Mortgage Brain’s Christmas Wishes

With only days left to go before Christmas comes around, our CEO Mark Lofthouse outlines his industry-focused present wish list for this year.

Wish 1: Superfast broadband – especially in the UK
In the fast broadband league, the UK sit at a disappointing 19th place, according to an article published in ISP Review in June this year. South Korea lead the way, with broadband a whole 15bps faster than us here in the UK. Mark notes: “We are supposed to be one of the richest nations in the world, with one of the most advanced economies, and yet our broadband speeds are lacking. Governments keep talking about how poor the speeds are, it’s time something was done about it.”

Wish 2: Instant rule changes
Wouldn’t it be amazing that if, whenever a new set of rule was brought in, they were actually put in place instantly? Those of a certain age will remember Samantha Stevens in Bewitched, all she had to do was twitch her nose and voilà! A change would occur instantly. It would be a simpler world if rules were implemented immediately and effortlessly.

Wish 3: Honest and straightforward Advisers
A problem with the financial services industry as a whole for this third wish, following Ipsos Mori’s Veracity Index 2016, outlined the level of trust the public has in each profession and bankers finished sixth bottom. I know that mortgage advisers aren’t bankers, but the financial services industry as a whole still has an image problem. My wish is that in 2017 the FCA doesn’t have to fine a single company. A simple wish, but one which would help the industry massively.

Wish 4: Advisers taking advantage of new markets
Although the mortgage industry is buoyant at present, it won’t always be this way. At some point, the mainstream mortgage market could slow down again… it’s important to diversify now, deliver a broader service to your clients and keep competition at bay.

The protection, second charge, conveyancing and general insurance markets are a number of areas that advisers should be talking to their clients about. There are opportunities out there so don’t wait until your bread and butter work has dried up to go looking for them and deliver a more complete service now.

Wish 5: Everyone taking a step back and calming down
A straightforward request for this Christmas, whatever side of the debate you’re on, our post-Brexit world has been an uncertain one, and the imminent arrival of President Trump hasn’t done much to calm things either. That’s why my final wish is that 2017 be a calmer year, with no more major financial or political upheavals. Is that too much to ask?

A very Merry Christmas and a Happy New Year from everyone here at Mortgage Brain. Let’s hope 2017 will be able to grant Mark his wishes.