"The figures paint a really promising picture for the advised mortgage market and clearly demonstrate the resilience of firms over what has been a challenging couple of years for all."
Four in five (79%) respondents said they were confident their business would grow during the next decade. The majority (52%) believe the advised market will be more important than it is today, saying clients will have an increased need for advice (54%) and more complex needs (50%). A similar amount (49%) suggest there will be more self-employed clients, prompting two thirds (65%) to say product and criteria innovation from lenders will be increasingly important.
Figures also show how the pandemic affected intermediaries, with 45% of brokers surveyed admitting they were forced to find new ways of engaging with clients and 32% investing in technology to allow for better time efficiencies. They did however feel the pandemic had had a positive effect on their work/life balance and family life (48%), and despite being a testing period, the majority (57%) now report feeling more prepared and confident that their business is robust enough to deal with any future crises.
Borrowers not understanding or appreciating the value of advice is the main risk to the industry according to almost two in five (38%), with similar number of respondents saying automated technology replacing advisers (30%), the cost of providing advice (30%) and changing mortgage rules and regulations (29%) also pose a threat.
Jeremy Duncombe, managing director at Accord Mortgages, said: “The figures paint a really promising picture for the advised mortgage market and clearly demonstrate the resilience of firms over what has been a challenging couple of years for all. It’s also really encouraging to see the benefits of adopting technology being recognised in the research.
“In the face of adversity, it seems many have come out of the pandemic with welcome confidence, and some really positive expectations of the decade ahead. It’s pleasing so many expect their business to grow as supporting that ambition is at the heart of everything we do at Accord.”
