A date that will resonate with all of us for some time to come is 23 March 2020. When the prime minister announced that we were going into lockdown, none of us really understood the impact, the longevity or how it would change us.
After working in the mortgages industry for 30 years, I thought I’d witnessed every eventuality, from significant regulatory change to severe recession. However, the past three months have been completely unique for so many reasons. I do believe it will change us all, but it has definitely brought out the best in people. As a nation and as an industry we have united – there is an undoubted sense of camaraderie, across all elements of our sector.
As a mortgage lender, I have watched in awe how my colleagues have responded to the situation. Staying safe has of course been the number one priority, as we have adapted and responded to these unique circumstances, with working from home put in place very early in the process, as it has been right across the mortgage market.
Like many lenders, Metro Bank reacted quickly to ensure that we kept our services running as close as possible to normal. There was minimal impact to our turnaround times, with all teams supporting our mortgage business available on their usual contact numbers. The advantage of having an existing digital valuation solution meant we were able to keep our mortgage range in the market.
However that being said, we did face some difficulties. There are certainly a few more grey hairs within our team as we have had to quickly adapt to a rapidly evolving situation. The significant increase in inbound customer calls created its own challenges that meant a redeployment of resource to support.
Communication has been critical, with government policy changing quickly as well as overall lending policy, so across the market we have all ensured customer and intermediary updates have been issued regularly. This has been vital in keeping everyone well informed of important changes, both for brokers and customers alike.
I imagine everyone connected to the property sector, like me, was pleased to witness the commencement of physical valuations.
The chancellor’s welcome announcement on stamp duty has heralded the very first small signs of a reopening of the housing market. Something that we’ve certainly all been eagerly anticipating.
However, whilst this is a step forward and an early sign of positivity, we must take this with a note of caution. There is a long road back to normality and there will be many bumps along the way, which we’ll all need to navigate.
Businesses have adapted well to the new environment with video calls becoming part of our everyday working life – as has witnessing some interesting home décor. Facial hair is back in fashion even more than before and the opening of hairdressers on 4 July couldn’t have come soon enough.
A walk around the block, for exercise, has now become a highlight of the day, along with painting sheds and fences in the back garden. ‘Box sets’, ‘binge watching’, ‘furlough’, ‘payment holidays’, ’social distancing’ and ‘unprecedented times’ are the most commonly used phrases, and the recommencement of the football season has provided some sense of normality.
Our industry has shown immense resolve. We’ve worked together to help each other, and ultimately our customers, to ensure we exit this situation with our market, sanity and most importantly our health intact. What the last three months have taught me, as a lender, is that staying safe is critical and learning to adapt is key.
Charles Morley is director of mortgage distribution at Metro Bank
