16.07.2020

The mortgage market is working well; let’s keep it that way

The mortgage market is working well; let’s keep it that way

£135,000…what do you think that figure represents in the mortgage market? The average UK house price following the coronavirus pandemic? The new threshold for property values to take advantage of the Government’s nil stamp duty holiday? It’s actually a bit low for those. It’s the average mortgage these days (source: The Guardian).

Now that may make you feel good, bad or indifferent. But whatever it makes you feel, hopefully you feel the mortgage market now works well in many respects. It’s certainly very different to how it was before the financial crisis of the noughties. Generally, consumers are getting mortgages that are suitable and affordable.

And in 2020 another component will start to play a bigger part: price. By July 2020, as a result of actions from the FCA’s Mortgage Market Survey, execution-only sales – that’s sales without advice and it’s cost - are likely to grow. For example, advice is not needed in relation to rate switches. A borrower can approach their existing lender on an execution-only basis to switch products at the end of their mortgage term.

With changes from the Mortgage Market Survey (MMS) coming in, keeping up to date is paramount for anyone to continue working in the mortgage and home finance industry. And the way to do this is through Continuing Professional Development (CPD). Choosing the right CPD can only maintain, develop, improve and broaden knowledge and expertise.

Although the Financial Conduct Authority (FCA) has not specifically confirmed that CPD is a must for all mortgage and home finance professionals, they have said that regulated firms must be able to demonstrate that an individual is competent – and remains so – to undertake their role. So, by achieving an annual CPD target an individual will certainly commit to meeting this expectation and keeping the mortgage and home finance market working well.

Most adopt 35 hours of CPD over a 12-month period and use a variety of mediums in order to meet this. Here at Unicorn (an Access company) we can help with this. We have a unique suite of eLearning content for all those that work within the mortgage and home finance market. Naturally, it’s also kept up to date with all the hot topics, such as MMS above.

The suite only is not only written by leading industry experts, but it also uses award-winning learning design to bring the various topics to life on screen. From the moment you enter the suite you are thrown into the action and meet various people in the mortgage and home finance market. You then get to assume their roles and answer challenges and problems, learning as you go from the feedback you get, depending on what has happened. As well as these engaging interactive challenges, there are also succinct animated videos to help with key points and summaries. These can also double up as useful key point reminders as you go through the year. There’s also an opportunity to test your knowledge and ability to apply it, with an assessment.

The topics covered range from what’s involved with giving advice, insurances to consider alongside a mortgage, equity release and other home finance options, dealing with arrears and various other customer interactions such as, for example, complaints.

The mortgage market is working well; let’s keep it that way.

If you do not subscribe to our Mortgage and Home Finance catalogue, please contact your Account Manager. Alternatively, you can get in contact with us here, email digitallearning@theaccessgroup.com or call us on 0800 055 6586.

Author

David Gristwood

David Gristwood

Senior Learning Designer

David started his career in the financial services sector working for Lloyds, Friends Provident and…

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