Periods of volatility can act as powerful learning curves to help brokers deal with future challenges and ensure they are prepared for uncertain times.
Recent months show preparedness is a key factor for success.
Mortgage networks have an opportunity to be a lynchpin in this fast-paced market. In response to inflationary pressures and product volatility, networks must take steps to adapt, prioritising support for brokers within their network.
Networks can help brokers to ensure they have a flexible approach that can adapt to the needs of their customers
By making the customer central to everything we do, both understanding their circumstances and taking a flexible approach to meet their needs, we can work towards better outcomes in these difficult times.
The right resources
Putting the customer first means ensuring the right resources are employed to understand each person’s situation and needs, both at the start of the broker-client relationship and throughout the mortgage journey.
Over the past six months, Primis has put an extra focus on its Toolbox customer relationship management system; releasing new developments within weeks in direct response to brokers’ suggestions, and supporting them in their mission to stay abreast of changes in their customers’ circumstances or buying power.
No two borrowers look the same. Each individual has a highly complex financial picture
Not only are people’s circumstances changing rapidly but so are the availability and affordability of mortgage products. By providing regular updates on these changes too, Primis has helped brokers to ensure their advice is as bespoke as possible.
Individual circumstances
No two borrowers look the same. Each individual has a highly complex financial picture. The cost-of-living crisis and rising interest rates have also had a significant impact on many households, putting increased financial and mental strain on customers at a time when many of them need to remortgage.
Recent months show preparedness is a key factor for success
The increasing prevalence of complex financial circumstances among both existing borrowers and first-time buyers has heightened the need for brokers to recognise the various characteristics of every customer.
Networks can help brokers to ensure they have a flexible approach that can adapt to the needs of their customers; for instance, regularly updating their product desk and helpdesk to keep brokers up to speed with waves of rate changes so they can offer the best deals to clients.
Periods of volatility can act as powerful learning curves
The ability to respond quickly in a fast-changing market can play a big part in speeding up the customer journey, increasing brokers’ chances of securing the most suitable rates in time.
In the lead-up to the Consumer Duty deadline on 31 July, Primis has been helping brokers demonstrate that they are not only ‘treating customers fairly’ but acting to deliver good outcomes.
This article featured in the July/August 2023 edition of MS.
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