James Tucker – CEO, Twenty7tec
We have already seen close to 10,000 mortgage product updates in just a few days, and that number continues to rise.
That level of movement is not typical. It reflects a market reacting quickly to external pressures, with global instability feeding through into funding costs, swap rates and, ultimately, lender behaviour. The result is a mortgage market that can shift meaningfully within a very short space of time.
The impact of that is clear in adviser activity. On 9th March, advisers carried out 111,000 searches on our RESEARCH platform. The following day saw a further 106,000. That kind of volume is not driven by new demand alone. It is advisers going back into existing cases, reassessing options and making sure recommendations still stand.
This is where the current challenges faced by advisers have shifted somewhat. Finding the right product remains important, but it is no longer the only consideration. The bigger issue is whether that product remains available, or remains suitable, as a case progresses over a period of time.
Even in more stable conditions, the mortgage market is complex. Recently there have been typically more than 30,000 live products at any one time, with lenders introducing hundreds of changes each month. In January alone, we recorded over 300 individual lender updates, covering tens of thousands of product amendments.
That is the starting point.
When market conditions become more volatile, that level of change accelerates. Products are repriced more frequently, criteria can shift quickly and withdrawals happen with less notice. The period between sourcing and submission becomes more exposed as a result. And what’s worse, is that the end customer most likely doesn’t understand any of this, putting more pressure on the adviser to explain. Cases need closer oversight, recommendations need to be revisited more often in flights, and clients need to be kept informed as circumstances evolve. It becomes harder to maintain certainty, particularly when changes happen outside of the adviser’s control.
For clients, the effect is just as important. A product that looked appropriate at the outset may no longer meet their needs if rates increase or criteria changes. Without clear visibility, that can lead to delays, rework and a less straightforward experience. And we aren’t talking about a small purchase, this is their home on the line.
This is where the role of technology needs to move on. Sourcing systems have traditionally been built to help advisers identify the best option at a given point in time. That remains a core part of the process, but it does not address what happens next. In a market that moves this quickly, the ability to maintain confidence in a recommendation becomes just as important as making the recommendation itself.
Technology should play a supportive role in that process. It is there to help advisers make better, more informed decisions and to give them clearer visibility across their cases. It cannot replace the judgement, experience and understanding required to guide a client through what is often one of the most important financial decisions they will make. That human element remains essential.
That shift is what sits behind the development of our ADAPT solution that you will have hopefully read about. ADAPT tracks recommended products throughout the life of a case, alerting advisers to changes in rates, fees or criteria, providing ongoing visibility rather than a single moment in time snapshot.
The benefit of this is straightforward. Advisers are able to respond earlier when something changes, rather than discovering it later in the process. Cases can continue to move forward with fewer disruptions, and there is a clearer record of how product suitability has been monitored over time.
It also reflects a broader change in how advisers are working. The role is becoming more complex, with greater emphasis on managing information, interpreting change and guiding clients through an environment that does not always remain stable.
Technology should reduce that burden, not add to it. Used properly, it allows advisers to spend less time tracking product movement and more time focused on their clients, understanding their needs, explaining options and supporting decisions.
What recent weeks have demonstrated is that volatility is not unusual. It is part of the market.
There will always be periods of stability, but the expectation that products will remain unchanged throughout the life of a case is no longer something advisers can rely on. The environment is simply moving too quickly.
In that context, the focus shifts from selecting the right product to maintaining oversight of that choice as the case progresses.
That is where the next phase of mortgage technology needs to deliver. Not just in helping advisers make decisions, but in helping them stay confident in those decisions while continuing to deliver the human advice that clients depend on.
