Anyone active in the market will be under no illusion about just how difficult the March through May lockdown period was.
Over the past few years, we have appeared to move seamlessly from one ‘undefining moment’ to the next, fuelled by the EU referendum, a General Election, Brexit negotiations, Tory party leadership elections, another General Election, the COVID-19 pandemic, and further Brexit negotiations.
It might be deeply unpopular but perhaps now is the time to cut the 3% surcharge that additional homeowners have to pay.
There’s no doubting that the mortgage market will take time to get back on its feet but we’ve had some hugely encouraging news in recent days.
I have faith that lenders’ decisions to reduce product ranges, or stop new lending, or pull back on LTV levels, or cancel offers, were sadly unavoidable.
Many people will be worried about their jobs, their incomes, and their ability to keep providing for their families in the months ahead – you can be the hub of the advice they receive, and can also act as the conduit between the individual and the lender.
The FCA’s recent paper on ‘Mortgage advice and selling standards’ was always going to attract some extreme reactions and that has proven to be the case.
Many would claim that a large part of the financial services’ sector quite likes customer inertia.
May I wish all MI readers a very Merry Christmas, and we are certainly looking forward to a prosperous New Year.
There’s a lot to be said for focussing on what you are good at – the provision of advice – and letting a proven and reputable network handle everything else.