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Brokers expect their jobs to become more challenging in 2021 – research

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  • 15/12/2020
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Brokers expect their jobs to become more challenging in 2021 – research
Mortgage brokers expect their roles to change over the next 12 months with many anticipating a more demanding and complex workload, according to a survey. 

 

Nearly all mortgage brokers feel the pandemic is having an impact on their business, the research by Virgin Money found.

More than three quarters of brokers expect a change to their role over the coming year, of these, almost four fifths think it will become more demanding with customers needing guidance.

Almost eight in 10 believe it will become more complex with market and customer needs changing.

More than half of brokers surveyed would like to see improvements to their experience when working with a lender in the form of removal of data entry duplication throughout the journey, as well as better options that allow them to manage their clients’ existing mortgages.

A similar proportion would like to see product improvements from lenders such as bespoke underwriting options and more innovative products.

There is anticipation among brokers that there will be further change from the pandemic- and impact – in the year ahead.

The main drivers were identified as increased unemployment as a result of Covid-19, house price uncertainty, but also improved first-time buyer incentive schemes.

Other drivers of change predicted include expected restrictions to lenders’ criteria and the end of the current stamp duty holiday.

Sarah Green, head of mortgage distribution and general insurance at Virgin Money (pictured), said: “The research clearly shows that brokers have found it challenging to keep up to date with fast changing market conditions and customer needs. As well as navigating uncertainty amongst clients and changes to products, they are also contending with what the future of the mortgage market will look like when furlough and the stamp duty holiday ends.”

Virgin recently revealed a partnership with Twenty7Tec to help reduce rekeying and make applications faster for brokers.

Green added: “We aim to be the best partner we can be as the UK navigates through the economic recovery from Covid-19.”

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