Many are already having to support hundreds of customers looking to buy or to complete before the Stamp Duty holiday deadline. Others might be concerned this sector of the market is too complex.
Yet there are still ways these advisers can help their clients. Working together is vital.
Instead of taking on these cases themselves, advisers can build networks with specialists where they can refer complex customers.
Taking this approach means these advisers will be able to ensure that their clients are getting the help they need, and they may even get a referral fee.
Lenders have a role to play too. Many are now taking a closer look at all applications due to the economic effects of the pandemic, so it is more important than ever that we are clear on our criteria to help advisers successfully evidence each and every case.
Submitting applications for clients in this area of the market is about building a story of the customer. Lenders take an in-depth view of each customer’s circumstances and gathering this key evidence can ultimately help to demonstrate their income and affordability.
There is also an onus on lenders to improve how they operate, by investing in technology and business processes that can help to improve the mortgage journey for all involved.
The pandemic has shown us the value technology provides and has made its integration into the mortgage journey more pressing than ever before.
Going forward, technology will continue to be vital in helping lenders to improve internal processes, but it will also provide advisers with an opportunity to efficiently serve new audiences.
For example, we are investing heavily in technology to build a better mortgage journey for our intermediary partners.
With many more people set to need the support of specialist lenders, the industry needs to think smartly about how we adapt to meet a growing number of borrowers by creating efficiency through technology where we can.
Time for urgent action
The events of 2020 have brought the specialist lending mortgage market into the mainstream and as we emerge from the pandemic, millions more borrowers will need the support of lenders that are willing to help them despite their complex circumstances.
The housing affordability crisis in the UK has escalated in recent years, placing the chance of homeownership further out of reach for many of those who aspired to get on the housing ladder.
The coronavirus pandemic has only served to exacerbate this, with impaired credit records, job loss and missed payments more commonplace than ever before.
