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New research shows advisors expect changes next year

A new survey of mortgage advisors that has been carried out by Virgin Money shows that the majority of them are expecting next year to bring major changes to their work.

Almost all of the advisors that Virgin Money spoke to for the survey stated that COVID-19 is already affecting the way they operate. Nearly four fifths of them said that they feel the upcoming 12 months will see their role become more challenging as customers need more advice and support than ever in the wake of the pandemic.

Furthermore, eight out of every 10 advisors who took part said that they are anticipating the role of being a mortgage advisor becoming more complicated over the course of 2021, due to a combination of changes in the needs of individual clients and in the market in general.

Over 50% of the advisors in the survey stated that there are aspects about the working relationships with mortgage lenders that they want to see change next year, such as improved options for the management of ongoing mortgages and the scrapping of the requirements to enter the same data multiple times during applications.

Sarah Green from Virgin Money told Mortgage Solutions that:

“As well as navigating uncertainty amongst clients and changes to products, they are also contending with what the future of the mortgage market will look like when furlough and the stamp duty holiday ends.”

Luckily, the CeMAP course helps to prepare advisors for market challenges.

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