60 Second Interview with...
Ekua Woode
Mortgage Advisor, Just Mortgages
1. What issues are you hoping to explore at the Conference?
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2. What's the biggest challenge the industry will face in the next year?
Lenders will compete harder. The consensus is that rates on fixed mortgages will fall next year and that tracker mortgages could present a good medium-term solution for borrowers waiting to see where the market is headed.
3. How is the industry navigating interest rate hikes?
As the vast majority of mortgage lenders buy in their funds from money markets, it is a strong indication of where mortgage rates will go as they often have to act ahead of any movement from the Bank of England. While interest rates are set to rise, they do not look like they will go up sharply or much higher than where we are now. The sheer level of debt in public and private finances means it will be a ‘steady as you go’ approach from the Bank of England. |
4. What piece of advice would you give young adults hoping to get on the property ladder?
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5. How can the industry best support its struggling customers?
- Enabling customers who are up to date with payments to switch to a new competitive, mortgage deal without another affordability test.
- Providing well-timed information to help customers plan ahead should their current rate be due to end.
- Offering tailored support to those who start to struggle with payments which will vary by lender, but may include extending the term of the mortgage to make monthly payments lower, a short-term reduction in monthly payments or accepting interest-only payments for a period where appropriate.
- Ensuring highly trained and experienced staff are on hand to help where needed.
- Govt support
- Support easier to access help with Mortgage Interest payments after three months on Universal Credit.
- Funding for the Money and Pensions Service to provide debt advice.
- FCA Support
- Clarification on how lenders can support borrowers impacted by the rising cost of living.
- Information for borrowers on the options and support available if they are struggling with payment.
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