It’s no understatement to say that these extraordinary times are challenging everyone.

The sheer scale of the government response to the pandemic is like nothing we have ever seen in peace time and, while everyone is coping with the demands of mortgage deferrals, furlough schemes and other initiatives to help people though these times, I am once again reminded of the exceptional resilience of the broking and lending community in the face of these unforeseen circumstances.

It’s important not to lose sight of the colossal amount of work and thinking that goes into getting products designed, funded, distributed and applications processed.

All of this has always happened – but not while the industry is at the same time building systems and processes to administer new initiatives such as mortgage payment deferrals.

One by one, lenders and brokers are overcoming the various difficulties that the crisis has presented, with many finding innovative ways to keep business going.

‘Working tirelessly’

For our part, as an example, in May we released a new suite of remortgage products to meet the demand of borrowers looking to take advantage of the current historically low interest rates.

As the situation evolves, so must the lending community to provide the most appropriate support as and where it can.

At face value, it’s tempting to say that not much has changed. Lenders are simply recalibrating product ranges to meet the demands of the new times.

Much like the proverbial swan, all appears calm on the surface but lenders and brokers are thinking hard and working tirelessly to offer products that meet the borrowers’ needs and that fulfil our collective duty to deliver responsible lending in this market.

It is of course a balancing act and one that means the entire industry must consider carefully what it should and should not do.

Risk appetites have and will continue to evolve. But that is true of broader society.

The rental market is growing at the moment and many are wondering how many first-time buyers have currently put on hold any decision to purchase owing to uncertainty – are they simply one example of a market managing their own risks?

What is apparent is that there is a continued strong demand for remortgage products, so we are naturally pleased to extend and enhance our range.

We’re committed to supporting our customers’ needs across the market and by updating this range and relaunching our interest-only products, we continue to support borrowers looking for flexibility and the opportunity to make savings on their mortgage repayments.

John Truswell is head of intermediary mortgages at Newcastle Building Society