These are exciting times for the market. Change is happening fast, driven by price competition and rapid innovation across every part of the industry.
A major force behind this shift is the intense price competition among the big six lenders. As they battle over margins, smaller lenders are stepping in with fresh ideas, launching new products and exploring more specialised market areas.
Take the new delayed start product, for example, which allows first-time buyers to move into their new home without making any mortgage repayments for the first three months.
And then there’s the recent return of the no-deposit 100% LTV option, which has already been picked up by several smaller lenders. Iron sharpens iron, and competition continues to push the market forward.
But innovation isn’t just coming from lenders. Technology providers and AI firms are also helping to drive the industry forward, delivering smarter, faster and more responsive solutions across the board.
In today’s environment, it’s not the cheapest deal that wins, it’s the one that fits best. That’s where advisers make all the difference.
The mortgage market is projected to reach £514bn this year, and it won’t be driven by access alone. It will be shaped by the brokers who add value and bring tailored insight and experience to every conversation. Tools can provide powerful data on client behaviour and preferences, but it’s the adviser’s emotional intelligence and professional judgment that bring it all together.
Yes, consumers know where to find the big lenders. But they need someone who can show them what’s relevant, what’s possible and what’s wise.
Momentum building
April was our second-highest lending month on record at Mortgage Club, hitting £10.8bn, topped only by October 2022 during the Stamp Duty Holiday. That (April figure) wasn’t a coincidence. That was brokers doing what they do best: showing up, stepping up and making things happen.
We’re seeing a new wave of products entering the market, many with tailored affordability options designed to meet a broader range of client needs. Early signs from the Bank of England suggest affordability could improve further, which is a welcome sign for customers ready to re-engage with a market full of attractive opportunities.
AI and automation may be streamlining admin tasks, but the value of advisers has never been more critical. Clients aren’t just looking for a rate, they’re looking for reassurance, clarity and a trusted guide who understands the bigger picture.
The market is moving fast, but we cannot afford to be passive or complacent. While the recent FCA consultation aims to make access easier and more streamlined for consumers, we must ensure it doesn’t overlook the crucial role advisers play in delivering better, more tailored outcomes for consumers.
Now is the time not just to deliver value, but to shout about it loudly and clearly. We need to be visible, proud, and proactive in showing the real difference we make every day. Think of the clients who were ready to press the button and move forward on an ill-suited option all until advice changed the outcome. Record their testimonies. Bank them. And share those examples with whoever you meet.
It’s the same thing for protection cases. I can think of many times where a simple conversation has led to smarter cover, better structures, and long-term peace of mind for families. An adviser can shed light on the best solutions depending on their clients’ needs and stage of life.
Advice works, and the data proves it. But it’s up to us to keep reminding the industry exactly why it matters. Brokers are leading the market for a reason. Let’s make sure we keep it that way.
Kevin Roberts is managing director mortgage services at L&G
