Brokers urged to adjust advice to lifestyles
This is the view of David Jones, commercial director at RBS Intermediary Partners, after research by The One account found 43 per cent of people want to take time out of their career.
According to the research, 45 per cent of people wanted a career break to travel around the world but 76 per cent of people questioned said that financial factors prevented them from doing so.
For Jones, this means brokers can take advantage of people’s changing lifestyles and reap the rewards if they adjust their financial advice.
“Finances appear to the biggest barrier when it comes to people taking time out from their careers so this could be a great opportunity for brokers. Flexibility is key for these people, but when arranging a mortgage, taking a gap-year might not be planned for. Intermediaries need to recognise this possibility and factor it into their conversations with clients.”
While the average age of first-time buyers is 29, according to the Council of Mortgage Lenders, having a gap-year is now not just the choice of students, with 90,000 of people aged between 25 and 35 taking a gap-year in 2005.
Mike Fitzgerald, sales director at Brentchase Financial Services, said: “Most brokers are realistic and are already asking clients if they plan to take time out. You find many people say ‘yes I plan to go to Australia next year’ or something so there’s no point offering a 10-year fixed as that won’t work.”