consideration.
If by doing this more people are becoming educated about mortgages, as well as showing an interest in their finances, then I believe all in all it is a pretty good idea.
Especially if these brokers are appealing to the younger generation.
However, nothing comes without its risks and so people should take caution when getting guidance from social media and speak to a broker in real life when looking to buy a house.
Either way it looks like there is a new kind of broker coming to the forefront. One which is social media savvy, appeals to younger clients and encourages financial literacy. None of which is a bad thing.
2024 could really be the dawn of the TikTok mortgage broker.
Amy Austin is news editor of FTAdviser
amy.austin@ft.com
