Never has the value of advice been more needed than following a global crisis that impacted our lives immeasurably.

But as Spring arrived with green shoots of optimism, thanks to the easing of restrictions and a sense of ‘normality’ on the horizon, one thing that continues to grow at pace is the mortgage market.

It’s not surprising that this year made many people realise it was time for a change. That might have been to improve or extend their homes to achieve more space after feeling the effects of living in such close quarters for successive lockdowns, or for others a realisation that it was time to downsize or reduce their monthly outgoings if income has been impacted or personal circumstances have changed.

At a recent webinar, hosted by the Power of 8 – a collaboration of intermediary mortgage lenders – brokers in attendance got insight into how client needs are changing as a result of Covid-19, and heard how the profile of a borrower may look in the future. But what else can be done?

Making a move

Reaching out to clients to see where you may be able to help will likely be a welcome support. Many will need you to help them navigate their next move, and as a familiar face will trust you at a time when they may be feeling more anxious and uncertain about what their financial future holds.

Finances have been more in the spotlight than normal over the last year as people found they had either more or less money than usual, so a quick check-in could prove timely to be able to add value and strengthen those relationships.

Being proactive won’t go to waste. Demand for mortgages is high and in many parts of the country the market is moving fast so any help to secure properties with quality knowledge and experience of the industry will be welcome.

Find ways to be more efficient to free up time to spend with clients, use technology to self-serve or save rekeying information, and ask lenders and sales teams for help when you need it.

There are also so many resources available to help you to be the best for your clients, use them to grow your business and add value to your conversations.

Support from lenders

Lenders too are adapting as necessary to flex their support for brokers and introduce propositions to help people own their own home. You need look no further than the recent influx of smaller deposit mortgages as a good example of how the industry is bouncing back. Coupled with the government’s stimulus package of the extended stamp duty holiday and mortgage guarantee scheme, things are definitely looking up, and there’s opportunity for brokers and clients to make the most of what’s available.

While it remains to be seen how soon business development managers (BDMs) will be back on the road, it’s perhaps a fair assumption that the industry will move forward with a hybrid of old and new.

Face-to-face meetings are likely to run alongside online and phone support for the foreseeable future.

The pandemic efficiently accelerated the use of technology but cannot and will not replace human contact. That’s likely the same for broker and client relationships too.

There will always be people who prefer to visit the office, but there’ll be many others who embrace online meetings for their convenience.

However advisers choose to operate in the coming months and years, the lasting effect of the pandemic means there’s likely to be a whole new wave of clients about to walk through the door.

The world around us continues to change, but as ever, with that comes opportunity. So when it knocks, make sure you answer.

The next Power of 8 event will be held on Thursday 3 June 2021, with topics including inclusion and diversity, wellbeing, what the industry has learnt over the last year and how it can adapt for the future.

To register or for more information please contact Nadine Edwards at [email protected]

Nadine Edwards is corporate account manager at Accord Mortgages