I think we can all collectively agree that the newly announced third lockdown isn’t really the fresh start we were hoping for in 2021. With most of the country shut down and people told to stay indoors, unable to meet their friends & family and lead their lives as normal, it’s difficult to keep morale high.
However, the third lockdown is unlike the previous ones. There is some good news for mortgage brokers - the housing market remains open for business, with both property viewings and moving home allowed by the Government.
Below we’ve listed the top 3 points to put you in a positive mindset, and prove that it’s not such a bad start of the year after all.
Demand is higher than ever
In November more than 100,000 mortgages were approved in the UK, which is the highest number in the last 13 years. The demand continues, and we’ve even seen a different trend develop over the course of last year due to the pandemic, with more and more people interested in buying houses in rural areas. What is more, experts predict that deals will rise in 2021, and that it will be a lot easier to get a 10% deposit mortgage - if that doesn’t get prospective buyers interested, what will?
Possibility of stamp duty extension
The mortgage industry is not just facing demand, it’s also facing a lot of pressure. There’s an unprecedentedly high volume of buyer applications, all of them hoping to complete the process before the stamp duty holiday deadline. There is reason to remain positive though; there is hope that the stamp duty holiday will be renewed. Many are calling for an extension, with some even saying that it should remain permanent! There is a petition going on, with more than 45,500 signatures already (and the numbers keep on rising).
Well versed in technology
Last March caught us off-guard, and many struggled with working from home for the first time. But at this point, mortgage advisors are veterans when it comes to using Zoom, which has led to greater opportunities to service clients outside our normal target area and improved efficiencies.
If you would like to find out how to streamline your customer journey using technology without losing the personal touch, we would love to have a chat with you about Sentry.