The mortgage industry is one where change is almost constant, as everything from rates to criteria are often in flux. This is particularly true at the moment, with the after effects of the pandemic and economic turmoil impacting the market. So, what are the trends that advisors should pay attention to?
The shift to online
The move towards mortgage industry operations happening online really went into overdrive during the Covid-19 crisis, and there is no sign that operations will go back to the way they were before. The public likes the greater convenience offered by technology, but they also still want mortgage advice from a human being.
Therefore, advisors need to be able to offer a hybrid model of digital and in-person guidance. Advisors who have completed their CeMAP training through an online provider during the pandemic have a head start on this trend.
New market channels
The internet is also disrupting the traditional channels that brought customers to mortgage advisors via estate agents. Nowadays, many people are turning to price comparison websites instead of these agents.
While advisors can buy digital customer leads, this is a risky strategy. A better option would be to focus on a particular segment of the market or to pursue online and real-world channels.
A new wave of lenders – such as Molo, Habito and LendInvest – is challenging the big names and their innovative products will appeal to customers in the current climate. Advisors should make sure that they build working relationships with these firms.
By paying attention to trends like these, advisors can boost their businesses.