There are clear signs of an end to the COVID-19 crisis, but although the vaccines will control the virus, we will be living with the economic effects for many years yet. A lot of homeowners and potential borrowers will be facing tougher economic times, so how can mortgage advisors best help them?
While it may not be an ideal situation, it presents an opportunity for advisors to put everything they learnt during their CeMAP training courses to good use and offer a holistic service for customers. To start with, they can be there to help those who have a mortgage and are worried about repayments, providing them with someone to talk to and acting as a mediator between the borrower and lender to work out a practical plan of action.
Of course, it may be that no suitable agreement can be reached, but in that case, advisors should apply their CeMAP knowledge to finding their client a more affordable deal – perhaps with a specialist mortgage lender. Specialist lending is likely to go up following the pandemic, and lenders will be keen to provide products that meet the needs of people after this crisis.
This specialist mortgage market may also be a solution for people who are hoping to buy their first home, but have suffered a financial hit due to the pandemic. Advisors should be looking to bolster their connections in this market as preparation for the post-COVID-19 world if it is an area that they have neglected in the past.