Speak to those who understand the market, says VP of broker firm
With ‘the second half of the year’ rapidly approaching – Rishi Sunak’s only declaration so far about when a general election might be called – politicians are being urged not to use housing issues simply as a vote winner.
The Prime Minister refuses to be drawn on when polling day could finally happen, but whatever the election date, Penny Desborough, VP of customer, compliance & culture at digital broker Habito, wants parliamentarians to engage with those who truly know the mortgage and property sectors.
“Ultimately, whatever decision is made, the politicians need to be speaking to those who understand the industry and our market,” Desborough (pictured) told Mortgage Introducer. “The 99% mortgage scheme was a non-starter and whilst it’s good to see the government are trying to do something, it shouldn’t be just so they can win votes. People can see through that now and we need something that is well thought out and will be executed correctly. What that is, I don’t know, but it can’t continue as it is.”
That said, the industry has enjoyed a strong start to the year, according to Desborough.
“There was a lot more doom and gloom at the back end of 2023, but 2024 started off incredibly strongly, and long may that continue,” she noted. “Ultimately the mortgage market is resilient and whilst there may be periods of what feels like a lull, it does come back.”
How is the mortgage market faring in 2024?
In terms of the current market, Desborough points to the challenge of keeping on top of rate changes.
“There was a big push for the #24hourpledge last year, and I do think that would make a huge difference, however, that’s only going to work if one lender withdraws their rates at a time,” she noted. “Not all lenders have that capability, due to margins and the immediate impact of swap rate changes.
“However, when you have multiple lenders withdrawing their rates, it sends the industry into a bit of a frenzy, and frazzled advisers! This is where we can start to see burn out creeping in so it’s important that staff and customers know of the expectations at the outset.”
Desborough believes that technology will play a significant role in the future of the Industry, and help improve the market, to get better customer outcomes.
“There is still too much repetition, duplication and paperwork,” she said. “There have been many positive moves forward in the last few years, and this needs to continue with a cohesive and aligned approach from all stakeholders.”
Where, then does she see the industry being in 12 months’ time?
“I think we’ll definitely see further enhancements in tech - nothing hugely game changing in that short space of time, but definitely some improvements,” Desborough predicted. “Our industry is crying out for tech, yet because of the beast it is, it’s only being done in small bite size pieces
“We are truly digital, and the only broker that goes all the way from enquiry on our website, to mortgage offer without speaking to the client on the phone or meeting them face to face. A customer can get a mortgage anytime and anywhere. All of our technology is built in-house by our excellent engineering team.”
READ MORE: Habito names new CEO
How can mortgage brokers boost business?
For many brokers, 2024 will be about trying to gain some ground and make up for lost income over the past few years, so what does Desborough believe they can do to maximise business this year?
“If it’s about making more applications, making more money, then it would be to make hay whilst the sun shines,” she said, “but at what cost? There is a lot more than can be done in our industry to really embrace mental health and the stigma that it brings. For me, this year, it’s about making our team more resilient to the challenges that the market could potentially pose.
“At Habito, we’re making more of the team Mental Health First Aid champions, we’re trying to have more fun and we’ve re-introduced a role to help support our advisers in times of sickness, absence, holiday periods etc. We’re trying to create more of a balance, which is crucial.”
Desborough has a keen interest in mental health in the sector, and recently spoke openly about her experiences of post-natal depression as part of the Mortgage Industry Mental Health Charter initiative. But it’s not the only issue that she’s keen to explore.
“There is more that we could be doing to ensure that diversity and inclusion is embraced,” she suggested.
