26 February 2021

We're working hard to support brokers through these challenging times

Mortgage brokers, for the most part, are upbeat about prospects for the mortgage market this year. Nearly a third (30%) expect business volumes to increase in the coming quarter, Savanta’s Mortgage Intermediary Survey* has shown. Another 49% expect business volumes to remain about the same. 

Those results are promising, given the difficult backdrop and huge challenges created by the Covid pandemic. For mortgage brokers in particular, who have often relied heavily on face-to-face interaction with clients, a sudden shift to digitalisation and working from home has put many on a steep learning curve. It’s all the more difficult if you have demanding kids in the background. 

Amid these challenges, we know how important it is for lenders to work closely with brokers, to navigate the difficulties of the pandemic together. At Principality, our Intermediary team are here to help you and your customers and we are committed to providing you with the support you need. 

We’ve been listening carefully to brokers and have been quick to implement changes wherever possible. In fact, during September to December 2020, our scores for satisfaction, commitment and ease of doing business all increased. As Viraj Jadfa of Pure Mortgage commented , “It’s good to know that Principality are doing their best to reduce the impact on their customers”.

We realise that one of the greatest challenges right now is arranging mortgages for clients on furlough income and those that are self-employed. We pride ourselves on taking a common sense approach to cases, so get in touch.     

Our field BDMs have been working hard to answer calls as quickly as possible and we’ve maintained our normal high service standards throughout COVID-19.

We’ve also worked closely with the underwriting team to ensure we give accurate information to brokers, as well as guidance on how successful an application is likely to be during a time of huge uncertainty for brokers and their customers.

As always, we’re open to feedback. We share any suggestions about new products or propositions with our Product Team to cater to brokers’ needs and keep step with the market. 

While we’re proud to have done our best to adapt to these challenging times, and to help brokers to do the same, we know the situation is constantly changing. Let us know of your feedback - the good and the bad - and we’ll do all we can to make changes.

Email us at intermediary@principality.co.uk

*Savanta’s Mortgage Intermediary Survey 2020 was conducted between September and December and included 300 interviews with mortgage intermediaries

 

 

Published: 26/02/2021

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