We know intermediaries have been under huge pressure to support and calm worried clients through the economic storms of the last few years.

You haven’t had time to catch your breath with soaring energy costs, base rate hikes and the infamous mini Budget of 2022 coming off the back of the pandemic.

Rising mortgage rates compounded the strain on intermediaries on the frontline of this crisis, as you managed rate changes with little notice and had difficult conversations with clients.

It’s clear that borrowers have been stressed by rocketing rates. According to a 2023 survey by the mental health charity Mind, nearly 14 million people in England and Wales said rising mortgage costs had negatively affected their mental health, with 10% saying the impact was severe.

But there’s also evidence that the mental health of those trying their best to support stressed clients has been dented too.

The Mortgage Industry Mental Health Charter’s (MIMHC) Health and Wellbeing Survey for July 2024 revealed that a fifth of intermediaries are struggling with their mental health, describing it as ‘poor’ or ‘of concern’.

Only 13% said they love their job and feel their career is progressing well, while a fifth (19%) of brokers feel disillusioned and are considering their options.

The survey also found that almost two-thirds of intermediaries (62%) are working more than 45 hours a week, with 13% working more than 60 hours.

Intermediaries complained of working late into the night and during weekends to manage the extra workload from rate changes and new regulatory responsibilities, on top of dealing with the stress from borrowers unable to meet their repayments.

This continual need to work harder with no extra financial reward is taking its toll and, of course, you’re not immune to cost-of-living pressures yourselves.

Our understanding of mental health conditions and problems continues to increase as better education and information are shared.

Founded in 2021, the MIMHC promotes mental health and wellbeing support for businesses and individuals within the UK mortgage industry.

With over 149 signatories, including Halifax, Birmingham Midshires, and Scottish Widows, MIMHC is a growing force for change in the mortgage sector.

As part of our commitment to the Charter, we will actively promote mental health awareness and provide resources to support our teams and our intermediary partners, from online tools to expert referrals.

All of the signatories agree to be bound by the Charter’s six governing rules, to:

1. Develop mental health awareness among employees using activities and advocacy.
2. Encourage open conversations about mental health and the support available to employees who may be struggling.
3. Provide employees with good working conditions that encourage a healthy work-life balance and opportunities for development.
4. Promote effective people management through line managers and ensure there is a focus on physical and mental wellbeing as well as performance.
5. Routinely monitor employee mental health and wellbeing through surveys and regular contact with managers.
6. Have a named contact for mental health support.

Of course, many intermediaries are small business owners and one-man bands, so you don’t necessarily have the luxury of a human resources department or mental health champion to support you.

Nevertheless, there are proactive measures you can take to protect your mental health. Each on its own might seem too small to make a difference, but together these approaches can really help.

• Setting boundaries around your working hours
• Talking to a colleague about your mental health
• Doing physical activity, even just making time for a walk
• Prioritising sleep
• Trying to eat a healthy diet
• Drinking sensibly and in moderation
• Making time to see friends and family.

These self-care measures can help mitigate stress and have a greater impact when practised together. But of course, they can’t magically make a mental health problem or life stressor disappear.

There will be times when more structured support is needed and you might need to seek help from a charity or your GP. This could lead to talking therapy, medication or another type of support, but you must seek this help if you need it.

If you see a colleague struggling, speak to them about it and ask how they’re doing. It won’t be an easy conversation, but it could be an important one.

The pressures of the 2020s have created the perfect storm for intermediaries’ mental health but, if you’re struggling, you are not alone.

It’s heartening to see more people in the industry speaking up about their challenges and working to put in place support for others.

By talking about this and providing more access to mental health support, we can help each other to manage stress and continue working to support our clients.

For the use of mortgage intermediaries and other professionals only

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