The Intermediary – April 2025 - Flipbook - Page 64
B RO K E R B U S I N E S S
Opinion
Together we can
combat stress
A
pril can be a cheerful
month, with days
lengthening, flowers
blooming and
Spring finally in the
air. But it is also a
stressful time for many, with the end
of the tax year focusing aention on
financial maers. This year, we have
the added fiscal burden of higher
energy prices and water bills and a
rise in National Insurance (NI), not to
mention concerns around US tariffs
and the wider economy. So, it feels
particularly fiing that April 2025 is
Stress Awareness Month.
Working in the mortgage market
comes with plenty of stress all year
round, which we may not always
acknowledge, let alone seek to
counterbalance.
Ours is a wonderful, sociable
industry, full of positive, can-do
people, and the work we do is very
valuable to our customers. It can
be highly rewarding. Nevertheless,
mortgage lenders and brokers operate
in an environment of constant
pressure. We need to make decisions
and meet deadlines on an hourly basis.
Can we or can’t we make an offer on
this case? Will I be able to close this
deal? The impact of our actions may
not be life or death, but they do affect
people’s lives in a very real way.
Moving house is one of the top
three most stressful experiences most
people go through, right up there with
divorce and bereavement. But securing
any kind of property finance, from
bridging to buy-to-let, is not without
tension for the borrower. Mortgage
brokers routinely experience some
transference of this stress, adding to
the pressure of the job.
We also have to work through
additional pressures, such as
periods of volatile interest rates and
subsequent product withdrawals,
which can be particularly stressful
for brokers who may have to explain
complex financial concepts to
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The Intermediary | April 2025
disappointed customers – and then
arrange their cases again.
We all deal with spikes in business
when rates or taxes are cut. Healthy
activity is very welcome, but
occasionally the workload can be
overwhelming. The rush to beat the
recent Stamp Duty deadline was a
case in point.
Long working hours are endemic in
the mortgage industry. Our MIMHC
Mental Health and Wellbeing Survey,
carried out last summer, revealed that
49% of respondents were working
between 45 and 60 hours a week, 10%
between 60 and 75 hours a week and
3% more than 75 hours.
Stress wreaks havoc on physical and mental health
I’m willing to bet those figures
would have looked a lot higher in
March this year. Aer all that effort,
around 70,000 mortgage cases failed
to complete on time, leaving those
borrowers with bigger Stamp Duty
bills and their brokers and lenders
with an added layer of stress.
All of this adds up to a significant
stress burden, carried by many
thousands of people in our industry.
Stress can play havoc with our mental
and physical health, our ability to
function at work and home, our
ability to cope.
Stress makes it hard for us to
concentrate. It causes headaches
and upset stomachs and keeps us
from sleeping. Stress can cause or
exacerbate existing anxiety and
JASON BERRY
is co-founder of the Mortgage
Industry Mental Health
Charter (MIMHC)
depression. Chronic stress can worsen
pre-existing health conditions and
lead us to use more alcohol, tobacco
or other substances.There is no way
to remove stress entirely from our
working lives, but we can combat the
worst of it using simple techniques.
Talking is absolutely crucial – honest
communication with a colleague,
friend or partner makes a huge
difference. The old saying that ‘a
problem shared is a problem halved’
does carry some water.
Geing adequate sleep helps,
and meditation is said to be a great
antidote to stress, though I must
confess I have not mastered it myself!
Exercising – whether that is cold
water swimming or simply going
for a walk – boosts the production
of neurotransmiers in the brain,
alleviating stress. Eating well,
limiting screen time, these are
all basic measures, but they can
really make a difference to our
mental health.
The challenge for us as individuals
is making the time in our lives
to incorporate these behaviours.
The challenge to us as an industry
is to encourage and enable these
behaviours and prioritise the
wellness of every individual working
in mortgages. ●
More than 200 signatories to
the Mortgage Industry Mental Health
Charter have pledged to place
mental health on their radar.
Visit the website to sign up.
