FT Logo

Copy article

FT Editor Banner

Cherryplc.co.uk mental health discussion

Journalist: Tom Dunstan, FTAdviser

ended 05. February 2024

Recently, cherryplc.co.uk revelaed which topics garnered the most attention on the forum, with one of the biggest being a discussion of mental health among mortgage brokers.

The press release stated: 

The popular industry forum featured several threads recently, that focused on mental health and wellbeing. One thread, which simply read “How is everyone doing?” generated a huge number of responses and positive engagement. On this thread people were able to share their thoughts and opinions on a range of topics, including the loss of a loved one, concerns surrounding an impending retirement, as well as personal business worries – of which there seem to be many. 

What is your reaction to this? What is your opinion on how mental health is handled for mortgage brokers?

4 responses from the Newspage community

Copy all

Copy

Editor
Ben Perks
Managing Director at Orchard Financial Advisers
The Mental Health of Mortgage Brokers has been hit hard over the last few years. The job has always been challenging, but this has really ramped up over the last few years. As rates have risen stress tests, affordability and various other criteria have become much more stringent.
In addition to the complexities now faced by brokers trying to secure mortgages for clients, the conversations with borrowers have taken a turn for the worse. Everyday is filled with conversations about rising costs for people and the anxiety and pressure that they face. Many advisers are consoling and counciling clients at meetings.
If you're a Broker with a heart, it is hard not to be affected.

Many Brokers will keep their head down and plod on, Firms need to make sure they 'check in' with Advisers and offer support where necessary.
Copy

Editor
Michelle Lawson
Director at Lawson Financial
Being a mortgage broker can be a lonely role as many advisers are sole advisors who work from home. The last few years have really taken their toll on many with the poor service levels from lenders, lengthy wait times, long hours, lack of commuincation, constant rate changes, product changes, Consumer Duty and more. On top of this we have had new business coming in as well as service but whilst having to service our existing base and clientele in progress. It has turned into a juggling process where the hours of actually doing the job are fast being overtaken either doing something you have already done or 'admin' based tasked rather than the advice and service. Our families and personal lives have suffered and I haven't spoken to one broker who hasn't suffered mentally during this time. One good thing is we do all pull together and support each other as this demonstrates.
Copy

Richard Jennings CeMAP
Founder & Managing Director at Richard Jennings Mortgage Services
I think mental health amongst mortgage brokers is vastly under discussed. Having been in business 4 years, as a sole trader I have faced Covids impact on the housing market, then no sooner were we through that than we had Liz Truss dynamite to the economy followed closely by the cost of living crisis. Lenders play a huge role in impacting brokers mental health, adversely and positively. With service levels and underwriting a performance the biggest influences on this. Those working alone I feel suffer in silence whilst those with staff have the added burden of ensuring financial responsibility for their employees. It's set to be a tough year once again.
Copy

Alastair Hoyne
CEO, Finanze Capital at Finanze Capital
Approaches to handling mental health is inconsistent to say the least. Access to advice and support is a bit of a postcode lottery. Sadly those who need help the most are often the last to ask for it. Business owners are particularly vulnerable because everything rests on their shoulders. I'm glad to see more industry publications speak up on the need for mental health awareness. Dealing with the pace and scope of change in the lending markets has meant brokers have had to be on the ball. Even then, meeting customers needs has been challenging and stressful to say the least. It's had a direct impact on brokers incomes as well as their emotional well-being. As someone who spent 15 years as a mental health nurse specialist, I've seen first hand the devastation caused when support just isn't there; or worse, when it comes too late. I was thrilled recently to have written for FT Adviser on this subject. We need keep the subject alive and encourage people to get help.