In Focus: Profitable advice business  

Mortgage network offers out-of-hours support to brokers

Mortgage network offers out-of-hours support to brokers
Chris Ratcliffe/Bloomberg

Mortgage advice network The Money Group has extended its office support hours to 9pm for brokers struggling to keep up with constant rate rises forcing them to work into the evening.

In the past few months, lenders have been giving brokers less and less notice before they pull a mortgage rate or product.

Brokers are finding that submitting cases as late as 11pm on behalf of their clients is becoming the new norm.

Last week, mortgage advisers were left scrambling when Barclays cut its system off at 9pm following a rate change announcement. One broker, who was unable to secure his rate, said his client would be £6,000 worse off over the next 10 years as a result.

High street lenders’ long wait times for support have also been criticised, with phone wait times anything up to an hour and a half. Some brokers have said current service levels are the “worst” they have known them to be in years.

Yesterday (June 30), The Money Group - which looks after some 130 advisers - said brokers will be able to refer their cases to its head office team up until 9pm for any administration support they need help with.

“We understand from feedback we have received from our members that they are struggling to cope with the ever-changing market, and most are working late into the night to deal with the constant changing of rates,” said The Money Group’s operations manager, Rebecca Taylor.

“Our members wellbeing comes first so I am delighted we have been able to source extra resources in order to accommodate this.

“We all know the all-important need for a work life balance, and we hope this initiative will give the broker just that.”

The Money Group’s managing director, Jonathan Needham, added that he hopes the extended office hours will “alleviate any stress” for its advice firm members - whether that is the firm’s principal, advisers, or back office teams.

“As an industry we all need to pull together and support each other. We respect the enormous stress lenders, solicitors, and valuers are under at the moment so we encourage everyone to pull together and help in any way that you can."

ruby.hinchliffe@ft.com