The impact of COVID-19 will continue long beyond the lockdown ends, social distancing is lifted, and face masks are no longer worn. The pandemic has had a lasting effect on all areas of life, and we all need to adapt to a new normal.
So, as a broker, what does your new normal look like? And, more pertinently, are you ready for it?
The financial disruption caused by the pandemic has been immense and this is going to have a significant impact on your clients. The numbers speak for themselves. During COVID-19, more than one in four workers were furloughed and one in six mortgages were subject to a payment holiday. While some businesses coped well, others suffered, and many thousands accessed government support schemes.
Put simply, very few people have straight forward circumstances anymore. In today’s market, complex is the new normal. This will bring the individual underwriting of cases to the fore and mean that you can no longer rely on your favourite high street lenders to provide solutions for many of your clients.
It’s a watershed moment for the specialist mortgage market. Never before have so many people shared an experience that has resulted in so much additional complexity to their financial circumstances and mortgage requirements.
Financial inclusion has been a key part of the FCA’s vision for some time now and the regulator has clearly signalled that it wants everyone to be able to access the financial products they need. For many of your clients this means accessing the specialist mortgage market, and if that isn’t something that you offer, those clients risk being financially excluded.
In short, your choice is no longer whether or not to engage with the specialist market, it’s how you choose to do it.
Your new normal includes complex client circumstances and specialist mortgages. Are you ready for it?
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SOURCE: Financial Reporter