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How can brokers overcome current market challenges?

Journalist: Jake Carter, Mortgage Introducer

ended 19. November 2022

This story seeks to understand what brokers can do to overcome the current challenges they are facing in the market.

 

2 responses from the Newspage community

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Editor
Mike Staton
Director at Staton Mortgages
For the first time in three years, we are able to take some respite with how quiet it is in the industry. Hopefully, brokers have budgeted for this quiet period as it was inevitable after the rollercoaster we have been on during the past three years. It is important to go back and review clients' protection now, as whilst mortgages have been at the forefront of everybody's mind, protection may have been placed on the back burner. These opportunities are going to be vital to see you through the next 2-3 months.
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Anil Mistry
Director and Mortgage Broker at RNR Mortgage Solutions
The changes in mortgage interest rates and other changes such as increased stress tests for a buy-to-let mortgage are not in our control. As brokers, we need to stay positive and proactive and be in control of what we can control. This is to stay on top of what policies and rates have changed, so we can give the correct information to our clients. Keeping in touch with existing clients, especially when their current product is coming to an end, has never been more important. That way, the client's current mortgage can be reviewed to make sure it meets their needs. Having a protection review for existing clients is also key. This is to make sure it is still affordable and meets their needs, especially due to the increased living costs. This will make sure they are not under-protected, and make sure policies that are needed, don't end up getting cancelled.