In episode 85 of the Growth Series podcast, Jeremy Duncombe, Managing Director at Accord Mortgages, catches up with LDN Finance’s Chief Operating Officer Greg Cunnington and Mortgage Adviser Heather Greatorex about the latest developments in the mortgage market and what happens next.
Jeremy begins by asking Greg how the past few months have been for LDN Finance and whether they have panned out the way he thought last year. Greg says the market is “in the main, pretty positive”, as the sense of panic following the Mini Budget has subsided and some pockets of the market, such as refinancing, are really busy.
The conversation then turns to how clients have reacted to recent events, and if they’ve changed what they’re looking for in terms of the length of fixed rates or moving towards trackers.
Heather says prior to the Mini Budget, most clients took out fixed rate mortgages, with just five per cent opting for trackers. However, this has since gone up to 20 per cent. She also notes that fewer first-time buyers are entering the market, partly as a result of rising interest rates and a shortage of suitable housing.
Next, Jeremy asks Greg how the events of last year have helped to demonstrate the value that a broker and adviser can give to clients. Greg says the fallout of the Mini Budget has shown the value of advice “more than ever”, as professionals can have conversations with clients, explain what each product means and handhold clients throughout the journey.
They then talk about how lenders can better support brokers. Heather says providing updates on rate changes would be particularly helpful, as this would enable brokers to let the client know in good time, without the process being rushed.
Finally, Greg asks Jeremy about his thoughts and predictions for the market in the second half of 2023.
Jeremy believes the situation will remain volatile, but adds that he is quietly confident that the market is in better shape than it was at the end of last year.
00:44 to 28:31
Introduction to the guests
What’s happened in the year so far?
Challenges around pricing
Are clients changing what they’re looking for?
Current sentiment among clients
How lenders can support brokers
How the sector has adapted to recent changes in the market
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