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Brokers - what lessons have you learned from the recent turmoil?

Journalist: John Fitzsimons, Freelance

ended 18. October 2022

Morning brokers

Fair to say it's not been a quiet couple of weeks for the mortgage market. 

So what do you feel you have learned during all of this? 

Is there anything that you will be doing differently going forward with your own business? 

And are there any regrets, any things you wish you had handled differently now that you have the benefit of hindsight?

 

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Anil MistryVerified
Director and Mortgage Broker at RNR Mortgage Solutions
Since the Bank of England started to increase their base rate in the summer, I have been proactive on social media and with my existing clients to have their mortgage products reviewed six months in advance before the end date. This allows borrowers to secure a rate before any further increases. Thankfully, this has saved some of my clients from the large rate increases since the mini-budget. So, this is something I will carry on doing and I have no regrets about contacting my clients six months in advance. The next big challenge is for the borrowers whose mortgage product will be ending in the next six to 18 months, and how they will deal with such increases. Especially, the demographic under 35s, who most would have never experienced such high rates. Due to the large difference between a tracker and fixed rates, a more in-depth conversation needs to happen than previously before, on the risk appetite of borrowers when it comes to reviewing their mortgage needs.