With the suspension of stamp duty coming to an end in March it is critical that mortgage brokers manage client expectations this year, according to the Society of Mortgage Professionals (SMP).
Reflecting on what the year ahead holds in store for mortgage brokers David Thomas, chair of the Society of Mortgage Professionals, has warned that ensuring clients have a clear understanding of what to expect and when is vital.
He said: “I don’t think anyone quite expected the demand for property and resulting mortgages that the end of the first lockdown and the stamp duty suspension scheme created.
“We know that lenders have been desperately trying to temper demand through a variety of pricing and criteria changes, but that hasn’t stopped the recent wave.
“That pressure is now starting to move into our legal colleague’s hands, and with just a few months still to go, the management of clients’ expectations will be critical.
“It is likely some will miss the deadline, and whilst some may still benefit from recent house prices, there will inevitably be a focus from clients in this area.”
As we move back towards normality, Thomas suggests the challenge for mortgage brokers will be to continue to implement those areas that have made us more efficient.
The society has said it will explore the efficiencies that can be delivered through technology, the benefits of greater home working and how to ensure expertise continues to be shared with colleagues.
The professional body will deliver more good practice guides in 2021, sharing the “plethora of knowledge and experience of the SMP’s 10,000-strong membership”.
Thomas added: “Our aims are clear. To work with our membership to continue to improve the consumer experience – to enhance standards, professionalism and trust.
“2021 will indeed be an exciting year.”