The Society of Mortgage Professionals (SMP) has revealed how brokers are helping consumers worried about their finances during the coronavirus outbreak.
David Thomas, chair of The Society of Mortgage Professionals, claims that following isolation measures imposed by government brokers have switched face-to-face meetings to engaging with clients via email, telephone calls and online meeting facilities such as Skype and Zoom.
As the government’s action to slow the spread of the coronavirus results in house moves being delayed, Thomas said the flow of new business will “dry up” for mortgage brokers in coming weeks.
However Thomas predicts that remortgage and rate review business is likely to continue and potentially increase during the lockdown period.
Surveys are proving problematic as surveyors are currently unable to visit properties, but Thomas claims that as a result of this lenders are working to try and increase the scope of desktop valuations, usually restricted to lower percentage borrowing, to more conventional property types.
Thomas added: “I am pleased to see brokers and lenders uniting to help consumers during what Chancellor Rishi Sunak identified as an economic fight never seen before during peacetime.
“The Society of Mortgage Professionals remains committed to supporting our members throughout this period and ensuring the best possible outcomes for our clients and customers.
“Over the coming weeks and months, we will be focussed on providing the sector with the knowledge and skills to navigate the challenges that lie ahead.”