Strong demand continues to dominate conversation in the mortgage market. Homebuyers, eager to press ahead with their housing plans, are bucking the wider trend of economic uncertainty. As a result, many of us in this sector are seeking to write business while market activity remains buoyant.

These are certainly interesting times, but while many advisers are focused on securing new mortgage business, it’s important that we don’t let other considerations and requirements slip.

Keeping protection front and centre

It’s no secret that protection sales have suffered during previous busy mortgage market periods. Conversations about life insurance are left to one side, or simply don’t take place. Sadly, the protection conversation is being overlooked again.

One of the bigger challenges in opening protection conversations has always been getting customers to think about the prospect of their own mortality. But today, with the onset of Covid-19, having those conversations should perhaps a more straightforward affair.

Indeed, our non-advised callcentre models see more activity each day. If, as advisers, we are not having these conversations, consumers will find other ways to access the products they need.

And even with the mortgage market being so active, it’s important to remember that the current frantic nature of business cannot last forever. If we are to believe some forecasters, a slower market may be just around the corner and advisers will need to futureproof their businesses in preparation.

Developing strong processes and a culture that embraces the protection need in every single mortgage journey is surely a sensible business strategy for advisers and clients both.

And it can be done – I’m already seeing some firms where protection sales have remained very strong and are growing. These firms serve as powerful examples of what all advisers should be striving towards.

Don’t forget back books

Remaining in touch with existing customers is another effective way of futureproofing adviser firms.

Last year, we saw positive signs of intermediaries beginning to take on a larger share of a fast-growing product transfer market. In the third quarter of 2019, intermediaries were responsible for 58 per cent of product transfers, according to data from UK Finance. Yet in my conversations with some lenders, this trend is on the decline.

If consumers are going direct to find their own protection solutions, the same will be true for remortgaging or product transfers. And losing their place in the product transfer market will only be damaging for advisers in the long term – and without good advice, it could lead to poorer outcomes for customers. The Coventry Building Society recently published a helpful guide to customer retention for advisers on its intermediary website that is well worth a read.

Forward thinking 

Despite a tapering of the furlough scheme, potential cliff edges remain. With the Stamp Duty holiday set to end on 31 March 2021, now will be the time for many borrowers to get their homebuying process moving.

Over the last few weeks, Legal & General Mortgage Club has been conducting research across the mortgage market with advisers, surveyors, conveyancers, estate agents and housebuilders, to construct an accurate picture of the mortgage timeline today.

All indications show that with significant delays to mortgage applications, surveys and even the sale of properties, homebuyers have little time left to get their plans in place if they want to take advantage of the Stamp Duty break.

As an industry, we all need to work together to ensure a smooth journey for our customers and, if the chancellor decides not to change the current arrangement, ensure we avoid consumers missing out on this benefit.

For advisers, our data also reflects the fact that their role is more important than ever. They have a real opportunity to demonstrate the value of their advice for customers. Buyers will need a great person by their side to have the best chance of getting their applications through before the Stamp Duty holiday ends.

Kevin Roberts, director, Legal & General Mortgage Club