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Focus on the Future since that’s where we’re going

Head of Growth at Mortgage 1st Paul Lewis was asked by FSE Media to share his thoughts on the UK Mortgage Market, reviewing 2022 and looking at what’s to come in 2023.

Here’s what he had to say…

2022, as with the years that came before, was a year for the history books. Nevermore have we needed to look back and learn from the experiences we have encountered; I am confident that the last three years alone will equip us perfectly for what is to come.   

While we have gone through tough times before and, undoubtedly, will go through them again, the major difference in 2023 is the impeccable leadership skills & experience held by key decision makers at the top of the largest distributors and financial organisations in the UK.   


I feel confident as a brokerage that we are in very safe hands as we prepare to embark on one of the most intriguing years in recent memory.  


It is no surprise that communication, lender consistency & clarity will remain essential again as it did last year. At risk of jumping on the band wagon a little, I do agree that 2023 will be a year like no other making it almost impossible to predict, all we can ever do is acclimatise, remain nimble and adapt to whatever change comes our way.    


I would like to feel that lenders are doing their research, considering market factors and setting realistic sales targets for the year. Common sense must be used when setting these figures, especially when considering buy-to-let.  Many experts across the industry are predicting that we are entering the “year of the re-mortgage” but is that a fair assumption?   


Buyer demand did reduce significantly as 2022 came to a close and we all know the reasons why, but we do have to factor this data in when setting sales targets as they have to be realistic.  


It certainly isn’t all doom and gloom, we have to remain upbeat as the UK is still seeing property price growth, while it may not be at the rate we have become accustomed to, and it may be deepening an already strong North/South variance but it is growing nonetheless, as is the demand for attainable properties    


As a large brokerage that has grown aggressively in 2022 and looks to continue to do so in 2023, we need to make sure that our advisers are utilising relationships with lenders and BDMs. Ultimately, we need to know what each lender can do and in some cases what they can’t do.  Advice will take slightly longer than it has in recent years, and this is to be expected, with the increasing number of factors an adviser must consider growing almost daily.  


The role of a mortgage broker will remain the same in 2023 but those with access to a large toolbox of lending solutions and an understanding of how and where they can help their clients will see them stand out from the crowd.    


I think it is fair to assume that 2023 will favour the buyer more than it has in recent years, we will of course see far more cautious approaches from prospective buyers.   


One thing is certain, people will still be buying and selling homes; to me, that sounds like business as usual for the industry and us at Mortgage 1st and we look forward to embracing the challenges that are coming our way.