Our word, our pledge

What can you give and still keep?! I'll give you a clue - it’s not something everyone always does.

The answer - your word. 

What mighty power our ‘word’ wields in an industry built on trust, relationships and communication. Never more so than when world events ricochet to our shores.

At the start of this year, our story was stability, sustainable growth and a pleasant settling of sorts! Fast forward a few weeks, and we’re talking war, volatility, and highly caffeinated swap rates. Inflationary tales of Oasis tours and the price of a flat white have made way for cautionary tales of the price of oil almost overnight.

Naturally, many have drawn comparisons to the Russian invasion of Ukraine. While I understand that, the situation today feels different. Back then, Base Rate sat at just 0.25%. Today, at 3.75%, many would argue we’re already in restrictive territory, giving policymakers a stronger starting point to respond and adapt. And unlike the post-lockdown surge, we’re not seeing the same levels of economic growth; GDP is let’s say, a little more... restrained.

The upshot for our industry has been immediate and brought some of the busiest weeks we've had, as many look to secure a rate - sooner, rather than later.

Of course, that pace brings pressure. Lenders working flat out to keep service positions steady, whilst navigating the struggles of pricing in a volatile market. For brokers, yet again, we see them going above and beyond (and then some) to ensure customers get the outcomes they want within a timeframe that is often dictated by a lender’s withdrawal notices. We truly understand the toll this can take, both physically and mentally.

Last year, you may recall we launched our Broker Pledges, namely:

• We will not dual price;
• We will give a minimum of 24 hours notice for product withdrawals; and
• We will continue to improve the PT process.

This year saw us add to our smorgasbord of broker backed delicacies with access to underwriting, adding further support.

While we take great pride in our Pledges, we know actions speak louder. In the challenging and volatile environment we find ourselves in, brokers, customers and distributors rely on lenders for consistency, clarity and the same commitment they seek to deliver. By standing resolutely by our commitment of giving 24 hours’ notice in this “tricksy” time, we hope we demonstrate our integrity and give confidence that we sit firmly behind our brokers. 

So, we give you our word - again, and we will continue to keep it. We are after all what we do, not what we say we’ll do.