Why brokers need to put themselves first this Christmas

The lender wants all brokers to relax and thoroughly enjoy the festive period, making time for the things that bring them happiness, after an exceptionally demanding twelve months.

This year brokers have had to deal with:

• Eight Base Rate increases

• Four fiscal events (AKA Budgets, Mini-Budgets and Autumn Statements)

• Three Prime Ministers

• Four Chancellors

• Five Housing Ministers

• The highest level of inflation for 41 years (11.1% in November)

• A record low number of available products in September (7,356) – down 58% from 17,392 products in January.

• A record low of 17 days for average product shelf life in September

• Record breaking days for mortgage searches in September

• Record breaking days for the number of broker interactions in August and September

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Brokers have been taking care of their clients all year, but now it’s time for them to switch off their phones, shut down their laptops, and put themselves and their own mental health first.

“It’s been an extraordinary year for everyone in the industry, but brokers haven’t just had to get themselves through uncertainty, they’ve had to guide their clients through it too. Borrowers have often needed urgent help, answers, and reassurance as the market moved at pace. Time and time again, brokers have risen to the challenge.

“It might not have always felt like that extra work was appreciated, but that’s largely because the support given by brokers can’t easily be measured. The peace of mind each client gets from knowing their home is in good hands is unquantifiable. But it’s safe to say, after all the market has faced this year, broker support has been more valuable than ever.

“We want to say thank you to all our intermediary partners and their admin and support teams for everything they’ve done in 2022. It can’t have been easy, but that’s exactly why everyone deserves to look back on the year and feel proud, before winding down to enjoy a relaxing Christmas break.”