The Intermediary – July 2026 - Flipbook - Page 36
RESIDENTIAL
Opinion
Change, change,
change
A
ll I’m ever seeing
in the industry
at the moment is
change. Changing
systems, changing
propositions,
changing rates and more recently,
some big re-brands and restructures
from lenders. Change oen spikes
curiosity, anxiety and excitement.
I recently wrote an article about the
stressful homebuying process needing
change (which I decided not to publish
as it’s now announced that there are
likely reforms being implemented),
as it oen results in wasted time or
non-commial.
For years, there’s been no change
whatsoever and homebuyers, and
everyone else involved in the process
has to just deal with that.
The mortgage industry, on the other
hand, is constantly forced to adapt,
pivot and redirect because of the
changes elsewhere. Whether it’s a hike
in household bills, or rail fares, or
taxes that make it ever more difficult
for a mortgage customer to pay their
mortgage payment comfortably
or buy the property they want and
need – lenders have to make changes
to accommodate.
With another failed Prime Minister
term in office, we’re on the brink of
someone coming into power and, yet
again, making more changes. Annual
property taxes. More costs that
frighten buyers and home-movers.
Changes that have been seen in other
countries and, perhaps, haven’t been
the most successful.
But, again, what does this mean?
It means that with more changes to
Government we are likely to see more
changes with the economy, which can
have a knock-on effect to the housing
market and mortgage industry.
What has to happen again? Lenders
once again have to implement more
changes to keep up to speed.
Not only that, but who are the
individuals having to know not one
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The Intermediary | July 2026
lender’s changes, but near enough
all of them? Brokers. Brokers are
expected to understand and retain
the knowledge of all the changes that
lenders make that feels almost daily.
New rates: higher, no wait,
lower, actually they’re being pulled
altogether, now they’re back. New
criteria: now you can borrow 95%,
actually now it’s 90%, now we’re doing
99% but only if you’ve got 85% of your
own deposit that you’ve saved over the
last 6 months whilst you’ve also put
aside 60% of your net income aer
paying household bills that have gone
up 13% aer the inflation numbers of
2.8% have increased.
Aer all that, this is with a lender
that last week was known as this, but
now is known as that.
Staying ahead
You get the story. It’s hard. It’s tricky.
It’s also not a surprise that we hear
that broker numbers in the UK are
the lowest since 2008, and seemingly
continuing to decline.
But this is where there is a huge
opportunity in our industry. The
constant changes and redirections that
we all have to navigate and take on the
chin makes the role of the adviser even
more useful.
If we’re blinded by constant changes
and we know the industry inside out,
what do clients feel? It’ll be even worse
for them, and with high street banks
closing their doors, although it’s more
accessible to have ‘quick phone calls
at any time of the day or night direct
with a lender’, there is very, very
clearly far more for a client to consider
in this market.
What you cannot beat in such a
changing industry and market is a
broker who has decided to accept this
head-on, continue to develop their
cra and be the best they can be. That
is where a broker is worth their weight
in gold. And that is why brokers
are still so fundamental and relied
upon today.
JONATHAN FOWLER
is founder and adviser at Fowler
Smith Mortgages & Protection
Artifical intelligence (AI) can
come in, but it won’t beat the
traditional routes.
Clients need a steer. Adverts on
the telly used to run for months and
months, all the same. They’d become
a part of ‘90s and ‘00s culture. Now,
a client will see an advert about a
mortgage one day and the next it’s
different. It’s confusing, and a broker
is the saving grace.
I oen think we don’t give ourselves
enough credit in our industry. It’s
tough. There’s change happening
everywhere you look. But we carry
on, developing our knowledge and
providing the best for our clients.
Do I think the number of brokers
will continue to deplete? Absolutely.
Without a shadow of a doubt, it will.
Younger people don’t now think about
going into a traditional advice role, on
the whole, with lots of regulation and
snap changes.
But I see that as an opportunity for
those willing to weather the storm
and continue to be the absolute best
they can be and keep our industry
moving forwards and being as great as
it can be.
Lenders have a hard job, I get it. For
brokers, it’s equally as hard. We all
need to continue working cohesively
and bring back the old school way of
working; strengthening relationships
and leaning on one another. ●
