Although we appear to be moving past the worst when it comes to COVID-19, it is already clear that the post-pandemic future will be different for the mortgage industry. For advisors, the way ahead points in two directions: towards specialist lending and technology.
There are notable similarities between these two directions, not least the fact that both have gone from being fringe concerns to central ones thanks to the pandemic. Prior to COVID-19 and the nationwide lockdowns that have impacted the finances of so many, specialist lending was viewed with wariness by many advisors – either because they were doing fine without it, or because of previous bad experiences.
Now, these perceptions are changing, as advisors face a situation in which many clients have financial circumstances that are a lot more complicated. This will make niche mortgage loans the way forward for many.
In the same way, technology was seen as a luxury rather than a necessity by many advisors pre-pandemic. Many were resistant to the idea of communicating with clients virtually, but the lockdowns have changed that. Indeed, the upcoming generation will even have used an online CeMAP training company to get their qualifications. This means they are used to tech being right at the centre of their working lives from the start.
The future for mortgage advisors following the COVID-19 crisis will see them make more use of the flexibility that specialist mortgage loans and technology offer to ensure that they provide the best service for their clients.