Jeremy Duncombe, Accord’s director of intermediary distribution said: “This is a position we weren’t expecting to be in, in March this year. So, all lenders are trying to react in terms of capacity and how we provide service.”
He explained the lender has been balancing capacity and demand and received too much business to continue to lend within its chosen range, so it has had to limit both its LTV and criteria.
He added that all its staff have been working from home, with many initially having to look after children and some being redeployed into different parts of the business, including collections and recovery.
Richard Merrett, head of strategic development at Simplybiz said the industry has to be thankful it is still operational and not suffering like travel or tourism, for example.
“The fact we have too much to do is a bit of a champagne problem,” he added.
“But, it is very challenging. People doing this job for a long time are having to relearn what they’ve known in the past because of the swaths of changes to products and criteria and then set against the backdrop where they can’t get the same level of service or support. Very tough working conditions,” but added this should really be viewed as a positive again, given some of the situations people are struggling with.
Sebastian Murphy, head of mortgage finance, JLM Mortgage Services said: “I think what most brokers may be struggling with is the contrast between the different lenders. Some lenders have got it right and are doing really well. Others are really struggling and regrettably the end of March can’t come quick enough for a few of them.”
See below to watch the video, hosted by Owain Thomas, features and contributing editor, Mortgage Solutions.