14 Skyline | Relaunch Edition 1 | Winter 2021
2020 has been bleak , but there are blue skies ahead and clients to support , says Jon Cooper , head of mortgage distribution at Aldermore .
Jon Cooper
Head of Distribution , Residential Mortgages
Aldermore
You don ’ t need reminding of just how tough life has been in 2020 – we are all still living under the pandemic and its restrictions . Instead , let ’ s focus on some of the amazing positives we ’ ve seen this year , like our industry adapting quickly and smoothly to remote working while managing record levels of demand .
A total of 2.6 million borrowers have
been supported with payment holidays this year and 140,000 are still on them , as mortgage lenders backed homeowners and landlords through the financial shockwaves of the pandemic .
They also rapidly pivoted to use AVMs to keep the property market moving during lockdown , before juggling the huge demand fuelled by the Chancellor ’ s Stamp Duty tax break .
Advisers have shown themselves to be agile and committed too , maintaining contact with clients over videocalls , navigating product volatility on a daily basis and going the extra mile to place clients , as criteria tightened .
We know you ’ ve faced service disruption over the year and have worked harder than ever for your clients .
There ’ s a lot to be proud of amid a torrid time for many of us and there ’ s light at the end of the tunnel , with 2021 offering real hope alongside continued challenges .
What ’ s to come ?
Finger crossed life will improve hugely next year , for all of us . The mass vaccination programme will hopefully progress quickly and be effective , while increased testing and better tracing should enable us to live without the same level of restrictions .
When we start to get on top of COVID-19 , it will give us all a confidence boost that should extend to the economy and the housing market .
But huge challenges remain . We ’ re likely to see a rise in unemployment as furlough , SEISS and other government support schemes end in the first half of 2021 and this will have some impact on the mortgage market .