Speaking at the Mortgage and Protection Roadshow, Jeremy Duncombe, director of Legal & General Mortgage Club, told the audience their understanding of Brexit and what it meant for the housing market must drive the discussions they had with their clients.
“Your customers will have a view on Brexit and it is up to you as brokers to talk about it with them. Tell them what you know and don’t shy away from bringing it up,” said Duncombe.
He added that the fallout from Brexit was different to the financial crisis in 2008 as customers wanted and deserved to know what the future looked like for them in this volatile market.
Duncombe added: “The most important thing is for brokers to reassure their clients and to be educated on what is happening in the market so they can give them sound advice on what could happen later down the line.”
Simon Collins, product technical manager at John Charcol, said he has already encouraged brokers to have this conversation with their clients highlighting the importance of providing sensible advice first and foremost.
“We have told our consultants they shouldn’t only talk about what deal is the cheapest for their client but also what could happen in the next two years when Brexit does happen.
“A lot can change when Article 50 is triggered and if something does go wrong then at least we know on our side that we have done our job properly,” said Collins.
Duncombe’s comments came as part of a presentation he gave highlighting the strengths of the housing market since the referendum result, urging brokers to remain vigilant and adapt to changing lender and client behaviour.
