Self-employed mortgage shortage likely to be a short-term blip, brokers say

Self-employed mortgage shortage likely to be a short-term blip, brokers say

 

The aftermath of the pandemic has led lenders to scrutinise the income of the self-employed, particularly if they have taken out a government support loan or seen a dip in income. 

This has resulted in self-employed borrowers believing they have been shut out by the market, with a majority saying lenders were not doing enough to help them.

Although borrowers may be feeling dejected, Dale Jannels, managing director of Impact Specialist Finance, said this would be a momentary problem as lenders assess the markets self-employed borrowers work in as well as any drops in income. 

Jannels said: “I would expect the evolution of the mortgage market to catch up quite quickly and I think by early 2022 most self-employed borrowers will continue to enjoy parity in the mortgage market with their employed counterparts.”  

Rob Jupp, chief executive of Brightstar, echoed these thoughts saying he was positive the issue was “highly likely to be a short-term blip”. He said the real problem was lenders not working fast enough to update criteria to reflect challenges of the pandemic. 

“Certain sectors may still look and feel vulnerable for a time and lenders may require a deep dive and forensic look at these businesses in such sectors until they are perceived to have returned to normal,” he added. 

Other brokers feared a long-term effect would be the case, such as Christopher Hall, mortgage adviser at Mortgage Guardian. 

Hall said: “The pandemic is going to heavily impact the self-employed for the next few years as post-pandemic income will look different for many and lenders will continue to be cautious.” 

Hall also said self-employed workers’ tendency to be savvy with their tax could hinder their options. 

He said: “To exacerbate the situation, the self-employed by nature often want to be tax efficient which conflicts with their mortgage interests time and time again. It seems that for many, the more skillful the accountant the less can be borrowed.  

“Lenders are often heard saying that they can’t have their cake and eat it.” 

Hall suggested this could lead to a change in how borrowers try to bolster affordability. “The use of dividends to increase borrowing capacity is likely to increase,” he added. 

 

Mainstream catch-up 

Jannels intimated that change would have to be led by specialist lenders as this was where intelligent solutions to lending emerged, before being replicated by the mainstream. 

Hiten Ganatra, managing director of Visionary Finance, said any changes in attitudes towards the self-employed would improve the image of the mortgage sector. 

He said: “While I understand why banks and major lenders are doing this as they want to mitigate risks, I think it is important that they remain open and transparent with brokers and clients about their risk appetite to ensure that the best advice is given to clients at the outset. 

“This will help to maintain integrity in the sector.” 

 

Opportunities for specialist market 

At the moment, self-employed borrowers are being treated similarly to those with adverse income resulting in them having to go to specialist lenders, Hiten said.

However, Jannels said he did not see this as a concern but an opportunity. 

He said: “If the high street won’t change, the specialist market will always evolve to help those who may be short-term affected, and rates won’t be that different.” 

Jannels also said current issues would not have an equal impact on everyone, as “a number of lenders already accept just one year’s accounts, even though the company could have been trading for longer”. 

Jupp added that the UK mortgage market was “extremely receptive” to change and said specialist lenders were already working to adopt resources in order to help borrowers with mortgage finance. 

“We’ve seen a considerable influx of business in 2021 thus far. Many of these clients I wouldn’t have historically expected to see but they’ve been turned down by the high street including – in many cases – their existing lender,” he added. 

Hall also said mortgage brokers who specialised in self-employed with access to the specialist market would be more sought after. 

Eager borrowers refusing to wait for mortgage guarantee scheme, say brokers

Eager borrowers refusing to wait for mortgage guarantee scheme, say brokers

 

So far, Halifax and Santander are the only banks to announce details of their offerings which go live next week. 

Other lenders are expected to launch their products over the next fortnight.

However, the lack of information in the six weeks since the scheme was announced has resulted in some brokers receiving little to no enquiries from borrowers who were ready to purchase. 

Nik Mair, director of London Mortgage Solutions, said borrowers were not willing to wait. 

“People are just going for what’s available now. Other lenders have come to market with 95 per cent LTVs so my clients have just been going for that.  

“It’s not as if they’re getting a preferential rate and all the standard criteria still applies,” he said.

Dina Bhudia, managing director and chief executive of P2M Asset Management, said while the scheme gave other lenders the confidence to return to the low market, she questioned whether it was needed as her clients were preferring to raise their equity instead. 

She said: “I’ve personally had no-one ask me about the mortgage guarantee. Probably because a lot of my cases are vanilla and people are resorting to the bank of mum and dad.  

So, they have larger than five per cent deposits. 

Christopher Hall, mortgage adviser at Mortgage Guardian, said it also came down to properties not fitting the criteria of the scheme as many first-time buyers were going for ineligible new-build properties.

 

Broker exclusion 

With borrowers seemingly showing no interest, Hall predicted this could be because they were planning to go directly to the banks once more details revealed as they felt comfortable approaching the household names. 

He said: “Perhaps this is a disadvantage for brokers as a lot of customers will know the main lenders subscribing to the scheme and go direct instead of through a broker. 

“I don’t think the publicity is so high for the other 95 per cent LTV products. It is on social media with the broker community, but I don’t think public awareness is quite well known.” 

 

Mortgage guarantee future 

Bhudia and Mair said the uncertainty of what the scheme might look like for mortgage holders in the future also made them unwilling to suggest it to borrowers without more information. 

Bhudia said she would rather wait to see the small print to work how it might affect borrowers 30 years down the line. 

Mair echoed these sentiments and said there was no point in telling a client to hold off if a property had been decided upon and other options were immediately accessible. 

“At least that way there’s no further complications about how it’s backed because we don’t have enough information and can only advise on the products that are available to us,” he added. 

Mitul Patel, mortgage adviser at Lemon Tree Financial, was also wary of the initiative. 

He said: “They’re commercial organisations at the end of the day and it still has to be beneficial for them. No one gives away something for nothing.” 

 

Managing expectations 

In contrast to other broker experiences, Mitul Patel, mortgage adviser at Lemon Tree Financial, noted that there was sustained interest in the scheme, with clients continually calling about it since the day after the announcement. 

He said he was spending time trying to calm them down and remind them there was not yet enough information. He also said certain clients seemed to have high expectations of what they would be able to borrow, with some looking at properties worth £750,000.

Patel added: “I think the messaging and the fact it was announced by the government made it sound appealing. So, I’ve tried to manage expectations and say be prepared to not qualify. 

“Some think it’s 95 per cent on anything they want to buy. A lot of people are looking forward to this. My advice is to let it settle down, see what comes out next week and see your options thereafter.” 

 

 

Mainstream lender ‘hinting’ at 95 per cent LTV relaunch

Mainstream lender ‘hinting’ at 95 per cent LTV relaunch

 

Chris Sykes, associate director at Private Finance, did not disclose which lender was contemplating mortgages at this tier but said it was the first hint he had got from any lender, as others were comfortable where they were. 

He said: “Although it’s somewhat approved by this lender, their big caveat is they don’t want to be the only one doing it as they don’t want to be seen as lending irresponsibly and they would be absolutely inundated.” 

Borrowers with a five per cent deposit have had little mortgage choice since the pandemic struck nearly a year ago; the lender would have to absorb all the demand alone in an environment with record high property prices which are speculated to fall. 

Sykes added: Most [lenders] want to wait until furlough is over and to see the general long-term impact of Covid-19 on the economy. 

He also said any return would be slow and measured, like the relaunch of 80-90 per cent LTV deals. 

“Although they’ve hinted at it, I think it will be a little while before we see it come back. It’s encouraging that this lender is actually happy to do it, but I think we’re still quite a way away from a return, Sykes said. 

 

Bottled up demand 

Christopher Hall, mortgage adviser at Mortgage Guardian, had also heard hints of a lender reinstating 95 per cent LTV mortgages and also doubted a return would be immediate. 

Hall said: “Demand for 95 per cent LTV mortgages has bottlenecked so when it comes back it will be like a champagne cork – the lender who comes back first will be overwhelmed.”  

Sykes suspected the lender would restrict who and what properties it would lend on to minimise risk. 

“Even if this lender did come back at 95 per cent LTV there wouldn’t be an avalanche of other lenders following suit straight away. It will be slow, maybe over a six-month period, before there’s a steady return like we see with 90 per cent LTVs now.” 

 

Ramped up rates 

Nik Mair, managing director of London Mortgage Solutions, said: “It would be amazing for the market but there are concerns around interest rates. 90 per cent LTVs are already at three per cent so 95 per cent LTVs would probably be priced at four per cent, which might put some people off.  

“But I think it would still be good.” 

Hall said with the Bank of England base rate at a record low of 0.1 per cent, lenders were making money “hand over fist” with mortgage pricing and product fees which were not always affordable for those on lower incomes or with smaller deposits. 

He added: “There doesn’t seem to be much reward for the average working person.” 

Brokers plan more homeworking and less office time post-lockdown

Brokers plan more homeworking and less office time post-lockdown

 

Some 100 brokers were asked what proportion of their time they spent working in an office before the Covid-19 pandemic hit the UK.

The results, revealed on Kensington’s webinar, showed that on average brokers spent 69 per cent of their time in an office, and the remaining 31 per cent of their time working from home.

But as lockdown restrictions begin to ease, brokers were asked if they planned to return to their pre-pandemic working habits.

The split between time spent working from home and in the office narrowed, with brokers planning to spend 57 per cent of their time in the office and 43 per cent at home.

Mortgage broker Rachel Dixon of RD Dixon told Mortgage Solutions she has loved working from home during lockdown so much she plans to drastically change the way she works.

Before the restrictions came into force, she spent the majority of her time working in the office but after being forced to relocate her business to her house full time, she plans to continue working remotely.

“I have adjusted to working from home probably better than I thought I would,” said Dixon.

“I did have an office, however, my husband is now using it. Working for the police, his work is more sensitive than mine so he I’ve moved to the downstairs table. But at least I get to open the double doors, it feels like I am letting the outside in.

“We have also been looking at getting a home office/gym to be built in the garden so moving forward I have everything I need right here. I think in the future, I may choose to just do one day at the office and the remainder from home.”

Homeworking has improved Dixon’s work-life balance. She does not have to work as many Saturdays as she did in the past because most of her clients are also working from home. Now she can plan her weekdays and lunchtimes more easily to work around them.

 

Setting up costs

Taking the leap to complete homeworking can be expensive. When Stuart Gregory, managing director of Lentune Mortgage Consultancy, relocated from his town centre office in Lymington around 18 months ago he spent £7,500 setting up a work space in a log cabin in his back garden.

“We had seen a reduction in daily footfall – with many clients preferring a meeting in their own home and after normal office hours,” said Gregory.

“And with Brexit progressing, we wanted to future proof our business by reducing our business outgoings.

“The set up costs were around the same as a years’ worth of rent for our previous office. So working remotely from home makes perfect sense for us presently – we’ve only lost one potential client since we did it who wanted to visit our town office instead.”

 

Missing the ‘social buzz’

Not all brokers are desperate to ditch the commute and the bustle of a busy office however. Jane King, mortgage and equity release adviser at Ash-Ridge Private Finance, normally only works from home two days a week and has no plans to change that.

She said: “I love London so I am currently going there once a week to work just because I can. I normally work from home two days a week which is enough for me.

“Although I do longer hours at home I miss the social buzz of London, the chance to meet new people and the pubs and restaurants. I can’t wait to get back more often.”

While homeworking is the government’s preference for the public right now, when restrictions are lifted Chris Hall, mortgage adviser at Mortgage Guardian, said brokers should be ready to adopt a hybrid approach.

He believes incorporating remote advice, face to face appointments in clients’ homes, and in person networking to generate new business is the optimal strategy.

He manages a team of brokers and when restrictions are lifted, will be helping them to adapt to the new way of working.

 

Fixed fees and relationship breakdowns driving advisers to switch firms – Hall

Fixed fees and relationship breakdowns driving advisers to switch firms – Hall

 

While we expected mortgage completions to be in decline and recruitment enquiries slightly on an upward trajectory for a short period, we did not expect the phones to ring off the hook from mortgage brokers wanting to join us.

 

‘Callous attitude’

It is an all too familiar story that when things get bad some firms stop supporting their talent.

Not getting paid or generally not being looked after properly by the firms that they work for are cited as the main reason for leaving.

One mortgage broker contacting us felt he had been thrown under a bus as he was dropped to the lowest commission tier for not meeting previously set targets during the pandemic.

Unfortunately, the firm that he worked for had stipulated in the original contract that he would drop down to the lowest possible commission tier if targets were not met and at the drop of a hat exercised their rights.

Like many he never saw the pandemic coming and even if he did he never thought the firm would be so callous.

He was unable to sustain a relationship where the firm took a higher percentage of earned income than him and I would recommend all advisers to look at the contract carefully before joining a firm.

 

Flat Fee vs Percentage Model

Other advisers have raised concerns that the monthly flat fee structure they are currently on is not working for them anymore.

Some firms are continuing to charge self-employed brokers £350 to £400 per month even though less business is being written at the moment.

As the industry rises from the ashes those on a monthly flat fee commission structure will have to work harder to break even.

It is a system designed to put advisers under pressure at the best of times never mind at the worst of times.

What can be more suitable for some is the percentage model preferably with no monthly fees payable for software. This model is working much better at the moment as it does not unfairly take money out of the advisers’ pocket during the current pandemic crisis.

 

Time for change

What we did correctly predict is that some brokers are going to take advantage of the recent situation by changing firms during what could be a quieter time for some.

Applications and the on-boarding process can if necessary be done at a more relaxed pace for the adviser.

Some advisers just think it is time for a change or they have simply remembered that their firm had been unfair to them in the past – people generally do not forget when they have been dealt a bad hand.

Brilliant Solutions sales director Michael Craig agrees that the crisis will put relationships under pressure as business models are questioned and the needs in the market change.

He believes some relationships will be stronger as a result of this but many brokers now find themselves restricted in many different ways that now cause them to question the relationship they currently have as a whole.

And he added that while there does need to be some give and take, if a relationship comes down to a contract at a time like this then that alone is a sign that something has broken down somewhere.

 

Career progression

Several advisers have seen an opportunity to move from an employed mortgage adviser position to a self-employed role.

For some this is seen as a natural progression where they move from a restricted lender panel to being truly whole of market.

Being self-employed also means there is no cap on income and they can work remotely if they wish and be in charge of their own diary.

In times such as this mortgage brokers are going to look for that silver lining by reviewing their current circumstances and seeing if they can improve upon their situation.

 

 

Military mortgages: Willing lenders allow personnel to seize opportunities – Hall

Military mortgages: Willing lenders allow personnel to seize opportunities – Hall

 

One major benefit is the provision of affordable service accommodation for families and single people available to all military personnel, subject to entitlement.

With personnel often serving far away from the place where they grew up, potentially for many years, such accommodation is therefore essential for many at some point in their career.

Both single and married personnel can also benefit from the newly extended Forces Help to Buy scheme which helps with the cost of buying a property including the provision of deposit and associated fees.

Civilian employers generally do not offer accommodation packages within their standard employment contracts, so to most this must seem like a pretty good deal.

The Ministry of Defence claims that since the introduction of Forces Help to Buy in 2014, it has helped more than 18,000 military personnel.

 

Leaving it late

While it is appreciated that many military personnel do buy their own home and often outside of established schemes, it is still alarming to note how many are leaving it too late in their life to consider getting on the property ladder.

A large proportion of serving personnel do not get on the property ladder early enough as understandably, focus is often needed elsewhere and buying a property seems to be less of a priority to individuals.

Those that stay in the military the longest are obviously more affected than others due to house price inflation, which incidentally has continued to outstrip salary inflation in recent years.

Promotion through to the higher ranks takes time and the additional pay involved does not close the financial gap enough in most cases. This means that buying a property is becoming less affordable to many first-time buyers as house prices increase.

 

Trouble back home

Many also see the negative side associated with buying their own home while serving and the possible hassle involved.

For instance, I served with an RAF corporal who had problematic tenants in his property while he was stationed abroad. This was quite a worrying situation for him at the time and one that did not pass without financial loss.

For some who buy property close to where they are based, the thought of being posted away and not being able to live in their home can be off-putting.

Others may not want to buy close to where they are stationed and would prefer to wait until they return to civilian life before buying. But all the while, house prices are potentially increasing further.

 

Runaway inflation

House price inflation has also caused many instances where the lower ranks have ended up owning bigger and better properties than those of a higher rank.

This is simply because they bought at their earliest possible opportunity and benefited from their property gaining in value.

A large proportion of serving military personnel only start thinking about buying a property in the last few years of service when they are thinking of leaving and settling down in civilian life.

This means opportunities are potentially being missed while in service, not only by not buying sooner but also not putting money aside for a decent deposit.

Forces Help to Buy is not a solution for everyone, especially the lower paid ranks living in expensive areas of the country, or those that are leaving the purchase of a new home too late in their career.

 

Sympathetic lenders

Military personnel are generally treated favourably by mortgage lenders compared to civilians, especially those who serve overseas.

With military strength in the United Kingdom being in excess of 150,000, mortgage lenders do not want to ignore this very important and profitable sector.

Forces Help to Buy, Recognition of BFPO addresses, Day 1 Consent to Let, as well as lenders being flexible and accommodating to applications where there is a lack of credit history are just some examples.

In addition to these benefits, serving personnel can also have access to the Help to Buy scheme for civilians.

While a good proportion of service personnel do elect to buy their own home, many fail to see the need until it is too late, or it becomes extremely financially challenging.

This is despite the facilities open to them to achieve home ownership. We must strive to portray the facts to service personnel and their families and awaken them to the opportunities available.

 

 

Broker uses virtual reality to complete mortgage application

Broker uses virtual reality to complete mortgage application

 

The mortgage adviser completed an agreement in principle with an Oculus Quest headset he purchased for £400 to see how the technology would enhance his day to day activities at work.  

He said: “Everybody looking at VR from a fintech point of view is making it all about the customer experience. What I’m looking at is how brokers can use it.

“Technology is driving a lot of things and I think VR will drive the way mortgage brokers work eventually. Whether there’s going to be enough brokers who are willing to sit in their office waving their arms around with their goggles on, I don’t know. ” 

The headset comes with handheld controllers and a pointer which can be used to navigate web pages, move files around and enter information.  

The user sees themselves sat in a virtual, 3D house in front of a large screen which has a series of tabs including a sourcing system, diary, clock and lender portal. The user can also connect their phone and headset so calls can be made. 

Hall said the headset took him “no time” to work out how to use and he was able to access major lender websites such as Halifax and Nationwide as usual. 

“The majority of my clients I’ll speak to over email or the telephone so there’s no reason why I can’t do a mortgage application using VR. My clients wouldn’t even know because they wouldn’t be in front of me,” Hall added. 

However, he said the idea of lenders developing processes to accommodate VR technology was “questionable” as it depended on how many brokers were open to using it. 

“We’ve moved on from a paper-based system because everyone went online, so the next step could be VR,” he added. 

 

Things to consider 

Hall said the VR headset could potentially help those with work-related health issues such as repetitive strain injury. 

He said: “The keyboard is completely within the virtual world and your hands will be holding the controls. For brokers using a virtual keyboard, that could reduce repetitive strain injury as they’ll be using a pointer rather than a mouse and the joysticks to scroll.”   

He also said it could be used as an educational tool, as brokers could watch how other advisers worked by connecting to the virtual realm. Furthermore, Hall said the use of VR would mean a broker may need less equipment while being able to work remotely. 

However, he noted that internet security, storage availability and the potential for users to get headaches and migraines would need to be explored. 

He also said some functionality issues would need to be addressed as he found certain processes were slower than others and substituting his hands with controllers made him feel “detached”. 

Hall said: “In the tech world, once we start moving forward there’s no going back. Somebody somewhere will have to pioneer this.” 

 

Aldermore withdraws family guarantee mortgage due to low demand

Aldermore withdraws family guarantee mortgage due to low demand

 

The lender said this will not impact any existing Aldermore mortgage guarantee customers or those in the pipeline. 

Aldermore began offering the product in 2011 but said due to changes in customer demand over the last few years, with preference shown for other products designed to help first-time buyers, it has made the decision to withdraw. 

The 95 to 100 per cent loan to value (LTV) mortgage had a product fee of £999, with a 5.18 per cent rate for a two- and three-year fixed and 5.28 per cent for a five-year fixed rate.

The maximum loan was £250,000 and required a relative to guarantee 25 per cent of the property’s value using their own home.

 

Preference for high LTVs 

Jon Cooper (pictured), head of distribution at Aldermore said: “There appears to be little demand for this type of product in the market currently, and we are seeing new buyers greatly favour high loan-to-value or Help to Buy equity loan options.

“We continually review our product range to make sure we are providing customers with the facilities they need. For now, we are concentrating on improving our mortgage products that remain popular among first-time buyers.” 

 

Understandable decision 

Nick Morrey, product technical manager at John Charcol, said: “I can understand them withdrawing it because of a complete lack of demand – others have rates for less than three per cent.

“When there are other lenders out there doing the same kind of thing with rates below four per cent, it’s hardly surprising they’ve got a lack of demand.”

He added: “It sounds like they’ll concentrate on what they do best, and not have unnecessary products that aren’t particularly popular, and they can’t be competitive on. It’s a very understandable business position to take.” 

Christopher Hall, mortgage and protection adviser at 1st Call for Mortgages, said: “With regulation in place at the moment, it’s difficult for people to get on the property ladder without the help of mum and dad. They’re in competition with the likes of Barclays and Halifax. 

“A lot of mortgages are arranged by brokers, so they’ll compare the products and if another lender is more competitive then people are going to go there if they fit criteria. But if it’s low demand you can’t blame them for withdrawing it. They could maybe make it more competitive instead, but you can’t criticise them for withdrawing.”

 

Exclusive: Broker slams SimplyBiz for trying to poach advisers from departed firm

Exclusive: Broker slams SimplyBiz for trying to poach advisers from departed firm

 

Christopher Hall, (pictured) a mortgage and protection adviser at 1st Call 4 Mortgages (UK), told Mortgage Solutions that several advisers at the firm had been called out of the blue by SimplyBiz.

The firm had been a member of the SimplyBiz club, but shortly after it left to join another adviser group, brokers reported receiving calls trying to recruit them back as individuals.

When called himself, Hall questioned the ethics behind the move and said it left him feeling his trust in SimplyBiz had been broken.

“I was invited to switch back on an individual basis and ditch my firm in what can only be described as the most brazen act of recruitment possible,” he said.

“The call consisted of reasons why the firm had not considered its advisers when making the decision to leave as well as providing full support to become directly authorised (DA) myself. The new adviser group, which is also a major player, was simply undercutting in the recruiter’s opinion.

“Above all I was shocked that after several years of profitable business with our firm, this former partner decided to try and pick the company apart one adviser at a time without shame now that they have left.

“A firm should be able to leave a club or network and not have to worry about the integrity of the place they leave behind,” he added.

 

Approached by adviser

SimplyBiz told Mortgage Solutions that it was initially contacted by an adviser from the firm which then prompted it to call others.

David Golder, head of client proposition at the SimplyBiz Group said: “While we would never, under any circumstances, consciously approach the registered individuals or appointed representatives of existing members or clients of the SimplyBiz Group, as firms move on, we are a natural contact point for those interested in support services.

“In this specific instance, we were initially approached by an individual who was interested to know how membership of SimplyBiz would benefit them as a directly authorised firm.

“As the most popular choice in the market for firms and individuals becoming directly authorised with the Financial Conduct Authority, we are in constant dialogue with hundreds of advisers every month,” he added.

 

Disrespect

However, Hall was not swayed about this justification to call other advisers.

“There is nothing wrong if an adviser calls them, that is fine, but what is not ethical is when they decide to be greedy and call the other advisers,” he said.

“From the angle that they chose to persuade me, they disrespected the company for making the move and accused them of not putting advisers first when they did not have the facts.

“Mortgage brokers and firms have to work with people and organisations that they trust so that they can correctly serve their clients.

“I think that SimplyBiz has ignored its moral compass and may have opened Pandora’s box,” he added.

 

‘Later life mortgage specialists should be linking up with life insurance advisers’ – Star Letter 22/02/2019

‘Later life mortgage specialists should be linking up with life insurance advisers’ – Star Letter 22/02/2019

 

This week has been rich for top contributions.

The first one is from Andrew Wilkinson for his response to the article: ‘Leftfield’ life insurance idea could provide answer for ‘badly served’ later life borrowers.

Wilkinson said that what surprises him is that there is an assumption across all the comments made that later life borrowers’ life insurance needs are not already being discussed with clients when they are entering into mortgage arrangements.

He added: “Why should this be described as a ‘leftfield’ idea? If as Dave Jones says mortgage applications are actually being turned down because of the risk of one of the borrowers dying and the lender’s concern that the remaining borrower might then be unable to afford the mortgage repayments the obvious next step would seem to be to investigate whether life insurance terms are possible and at what potential cost.

“Maybe later life mortgage specialists should be linking up with specialist life insurance advisers who would be able to perform this function for the mortgage advisers on behalf of them and their clients.

“In particular such advisers should have real specialisation in dealing with customers with health conditions given that many of the potential borrowers will have picked up pre-existing health conditions which are likely to affect life insurance applications sand premium rates.

“Such life insurance advisers specialising in customers with pre-existing health conditions do exist. I know because I happen to be one myself and our firm, Moneysworth have been helping such customers for years and we do not conduct business in any other area of financial services except life, critical illness and income protection.

“We are not the only such firm and we have been working with advisers on introduced cases for a few years now. So please feel free to come and talk to us or a firm like us. Maybe look up these hashtags #singpostingtospecialists #accesstoinsurance.”

Another contribution comes from Andy Wilson for his response to the article: Potential fee ban: ‘Devastated mortgage brokers’ in Oz offered mental health support.

Wilson said that if UK brokers received mental health counselling every time significant changes occurred, the health and wellbeing specialists would have had 15 years of boom time.

He added: “FSA regulation in 2004, financial crisis 2007/08, the credit crunch, collapse of lenders who relied on securitisation, huge FCA costs, life insurance gender equalisation 2012, Home Information Packs, buy to let tax changes, European ESIS documents – the list goes on.

“But being British, we simply soldier on and take it in our stride. And for those that have seen off all of the above challenges and more, now is a boom time for us, not the mental health specialists. Tally Ho chaps, and throw us another shrimp on the barbie.”

Our last contribution comes from Christopher Hall to the same article.

He said that if the UK scrapped proc fees I do not see how this would benefit anyone except the larger mortgage lenders.

He added: “Clients would have to pay more to use the services of a Mortgage Broker and there is no guarantee that this would be reflected in the interest rate offered by the mortgage lender.

“When all said and done a Mortgage Lender either has to pay a broker to do the mortgage or one of their own staff. The thought of Mental Health support is most amusing.”