The mortgage sector experienced somewhat of a difficult year in 2020, but now a fresh year has begun, it’s time to look to the future. So, what does 2021 have in store for mortgage advisors?
The power of technology enabled advisors to continue in the wake of the pandemic. Video conferencing tools in particular allowed them to retain contact with lenders and clients, and it seems likely that greater tech use will continue. Meeting in person continues to be out of the question, but clients have come to expect to be able to communicate with their advisors digitally, and the advisors need to be prepared for that.
Furthermore, the next generation of advisors are going online to get their CeMAP qualification, and improved tech skills will be at the heart of mortgage advisor CPD in the future.
The very swift recovery of the housing market was a welcome boost to the industry after the spring 2020 lockdown, and the signs remain positive for 2021. The first quarter seems sure to see continued healthy buying, as homebuyers will want to complete deals for their dream homes before the stamp duty threshold goes back to normal.
This will be a challenge for advisors, who will need to help them achieve this, but there could be a buying dip in the spring when the holiday ends. Even if this is the case, buying should increase again in summer, when activity is traditionally high.
There is a lot for advisors to be optimistic about in 2021, as long as they are prepared.