Advisors cite communication from lenders as main concern

March 1, 2023 by Alan

Brokers

A new survey of mortgage advisors based around the UK found that the primary concern they have as the deadline for Consumer Duty looms is the level of communication from lenders.

The Mortgage Lender Benchmark from Smart Money People spoke to 750 advisors, with 17.2% of them stating that communicating effectively with them should be the main focus for mortgage lenders between now and the deadline for Consumer Duty, which comes at the close of July.

They indicated that strong lines of communication were essential to ensure that clients had the latest updated information and that lenders should express themselves in terms that a layman would understand. Roughly 12% of the advisors that took part in the survey said that communications from lenders that are clearer and that do not have the potential to mislead them or their clients was an important issue.

However, communication was not the only matter that advisors raised in the survey. 17% of them said that they were worried about the affordability of loans in the run up to the deadline and that it was important for lenders not to be inflexible.

Speaking to Mortgage Solutions, Smart Money People chief executive Jacqueline Dewey said:

“I can’t say we’re surprised to find that lender communication is the leading issue for brokers, as this was a key concern highlighted in our most recent Mortgage Lender Benchmark.”

Effective communication from lenders coupled with the industry knowledge provided by CeMAP training are both essential for advisors ahead of this deadline.