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Where should the mortgage focus be this year?

While there are always articles at the beginning of a new year that forecast trends for the mortgage industry, recent times have shown that unforeseen events always occur. Therefore, it is probably better for mortgage advisors to strategise based on what is happening now, rather than what might happen in the future.

For instance, there are clear signs that the overall lending market is slowing down after a long period of growth. There are still opportunities within the market for advisors though, as around 1.8 million people with mortgages will reach the end of fixed rate deals during the year.

Given the rises in living costs, many of them will want to find remortgage deals that stop their payments from going up too much. This is an area advisors should look to apply their CeMAP training course expertise to. Promoting their ability to find good remortgaging options for clients would be a solid marketing strategy this year.

Then there is the matter of new regulations. Preparing for the Consumer Duty rules brought in by the Financial Conduct Authority is something anyone running a mortgage advice firm should be concentrating on in the first half of this year. April 30th is when reviews of practices must be completed based on the four new rules, while July 31st is when compliance with these rules becomes mandatory.

No one particularly enjoys dealing with regulatory matters, but advisors should view the Consumer Duty rules as an opportunity to provide an even better standard of service to their clients.

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