94% of mortgage brokers said that the pandemic is having an impact on their business, with 54% saying that this impact is significant
UK mortgage brokers expect their roles to change over the next 12 months with significant numbers revealing they expect their jobs to be even more demanding and complex, according to a new survey by Virgin Money.
More than three quarters of brokers (77%) expect a change to their role over the coming year. Of these, almost four fifths (79%) think it will become more demanding with customers needing guidance and some 77% believe it will become more complex with market and customer needs changing.
Nearly all mortgage brokers surveyed (94%) said that the pandemic is having an impact on their business, with 54% saying that this impact is significant.
There is anticipation amongst brokers that there will be further change – and impact – in the year ahead, with 90% predicting more change to come. The main drivers were identified as increased unemployment as a result of Covid-19 (flagged by 80% as key), house price uncertainty (68%), but also improved first-time buyer incentive schemes (39%).
A tenth (10%) predict a boost in demand as a result of falling interest rates and a further 10% identified a fall in demand from foreign buyers as a result of Brexit. Other drivers of change predicted include expected restrictions to lenders’ criteria and the end of the current stamp duty holiday.
More than half of those surveyed (51%) would like to see improvements to their experience when working with a lender in the form of removal of data entry duplication throughout the journey, as well as better options that allow them to manage their clients existing mortgages (56%). A similar proportion would like to see product improvements from lenders such as bespoke underwriting options (63%) and more innovative products (52%).
Sarah Green, head of mortgage distribution and general insurance at Virgin Money, said: The research clearly shows that brokers have found it challenging to keep up to date with fast changing market conditions and customer needs. As well as navigating uncertainty amongst clients and changes to products, they are also contending with what the future of the mortgage market will look like when furlough and the stamp duty holiday ends.