Upcoming Webinar: what is a green mortgage?

The Green Mortgage Advice Initiative (GMAI) brings you a new webinar: What is a green mortgage. The event takes place on Monday 29th July…

Important fee changes for mortgage intermediary firms in 2024/25

The FCA has released its policy statement on the Fees & Levies payable by regulated firms for 2024/25 – we pull out the important fee changes…

AMI secures significant win for the protection industry

We are delighted that the FCA has accepted our argument that the protection industry should be out of scope of the Advice Guidance Boundary Review…

Mortgage Vision returns for 2024 with extra locations

This year’s Mortgage Vision events take place across the country in September and October, with some new locations added for 2024…

AMI Consumer Duty Factsheets update

Regulated firms are required to bring any closed products and services they continue to offer into the scope of Consumer Duty by 31 July 2024…

Your June ’24 update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his June update in what has been a quiet month for the industry with the upcoming general election…

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July 16 – Courting normality

Whilst the story of BREXIT dominates the headlines and our two main political parties jockey for control over future power, for the vast majority of people the world is just the same.  We still go to work, get paid, pay our bills, buy things and try to make the world a better place. We will worry about the future, our families and what our income will buy, but nothing has yet changed in the world apart from speculation in stock, capital and currency markets.  We have not left and are a long way from any door.  Indeed a bit like the old “Crystal Maze”, there are many different doors we might end up passing through.

Houses are still being built, lenders have funds to allocate to mortgages and supply issues means that house prices have quite a strong underpin, whilst we all have jobs.  Indeed if anything the need to focus on delivering on an economic growth agenda is more important than ever.  We have survived some torrid times in the last decade and are capable of prospering through more.

This is not the end of the world.  It is nowhere near as bad as the banking crisis and the great recession and we should not be seduced into following the hyperbole of the market speculators or some opportunistic politicians.  Yes there will be questions over future investment, agreements to be reached on trade, challenges on regional and sectoral funding, but all that was still is.  We can talk ourselves into crisis or we can be positive about our ability to shape a strong future.

The job of an adviser is to advise.  It is our key role to help consumers understand all the factors around the mortgage they need to buy or keep a house that is the one that they want to live in.  We should be positive about that and be clear that our advice will allow them to own a home and sell the right protection to keep them in it.

It is too early to say what might happen with interest rates.  They may need to rise to protect sterling, or to fall to boost the economy and keep inflation on target.  These are decisions for future months.  There is also the option of both more liquidity from the Bank of England or another round of quantitative easing. Brokers should not be advising based on interest rate trends, but on consumer circumstances and attitudes on the need for stability, flexibility and budget as well as longer term objectives.

There will be press that focuses on the few deals that do not complete, ignoring the vast majority that do.  Thousands every day. Let us not add to any feeding frenzy.

Whether you wanted to be in or out, we have to deal with today and as professional advisers our task is to make sense of owning a home. Good brokers have prospered by giving great advice.   Through the last decade we have proved that a consumer is better off after our advice.  Let’s stick to that and prove we are worth our incomes in difficult times.

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