2023 has been a rollercoaster of a year for the mortgage industry – in my 25 years in this industry I do not recall a year like it.
From the long-lasting effects of the disastrous mini-budget, through the cost of living pressures to rise after the rise in the Bank Of England Base rate brokers have been hit from all sides.
If you then add in the implementation of Consumer Duty – which at times has felt like it only applies to brokers and not lenders – which has led to a raft of new requirements and processes foisted on us.
And lastly, lenders who seem more concerned with their bottom line than the mental health of the brokers that introduce 70% + of their business – we have seen rates pulled with no notice, tightening of affordability and the introduction of some eye-watering fees for buy-to-let applicants.
Through adversity though comes resilience – and the broker community has a resilience like no other. They rise to challenges with a constant focus on delivering for our clients.
Matthew Jackson is director at Mint FS
