How well is the mortgage market recovering?

“The market is still in recovery mode though, and we will see bumps along the way around product pricing and supply of housing stock. The key for me is that advisers are able to have a position on the most important questions the consumer will have. Where are both mortgage rates and bank base rate going? Are house prices still dropping, or have they stabilised? We will never have the perfect answers, but having a strong position and rationale is important.  

He advised: “You cannot over communicate to your clients, so make sure they know you are there to help them, but ensure that they are fully aware of the full range of services you offer. People’s circumstances can change very rapidly and knowing what support and products you offer will provide you with more opportunities. 2024 will remain a challenge, but we entered the year knowing that would be the case.”

Why do lenders need to be transparent?

As well as heading up SimplyBiz, where he’s focused on helping its members and lender partners to run and grow their businesses more efficiently, Reynolds is chair of the Financial Intermediary & Brokers Association (FIBA), the commercial property trade body. He believes it’s important that lenders are open about why an application has failed, to help brokers better support a client.

“Transparency is key,” Reynolds stated. “A lender will not be able to help everyone but, in my view, a ‘no’ should be accompanied with a reason that allows the adviser to help the client get to the next best solution.”

What does he consider the biggest barrier to brokers’ success currently?