There is evidence that mortgage providers throughout the UK are starting to end furlough for advisors because the housing market is getting back into gear with the relaxation of lockdown rules.
Mortgage advisors working for both bigger and small firms were put onto the furlough scheme en masse back in March, at a time when lenders were ceasing to offer mortgages and advice from the government was to postpone all house sales and purchases. However, with restrictions starting to be eased, the housing market has enjoyed a bounce and some companies are stating that interest in their mortgage products has returned to the same level it was at before the lockdown was imposed.
One such firm is Echo Finance, which operates out of Yorkshire, and the company has opted to end furlough for roughly one third of its employees in response to public demand for mortgage products.
The Mortgage People is also bringing many of its employees back to work, including every advisor it has on staff, and managing director Kelly McCabe told Mortgage Solutions that product enquiries were already back to normal levels. She went on to add:
“Even people who are furloughed are committed to buying properties. People are enquiring who wouldn’t have done before, there’s definite confidence in the homebuying process.”
This news will be welcome for both existing advisors and those who are currently gaining an online CeMAP qualification so that they can start to build a career as a professional mortgage advisor.