Charles Morley’s view of the mortgage market over the last eight weeks

After working in the mortgage industry for 30 years I thought I had witnessed every eventuality that could possibly occur, from significant regulatory change to severe recession. However the past eight weeks have been something completely unique for so many reasons, including the need to delay my wedding!

I do believe it will change us all, but it has definitely brought out the best in people. As a nation we have united and as an industry we have done likewise – there is an undoubted sense of camaraderie, across all elements of our sector for everyone to succeed. Through my career I have made some great friendships and forged some incredibly strong business partnerships, both at an individual and corporate level. We’re operating in unprecedented times, and it sometimes feels like Bill Murray in “Groundhog Day”, but it has been fantastic to witness the resolve of a mortgage industry working together to help each other, and ultimately our customers, to ensure we exit this situation with our market, sanity and ultimately our health intact.

As a mortgage lender, I have watched in awe how my colleagues have responded to the situation. No issue has been too small or problem too great as we have lived by our core values and implemented rapid and caring change to support both our business partners and our customers, just as we would in a “business as usual” environment. Staying safe, of course has been the number one priority, as we have adapted and responded to these unique circumstances, under the leadership of our Prime Minister.

We are doing everything we can to ensure we keep our services running during the coronavirus outbreak – particularly as we anticipate this continuing for some time yet. We are committed to minimising any delays to our turnaround times, from initial mortgage enquiry through to post completion queries, with our teams available on the usual contact numbers.

Regular customer and intermediary updates have been issued ensuring everyone is kept informed of both changes and ultimately our support mechanisms for brokers and customers alike. This has included, for example:

• FAQs for both our customers and intermediary partners to support with the key questions we are being asked as a mortgage lender. These have been issued to the market, as well as hosted on our website.
• As part of UK Finance’s industry-wide approach to supporting mortgage customers with payment holidays, we have aligned our policy to ensure any customers that may be experiencing issues with their finances as a result of coronavirus are protected during this crisis. We have added an online solution for customers to use – this was built in record time to avoid the need to wait on the phone (even though our call waiting times have remained low as we added additional resource to this area). In addition we are enabling customers on payment holidays to carry out rate switches.
• We have widened the use of both automated valuation models and digital valuations across our range of products (up to a value of ￡3m) and maintained both residential and buy to let products in the market at 80% loan-to-value and 75% loan-to-value respectively. This gives choice to both our customers and intermediary partners, fully supported by both our panel valuer and legal services partner – LGSS and ULS.
• We have also extended mortgage offers to support customers during this period if their plans have been impacted.

As I mentioned in a recent LinkedIn post – it is great to witness how we have all adapted to the new environment. Video calls have now become part of our everyday working life – as has witnessing some interesting home décor, many people seem to love a feature wall! Facial hair is back in fashion even more than before and I am contemplating peroxiding my now flowing locks (due to lack of barber shops) to reenact the look I used to have in the 1980s – as we all know the decade of great music! 

Witnessing an industry come together in such a special way has made me so proud to be part of it. Once again thank you for all your support, humour and ultimately your resolve, it is hugely appreciated and as Her Majesty the Queen so eloquently put it “we will meet again”, and when we do, life will feel all the sweeter for it – especially with a sparkling pear cocktail in hand!