"If brokers have experience of current stress testing pushing buyers out, please share this with IMLA"
2020 is set to be "complex, complicated and challenging" for intermediaries as a new generation of clients seek broader financial advice, according to IMLA's executive director, Kate Davies.
However Kate believes that brokers also have an opportunity to expand their businesses by offering a more holistic approach to advice, but must know when and where to refer clients for other areas of financial planning.
Speaking on the latest Accord Growth Series podcast, Kate said that with most first-time buyers now in their thirties, clients’ financial needs are not just limited to mortgages and being able to support with areas such as pensions, whether directly, or indirectly is key.
She added that engagement with the regulator on the findings in IMLA’s recent intergenerational report was "proving difficult" as the FCA did not have hard evidence that many potential first-time buyers are dropping out of the process because they were not meeting affordability calculations.
Jeremy Duncombe, director of intermediary distribution at Accord Mortgages, commented: “IMLA has the needs of the intermediary sector at its heart and Kate’s desire to instigate changes in the housing market is clearly evident.
"If brokers have experience of current stress testing pushing buyers out, please share this with IMLA to help evidence the breadth of the problem and encourage more conversations to be had around affordability.”