What does the future hold for mortgage advisors?

November 8, 2022 by Alan

Mortgage Advisors

The market turmoil caused by the mini budget appears to be settling down. However, there is little doubt that things will remain difficult for a couple of years and many borrowers are very concerned about maintaining mortgage repayments with higher rates.

So what does this all mean for mortgage advisors?

High demand and hard work

Advisors are likely to find that demand for their services increases significantly. People will want the help of a professional with the appropriate CeMAP qualification as they try to navigate a market where both products and rates are being changed at extremely short notice.

That does mean though, that advisors will be under a lot of work pressure. In addition to brokering deals for mortgages between their clients and lenders, they will almost certainly find themselves renegotiating more of these agreements due to last-minute changes in rates. Thus, advisors should prepare for more custom and heavier workloads.

Communication crucial

Regular communication with both clients and lenders has always been important for advisors, but it will become even more so. Whether it is plans lenders have for products or repayment difficulties that clients are having, advisors will be able to offer an invaluable go-between service. They will also need to plan ahead in case of bumps in the road.

Increased earnings

The increasing importance of advisors to the completion process means that those who are flexible enough to adjust can expect to be able to charge more for their services.

The best advisors can anticipate both business and earnings growth.