Many mortgage brokers are understandably worried about how they will survive the lockdown following government orders that home moves should only proceed where unavoidable and completions should be postponed.

The remortgage market has also become much tougher as greatly reduced loan-to-value limits have been brought in due to the fact that surveyors cannot get out to do physical property inspections. Similarly, as many workers have lost their jobs or been furloughed by employers, this has put a squeeze on affordability, limiting the scope for remortgage business.

However, as Churchill once advised, you should never let a good crisis go to waste. Plenty of advisers seem to be taking that message to heart by using their spare time to prepare for the future by generating new income streams and developing their skills.

Association for Mortgage Intermediaries chief executive Robert Sinclair says: “Brokers are in a unique position at the moment because they have a captive market for the first time. Their clients are probably at home, some with work, but others with not a lot to do.

“Advisers should be making contact and checking whether they are coping alright, whether they need a payment holiday or whether it is time for them to remortgage.”

With finances under pressure, it is also important to make sure clients are not cancelling their life insurance or other protection policies in a bid to cut their outgoings, says Sinclair.

“It is a good time to see whether they could save money on premiums or get better cover by switching their current policy, and also to speak to younger clients about protection.”

Fees Free Mortgages director Martin Bright agrees. He says: “First, I’ll be looking out for my existing clients who are affected by the ongoing changes to valuations and product withdrawals. Nearly half of my pipeline was purchases, so with those on hold I’ll be looking to help clients with promotional rates expiring over the coming three to six months, especially with the mass product withdrawals.

“I predict many borrowers will remain with their current lender. Insurance is on many clients’ minds at the moment. I expect protection sales to increase as a result, especially income protection. In the space of a month the nation has experienced how unstable their income could be.”

Brokers could also use the quieter months ahead to study for new qualifications or brush up on changes in regulation in specialist areas such as buy-to-let, suggests Sinclair.

Liberty Partnership mortgage adviser Joseph Ash is one of those planning to seize this opportunity.

He says: “Luckily I am currently busy and have enough pipeline built to keep me ticking along. However, should business slow down, my plan is to use the quiet time to study for my equity release exam and, if I have any more time, I will study for other exams on my hit list, such as the R03 qualification, to gain a better understanding of taxation and how it affects my clients.”

Bespoke Finance director Adam Hosker says that, rather than chase non-existent purchase business, brokers should use the opportunity to ‘spring-clean’ their business.

He says: “That could be reviewing your clubs and networks, software providers or even utilities. Otherwise, why not organise your files, filter your emails for efficiency and clean your customer relationship management data to give better output?

“It is also a chance to review your website marketing and company messaging, and even write a few blog posts to publish later. Advisers have no doubt sat through many meetings where they talked about improving their social media following or generating Google reviews, only for those tasks to stay on their to-do list. Now there is an opportunity to put themselves in a better position for when all this is over.”

Source My Mortgage founder Steph Whiting is planning to do just that.

“As my brand is new to the market, I’m hoping the next few months will provide the opportunity to really grow my online presence ready for when purchase activity picks up again.

“I am in the process of finalising my website, so that will be my first priority, and then I will be looking at search engine optimisation, marketing and social media. I’ll also be speaking to my existing client bank and seeking word-of-mouth referrals for remortgage business.”

Bright will also be encouraging his existing clients to recommend friends and family.

He says: “I’ve noticed the majority of enquiries in March have been client referrals, compared to January when my own website enquiries provided the bulk of my new business. In times of uncertainty people resort to those they trust, so I’ll be doubling my existing client referral incentive. Normally it is a £25 Amazon voucher on completion, but now it will be £50.”

To help drive engagement and strengthen client relationships, Bright’s firm has a partnership with a discounts and rewards service called Staff Benefits, which offers deals from retailers, restaurants (when they reopen) and other providers.

“We are the nominated mortgage broker for Essex within the NHS intranet,” he explains. “Staff Benefits operates the intranet, which allows NHS staff to get in contact with us. We then have a white-label version of the site to offer to our clients, who refer colleagues, friends and family to us.”

Manchester Money director Chris Barker believes it is vital to maintain a positive attitude and keep up morale in the market.

“We have recruited two new advisers within the past four weeks and we are still looking for more,” he says. “Over the coming months we will be continuing our Google Adwords campaigns to build our position online.

“We are also creating a new sales process for advisers to follow, which will make sure we are offering clients mortgages, protection, buildings insurance, solicitors referrals and wills. As well as providing a better service, this will increase our revenue streams.

“We are in the middle of a marketing campaign where we send a newsletter to all the clients in our database with lender updates and other news. Our advisers will be doing more Facebook posts to build their profiles locally.”

Forging partnerships with law firms, accountants, tax planners, will writers and insurance brokers may also prove a profitable use of time. Ceta provides a business-to-business buildings and contents insurance comparison platform called Infinity, which can help brokers place clients in both standard- and higher-risk categories. These might include homes at risk of flooding, property with non-standard construction, larger-than-permitted flat roofs or issues innate to the policyholder, such as a poor credit history or criminal record.

Ceta chief executive John Bibby says: “If brokers have data on their customers’ renewal dates, it’s a great time to put in a call and get a referral. With the customer’s permission, we will get in contact and the broker can earn a commission of 25-30 per cent. The process is short and snappy and not at all labour intensive.”