Lenders must show they are here to stay – YBS Commercial

The news is full of market turbulence, interest rate rises and increases in food and energy costs. Things don’t seem to be improving, and with a hard winter to come, my thoughts have turned to how we, as lenders, are supporting brokers and the commercial market.  

This isn’t new territory. As an industry, we’ve stepped up before during the pandemic, so we can do it again. 

Long-term support 

Of course, during Covid, we had very specific, tangible measures in place, such as mortgage payment holidays, to support our borrowers. The type of support I have in mind here is more attitudinal.  

My view is that lenders really need to prove they are in it for the long haul – there for brokers to support their clients again and again – a trusted partner in an unstable market. And there’s no doubt that people feel comforted by what’s familiar – like purchasing well known and trusted consumer brands – a proven record of good service ensures repeat business and inspires confidence.  

It’s understandable that the current market uncertainty might cause knee-jerk reactions based on what’s happening in the here and now. But lenders must have one eye on the bigger – and longer-term picture and let this guide their actions. 

At YBS Commercial Mortgages, we’ve demonstrated our long-term commitment to the market by many of the actions we’ve taken this year, such as strengthening the team so relationship directors are there wherever in the country brokers need us. We’ve made service improvements and recently, we’ve also cut rates across the board.  

Our ambitious growth plans for next year are further testament to our pledge to the industry.  

Reassuring clients 

The principle of being there for the long-term extends beyond lenders – we’re all in it together here.  

For brokers, there are ways you can be present for your clients and show them you’re sticking around. For example, providing reassurance by contacting them further in advance of their remortgage, and during the life of their product if you can, in case they need support or are worried about what happens when their current rate ends.  

Other things you can do include ensuring you’re on top of lender updates, rate cuts and proposition launches, and take a view of the market, and the stability and reliability a lender can provide, which can also help to further reassure your clients.  

Something easily overlooked is having a focus on training and development to hone your skills and ensure you’re up to speed, and doing the same for any staff. Our recent involvement in the launch of the National Association of Commercial Finance Brokers (NACFB) broker academy reinforces our belief in the development of brokers and the future of the profession, and it’s vital that this continues so that borrowers receive the best possible service now and in years to come. 

Finally, make time for your clients and ensure they know you’re listening – they are likely to need you and your time now more than ever before. This may also be a period where you have more new clients, as more and more borrowers need and value the expertise of a broker.  

I have every confidence that, as an industry, we’ll get through this period of turbulence and things will start to settle. But we need to plan for the long term and reassure customers – and the market – of our bigger picture view.