Mortgage Brokers still providing advice (COVID-19)

 In Mortgage News

Mortgage Brokers still providing advice (COVID-19)

Mortgage Brokers still provide advice during COVID-19 crisis. We have made a decision to continue working so that we can support new and existing clients. We are going to stick to this decision!

Mortgage Brokers still providing advice (COVID-19) Mortgage Guardian

Sound Reasoning!

Whilst it sounds very tempting to alternate between Netflix and the back garden, we have been discussing the pros and cons of staying open for business during the COVID-19 crisis.

  • High Demand – There is a high demand for Mortgage Brokers still able to work during the COVID-19 crisis. Whilst the property market has taken a beating, clients still need to switch to better rates as well as capital raise for both business and personal reasons. The Coronavirus Bill has meant that firms have had no choice but to close and place staff on furlough.
  • New ClientsWe can still take on new clients! There is still demand for Mortgage Brokers with the latest industry figures showing that a huge percentage of Mortgage Advisers throughout the country have been placed on furlough. The banks, building societies, and some of the larger corporate mortgage brokerages had no choice but to furlough for several reasons.
  • Existing Clients – We have seen emails from firms who have contacted clients stating that they can no longer help them because they are closing down and have decided to furlough. We are not going to do this! We are still looking after existing clients and advising them what can be done for them whilst taking government advice into account.
  • Remote Working – We have already been working remotely for several years so why waste such an important skill. Non-face to face mortgage applications are extremely effective, convenient and most importantly SAFE! It was reported just a few days ago that only 40% of Mortgage Advisers think that they could possibly work remotely. This means that a massive 60% just do not have the resources in place to do it or they have been furloughed. We just wonder how many of the 40% will actually start working remotely?
  • Technology – We have the latest technology and resources available to us to continue to work during COVID-19. Many of the larger firms have either the wrong or old technology to allow the workforce to operate remotely. This is why such a large amount of Mortgage Advisers have been furloughed.
  • Updates – The industry is rapidly changing and new information is being presented to us several times per day. We can assure you that we are keeping up to date. It is more important than you may think and we can best serve you if we keep up to date as changes happen rather than trying to catch up at a later stage. Lending characteristics are changing and it is best not to get left behind.
  • Maintaining our Business – There is little point neglecting our business and allowing people to wonder if we are still around! We are seeing before our very own eyes how business has changed in just a short period of time during the coronavirus crisis. Once the markets start to recover some mortgage brokers or firms may not return to the industry. It will be too difficult, especially those larger firms with debt. Many brokers will work elsewhere when they return according to HR professionals.
  • Staying Healthy – Our self isolating rules are very strict in order to stay virus free.

Our message is clear!

We keep working!

 

Also, keep up to date with our Coronavirus Mortgage Update

Check out the Government advice on home moving during the coronavirus (COVID-19) outbreak

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MORTGAGE GUARDIAN

0115 714 1988

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