How are brokers fuelling their pipelines given market conditions?

Longer term fixed rates have been popular for some time and all the data shows that we have been seeing a trend for these types of deals for some time. We just need to continue to attract new clients and look after existing clients for regular protection and insurance reviews.

I’ve not seen an increase in clients choosing deals longer than a five year fixed rate, albeit we have been having more conversations about them. When it comes to it, though, most people don’t factor in the downside of tying themselves into a lender with a few thousand pounds of penalty charge to break out. If I ask people to describe what life will look like for them in 7 or 8 years time many can’t, so then they realise that a 10-year plus fixed rate is maybe not the way to go. Any broker that has their client's best interests at the heart of their business, delivers excellent service and adds value to their clients will be fine through any market downturn; after all, when there is uncertainty, that’s when people will often seek out professional assistance.

Purchase enquiries have fallen through the floor as most buyers sit on their hands and weather the storm. As a result of this we need to adapt as brokers to find other opportunities. We have refocused our efforts, firstly we have contacted existing clients to ask for referrals from any friends and family who are existing borrowers and worried about the current market and secondly we have spent time to revisit the conversation around protection for any buyers who are not currently protected.