Podcast #89 - The Value of Knowledge and Advice

Added 04/09/23 - 2 min read

In episode 89 of the Growth Series podcast, Jeremy Duncombe, Managing Director of Accord Mortgages, speaks to Charlotte Nixon, Mortgage and Protection Proposition Director at Quilter Financial Planning, about the value of advice, given the current volatility in the mortgage market.

Jeremy begins by asking how the last few months have been for Charlotte’s business, and she admits the climate has been challenging even for experienced advisers. He, meanwhile, notes that he’s seen a much greater mix of business following last year’s Mini Budget, as it’s no longer just a matter of customers looking for the cheapest five-year fix.

Charlotte adds that it’s important to get the message out to advisers that conditions in the market are not all doom and gloom, as the consumer press might suggest, so they can relay this message to clients.

She then asks what role government policy has played in shaping the current state of the UK mortgage market, and what potential impacts future policy changes may have. Jeremy replies there have been big interventions in recent years, such as the response to the credit crunch and schemes such as Help to Buy, but comments there will be less going forward, so the market has to stand on its own two feet.

The conversation then turns to the need for advisers to keep themselves up to date so they can give clients the best guidance. Charlotte acknowledges this is really difficult for advisers, as there are so many sources of information, and suggests the wider industry needs to support them by getting information out more quickly.

Charlotte and Jeremy move on to discussing how lenders are responding to the changing landscape. Jeremy says that while the sector had expected a lower market in 2023, it turned out lower than most forecasts had suggested. He adds that Accord has responded by focusing on its proposition, service and the value it can add, and has been mindful that more complex cases are coming through.

Charlotte is then questioned on what opportunities the current climate offers to both advisers and customers, and she says that mortgage advice has never been more valuable and needed, together with financial advice on issues such as protection.

Finally, Jeremy is asked what’s likely to happen over the next year, and he admits it’s hard to predict what will happen. Nevertheless, he does state that he expects rates to be higher for longer, albeit with a gradual reduction in the base rate, mortgage rates and inflation throughout 2024.

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00:48 to 32:32