Tough conditions causing mental health problems

Real estate development in general, and being a portfolio landlord in particular do take their toll, as you have large amounts of your own money involved with each project while you are also housing and supporting quite a few people. Personally, I've found solace in establishing a healthy work-life balance, setting clear boundaries, and prioritizing self-care. Regular breaks, exercise, and staying connected with a supportive network have been instrumental. If you are struggling seek professional advice if needed, and adopt a positive mindset, focusing on what can be controlled rather than dwelling on external uncertainties.

For brokers grappling with the pressures of difficult market conditions, my advice is to continue to be resilient and adaptable to new challenges. See if you can collaborate with peers, share insights, and build a strong professional network for mutual support. Be honest if you are struggling and need professional help.

I sometimes think that people don't realise how stressful our job can be, we are dealing with the largest purchase that a person is ever likely to make and on top of that all of their emotions and feelings about the process. I have to admit last October was hard after the rates increased so quickly, i had a run of customers crying, getting angry and you could see the worry in peoples eyes, and it was hard not to take that home. I would look at my diary in the morning and think to myself who am i going to upset today, that is not a productive way to start the day. So i decided that I would use the benefits I got from my Aviva Income protection policy and use the mental health sessions, i just needed to speak to someone about the situation and he helped with little things i needed to do to help me not have that worry and to try and not take that home with me. I don't think it is ever a bad thing to realise that sometimes you need an outside perspective on how you think.

Mortgage broking is an emotional roller coaster ride, we share the ups and downs of our clients' house-buying journies every single day. Some days we may also get the task of helping a client claim on an insurance plan we may have helped set up for them. All of which can be exasperated if we are working alone, at home. However, I have always found the mortgage brokering community to be a really open and friendly place, where competitors are friends and we can reach out and support each other despite working for different businesses. On top of that, we have Working In Mortgages which is a website dedicated to helping grow and support the mortgage industry as a whole. The WIM website also hosts a no-cost-to-use industry-wide mentoring platform, so you can sign up and get access to a network of individuals perfectly placed to help, support and guide you. If you are struggling, reach out via WIM or on social media, you'll be amazed how many friendly and supportive people work here.

My advice is to talk to other brokers if you're struggling. In the main, our industry does a great job of supporting each other when the going gets tough. I'd also say make some time for yourself. At least a long weekend once a quarter to recharge your batteries is a must in my opinion. If you don't, it's all too easy to get frazzled.

Financial Advisers in the UK are the most attacked professional individuals - the regulator often acts too harshly on them, the lenders have no consideration for them, insurers just want more premiums generated, and Solicitors look down on them - even though they feed them all good levels of business. It's been an awfully stressful year for advisers and I have seen some very affected individuals during this time. Having traded for over 3 decades now I have adopted coping mechanisms to drive me through such times - all I can pass onto brokers reading this is "Things can only get better", yes this track from D:Ream comes in handy at times. Chin up and talk to your colleagues.

It's been a wild ride. Brokers have had to adapt quickly and frequently to changes in lending criteria, interest rates and client demand. Placing business has often taken more time, resulting in increased workloads and added pressure. Managing client and lender expectations hasn't always been easy, especially when delivering bad news to borrowers whose terms or offer no longer work. It isn't a job anyone wants, but it comes with the territory. Thankfully, we've got a great team who are very supportive, and in tough times we pull together to get the result.

I do think there is a mental health epidemic looming in the mortgage industry, especially amongst brokers.

It's one of the industries that has so many sole traders operating on their own, in their own home, with nobody to talk openly and honestly with that understands their challenges.

My advice is to join a network of brokers. There are some very supportive and positive communities of mortgage brokers out there, especially on social media. It's a great way of talking to like-minded people who can relate to how you're feeling and support you through the tough times.

Use your calendar for scheduling and be strict with yourself. A quick - 'just waiting on some replies and answers to research' - email will give you an extra day or so and can mean you get to move on to another client. Its better to be transparent than end up with clients who dont get a response. If you feel the stress creeping in, switch to a 9-5 day with a lunch hour. I know how it is, 10 hour days are the norm here, but if it affects you mentally, time to cool it down a bit.

In challenging market conditions, acknowledging the impact on mental health is crucial. Building resilience involves recognizing one’s limits, maintaining a healthy work-life balance, and seeking support from industry peers or mentorship programs. Brokers struggling should prioritize self-care and consider sharing experiences within a supportive network. Industry initiatives, such as additional training opportunities or mental health resources, could further bolster support.

I have found speaking with brokers in the industry has helped during the challenging times we have had over the last year. It's nice knowing others can understand and sympathise with your pain.

Trying to focus on the positive parts of each day and dealing with lovely clients rather than letting the one bad case on your desk ruin your day. And manage clients' expectations so if a case gets through quicker than expected, you can get a lower rate than previously mentioned or get a higher loan amount. Clients are over the moon rather than being the Grim Reaper constantly.