Mortgage media commentators
Mortgages are in the news every day at the moment. UK newswire, Newspage, asked brokers who they believe the media should go to for comment.
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15 responses from the Newspage communityCopy all
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I think care has to be taken on media commentary as, whilst it has its place, it is a very influential platform. Often, some of the things that individuals say are not wholly correct and, at times, can very much be construed as advice and people do take on board such comments and could lead to people making poor, costly decisions without taking formal advice. When it is such a sensitive and important time, like now, the media and outlets should take extra care to get articles and reaction from those qualified to do so. It should be made very clear when individuals are not qualified to give advice and that any information being given is opinion or information only or commit to qualified individuals only.
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In most things balance is the right answer, but if opinions are given they should also be informed and from qualified professionals who know their subject matter. Commentators are held out as experts so they should have experience to draw upon, especially in turbulent times. If you want a football commentator, you wouldn’t typically go to someone in an academy, or early days of their career, you’d go for experience and knowledge.
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The media should proactively seek out the front-line experts: brokers, advisors, and professionals who witness first-hand the profound impact of economic changes on their clients. By engaging directly with these knowledgeable individuals, the media can provide a more comprehensive and accurate portrayal of how shifts in the economic environment directly affect people's lives.
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When covering mortgages, the media should only quote qualified mortgage advisers as commentators. Unfortunately, they frequently amplify the opinions of unqualified individuals to the general public, who then act based on such information. Alternatively, comments from lenders direct would be a positive move to gain a greater understanding of why and how they react to the market.
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The media should seek a wide range of commentators, from public figures to people in the job day to day. They should then let the people doing the job challenge the "authority" figures and provide alternative views. We, the practising brokers, are on the front line, not 30 miles from the front like General Melchett.
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When discussing mortgages, the media should only go to commentators who are qualified mortgage advisers. Too often they broadcast the opinion of unqualified individuals to the masses, which the public then acts upon, yet somehow this is not deemed advice. There are thousands of fully qualified, well-informed brokers and other qualified mortgage professionals within the banking and finance sectors who would make exceptional informative commentators.
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The media need to engage with mortgage brokers that have been in this market for a number of years, with plenty of experience and expertise to help. Many of us have been through 2 or 3 recessions or financial bailouts, with time spent in banking as well as smaller broker firms too. We see too many industry experts that actually have never sold a mortgage before, or required qualifications, making it hard to give any form of advice with any credibility.
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For the past 15 years I have always maintained that seeking the comments of a professional broker who speaks to clients and has a wealth of experience is the best option. It is important also to speak to a wide variety of experts, from different social and ethnic backgrounds, size of company, and regional location as well as a fair share of female voices. In these complex times, there are also other voices in and out of the mortgage industry who have valuable experience and knowledge that should not be discounted. Having a helicopter view as well as a coal-face view provides an interesting balance.
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The media need to seek opinions from as wide a group as possible. That's never more important than at a time of crisis when those left out face the prospect of real hardship without an all-important voice to represent them. Seeking commentary from brokers in different parts of the country, with different backgrounds, and representing different types of mortgage borrowers, should be the ambition of any media outlet.
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The media need to be speaking to actual brokers in the market who are on the front line doing the job and actually speaking to clients, not people who have never written a mortgage or those who last did a mortgage when self-certification was the way to get one.
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First and foremost those the media should quote those that are qualified to start with, but more importantly the clients, as their stories need to be heard. I think individual lenders that pull rates with 1-4 hrs notice need to be accountable, and should also go on record for "their" reasons for the withdrawal of their mortgage products. Open, honest and detailed Consumer Duty Responses would be nice. Comments from lenders on the disparity of the SVR rates - the lowest SVR on the market is 5.19 per cent from Newcastle Building Society, while the highest is Virgin Money at 8.24%. This needs to be explained by individual lenders. But real-life impact stories from clients, on the effects of rising interest rates on their finances and their lives are crucial. Also, seek comment from debt advice and mental health institutions that can provide a true reflection of the real life impact of rising mortgage rates..
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Well, if mortgages are the subject of an article, it makes sense to talk to mortgage advisors. They can get under the hood and explain the process from a professional standpoint. And for a broader view, it’s worth including solicitors, renters, surveyors, estate agents, sellers, lenders, buyers, and anyone with recent or current experience of remortgaging or going through the process of product transfer. In the end, property is the foundation of life. We all have to live somewhere. Those hacking away at the coalface, arguably mortgage brokers, right now do have the most detailed understanding of what’s going on… although everyone has an opinion. In the end, reporters have an angle, and the good ones will almost certainly turn to the experts for some, if not all, the details.
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Talk to the people who are on the front line every day. Talk to brokers, not just London ones, but from all over to get a real feel for what's happening UK wide. Talk about protection and why it's more important now than ever. Don't talk to Bob down the pub and don't talk to the tied estate agent brokers who don't see the complex stuff.
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A qualified mortgage adviser who has the relevant permissions to advise on mortgages. If you have a toothache would you visit a dentist for treatment or consult a mechanic?
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I want to hear from brokers with their boots on the ground actively advising and talking to clients everyday.