Robert Sinclair (pictured), chief executive of the trade body said brokers’ support will be vital as the course of the disease progresses and as finances become stretched.
“Brokers should try to stay close to all their clients at this difficult time,” Sinclair told Mortgage Solutions.
“Advice on how to meet their mortgage payments, discuss with their lender if they are in difficulty and the importance of maintaining insurances will be essential.
“In addition, with the added liquidity in mortgage markets there will continue to be some very well priced mortgage deals available. Good advice on remortgaging and product transfers to keep costs down will be very important,” he added.
He acknowledged that home moves were likely to reduce but support would be necessary for those who continued to do so.
Additionally, Sinclair said there will be people who still need to move home during this time making it important for brokers to continue to support them.
Sinclair said mortgage firm owners should study the support available from the government in order to maintain operations.
“Remaining active, relevant and supportive as well as being empathetic will illustrate where mortgage brokers can still add value,” he added.