The Money Group has announced that its support service for mortgage advisors will now be available beyond the traditional office hours to assist advisors dealing with rises in mortgage rates.
Advisors have stated that lenders have been drastically cutting the notice periods provided before product rates change or a product is scrapped entirely, putting greater pressure on them. The decision by the Money Group to make its service available to help them with queries of this kind up until 9pm is intended to support advisors working past the standard closing time.
Due to shorter notice periods concerning changes to products, rates and criteria, many advisors are currently working up to 11pm for their clients to get applications for loans submitted. In an example of this, Barclays recently shut down its support service for the night immediately after announcing a change in rates.
In confirming the revised hours for its support system, the Operations Manager for the Money Group, Rebecca Taylor, told FT Adviser:
“We understand from feedback we have received from our members that they are struggling to cope with the ever-changing market, and most are working late into the night to deal with the constant changing of rates.”
Taylor then went on to add that the company considered the health and wellbeing of advisors who are members of it to be its top priority.
A lot of advisors follow their CeMAP training by joining networks precisely because the levels of help and support, as well as access to lenders, make it a good career move.
