New study suggests industry professionals are struggling more
Gary Clarke understands how anxiety and depression can afflict those working in the mortgage industry – he has previously been diagnosed with both.
“I don’t hide it, but don’t really shout about it either,” shared Clarke (pictured left), who is new build account manager at broker firm, The Mortgage Store. “Both diagnoses can be quite complex, and while I am in a good place - that I worked hard to achieve and also still work hard to maintain - old habits can be hard to kick. You keep an eye on your own personal warning signs/triggers and manage them as best you can, although they will still catch you by surprise sometimes.”
Clarke generously shared his own experience in a candid response to the latest findings from The Mortgage Industry Mental Health Charter (MIMHC), which was established to raise awareness of challenges faced by the sector and encourage openness and compassion.
Twenty-one per cent (21%) of the mortgage professionals it recently surveyed rated their mental health as either ‘poor’ or ‘of concern’ - an increase from 16% in 2023.
Furthermore, 62% of respondents said they worked more than 45 hours a week, compared to 58% last year, while 19% admitted they were disillusioned with their jobs and considering their options – up from 15% a year ago.
Some 33% of mortgage sector employees said they permanently worked from home – 10% more than in 2023. Respondents described a decline in their work/life balance, with 39% this year saying it had either ‘greatly worsened’ or ‘somewhat worsened’, compared with 24% previously. The annual survey also found that 34% of all mortgage companies were not providing mental health support in their workplaces, compared to 30% in the last survey.
Gary Clarke suggested that addressing mental health should not be seen as a battle to be won or lost, but as an ever-evolving challenge.
“It should be like any other medical issue,” Clarke told Mortgage Introducer. “Make sure the avenues of support are there, help people when they need it and help give them space to recover when they’ve been unwell. No stigma, no big issue, or drama, just good all round support, recognition and help. Some will absolutely put their hands up and ask for help, others we must keep an eye on and do our best to offer support at the right time.”
Clarke added that the industry also needed to be sure that it was providing enough support for women going through the menopause.
Is the mental health of mortgage professionals getting enough attention?
In the cut and thrust world of mortgages, mental health has not always been a prime concern, with a focus on hitting targets and making money often dominating the workplace culture. A traditionally male-dominated industry has perhaps tended to turn a blind eye to the impact that its inherent stresses and strains can have on the wellbeing of those working within it.
There have certainly been greater efforts to address the issue in recent years. MIMHC was co-founded by a group of seven professionals, including Jason Berry, who is group sales director at Crystal Specialist Finance, and Martin Reynolds, the chief operating officer of SimplyBiz Mortgages.
Its latest survey was conducted over a five week period in March and April, and the number of participants increased by 30% from last year to 326.
“We have to recognise that if you operate in the mortgage sector some days might be more challenging than others, so some resilience is definitely required,” said Berry (pictured second from left). “I've worked hard to find coping mechanisms. These always include open conversation with others and physical exercise. A problem shared is definitely a problem halved and I have personally found facing into a problem and communicating quickly and with honesty works out, for me, to be the best policy.
“Openness has definitely improved since COVID, with barriers dropping and people allowing vulnerabilities to be shown. But as the survey results show there is still a lot to be done. It’s become clear that systemic change and appropriate mental health support in workplaces are now essential.”
Reynolds added: “Employers need to ensure that the positive promotion of the support they offer - and improvements to this support - are not a one-off exercise.”
Read more: Financial health impacting mental health - study
What impact have market conditions had on mental health?
Responding to the survey findings, Gerard Boon (pictured second from right), managing director of Boon Brokers, said he believed a decline in mental health is linked to worse market conditions, making it more difficult for intermediaries to convert business.
“It’s no surprise to me that people in the industry have struggled with their mental health,” Boon declared. “I have made a conscious effort to improve my diet, fitness levels and sleep for my own mental state.
“I try my best to shield my staff from the outside world. I do what I can to ensure that they achieve their income targets, receive high quality leads, and avoid stress where possible at work. We are regularly arranging company events to boost the morale of the team.”
He added: “I make it clear that my door is always open to discuss sensitive topics. Just knowing that the support is there if required is extremely important in this day and age.”
Jordanne Whiley (pictured right) is an award-winning mortgage and protection broker with Hearthstone Mortgages. She reflected on the challenges of maintaining work-life balance.
“I’m self-employed,” she said. “It’s so easy to work long hours and not take those much needed breaks. I often take my work home with me or stay in the office until late because I need to get the work done. But I also have some boundaries in place where I won’t take phone calls after 7pm, and I don’t reply on weekends as that is my family time. You just need to have some sort of time to yourself, we all need and deserve that.”
