Mortgage Brain has reported that brokers are becoming increasingly agile and creative in order to meet the evolving needs of their clients.

While we are witnessing an easing inflationary pressures and anticipate a potential cut in the bank base rate, brokers attending Mortgage Brain’s recent Mortgage Vision roadshow believe that demand for complex lending will remain high with greater numbers of clients requiring specialist mortgage solutions which cannot be met by high street lenders.

Overwhelmingly, brokers are increasingly adapting to meet evolving client demands and market complexities. Investing in technology, making the most of referrals, and being open to diversified solutions to stay competitive are all measures that brokers are currently using or are open to considering. Criteria search tools are vital if brokers are to stay on top of last minute product changes and rate updates.

2024’s Mortgage Vision was the biggest roadshow that Mortgage Brain has hosted, with over 700 mortgage brokers across 12 locations nationwide and 21 sponsors and panel partners. Several venues were over capacity.

Key themes that emerged:

• Market complexity vs client needs: The mortgage market is growing more complex, driven by issues such as affordability, the need for increased multiples, varied income sources, growing self-employed numbers and those with impaired credit. The market requires a broader range of solutions and partnerships.
• Referral partnerships: Emphasis on referrals as a means to retain clients and offer specialised services, especially for brokers who can’t meet all client needs personally, for example bridging loans.
• Technology streamlines business: Technology increasingly plays a key role in automating the referral process, tracking progress, improving transparency, and maintaining effective communication with clients.
• Broadening service and product offerings: Brokers are being encouraged to explore underserved areas, like commercial loans and specialised insurance, to help increase revenue and expand their offering to clients.
• Data and clients: Harnessing and managing data is key to protecting long-term client relationships. Brokers are increasingly using data to personalise communications with clients and subsequently provide a better, more relevant, service.
• Adapting business: Regular reviews of business are needed to ensure brokers make the most of referrals, upsell, stay compliant, and meet evolving market and client demands effectively.

Neil Wyatt, sales & marketing director of Mortgage Brain, said: “This year’s Mortgage Vision saw record breaking numbers of attendees, highlighting the continued value of face-to-face conversations between brokers, lenders, and peers. As the mortgage market continues to grow increasingly complex, it’s clear that brokers need reliable technology tools, like a strong criteria sourcing programme, to stay ahead of product updates and provide the best possible advice to their clients.

“In addition, more brokers are recognising the importance of referring clients to specialists in alternative areas, rather than turning them away, which helps drive revenue and improve client outcomes. The success of Mortgage Vision reinforces the importance of collaboration and innovation if we want to ensure the best possible mortgage outcomes for all borrowers.”