Mortgages

The pandemic ushered in a set of unprecedented challenges for the mortgage market. 

The stamp-duty holiday, combined with the introduction of working from home, gave a significant boost to the housing market. People saw their chance to move to their dream home, perhaps far from the City, or to seize the opportunity to buy something bigger. Some first-time buyers were also able to make the leap onto the property ladder sooner than they had anticipated.   

Mortgage providers were faced with an upsurge in new business at the same time as their own staff were working from home, as were brokers themselves. 

Providers were also simultaneously supporting customers struggling with the fallout of the pandemic; those who found they could not pay the mortgage. They had to ensure that all the other, usual, day-to-day business of a lender was maintained too.   

But the job got done, and improvements were made, despite the chaos of coronavirus. 

Just Group – the Company of the Year and once again awarded five stars in the mortgage category – has introduced new features this year, including medical underwriting across its lifetime mortgage range and key facts illustration functionality to ensure quotes could be obtained online. Online lifetime mortgage applications have also now been introduced, with role management and case tracking to follow later this year.

“The lifetime mortgage will assume an increasingly significant role in later-life financial planning and we’re determined to maintain and grow our leadership position,” says Stephen Lowe, group communications director at Just.

Among this year’s other five-star winners, HSBC notes that it set up a broker contact centre within a week of lockdown and improved technology by enhancing its live chat function to include extra features, such as case updates. Recruitment continued, with more people added to the business development and broker-support teams, as well as to large-loans and underwriting teams.  

Chris Pearson, head of intermediary mortgages at HSBC UK, says: “We know that being fast, clear and easy to do business with is a good starting point that resonates with brokers and customers, but being there to talk to when things are not so straightforward is where we really differentiate what we do. We’ll keep pushing those boundaries in 2022 and beyond.” 

Another five-star winner, lifetime mortgage lender more2life, also reports ongoing progress and improvements despite coronavirus challenges.

Steve Dodd, director of operations at more2life, explains: “In 2020, we worked hard to remain open throughout the pandemic and in 2021 we provided advisers with digital marketing and educational support.

"In 2022, advisers can expect more product innovation and educational content, as well as enhanced support for their more2life clients." 

Pepper Money, which was awarded Most Improved and four stars in the Mortgages category, implemented a new case management model and is now using more technology to complement its underwriting service.

Nicola Boardman, director of sales operations at Pepper Money, concludes: “We grew our teams and invested in our people, processes and systems to create a dedicated, consistent service.”