The mortgage broker industry in the UK has seen significant changes in 2024, with mounting pressures affecting the mental health of professionals in the field. Brokers play a crucial role in helping individuals navigate complex financial decisions, but the nature of the job, combined with rising interest rates and economic uncertainty, has put increased strain on their mental wellbeing.
A recent survey by the fifth annual survey from the Mortgage Industry Mental Health Charter (MIMHC), found that 21% of the mortgage professionals recently rated their mental health as either ‘poor’ or ‘of concern – which is an increase from 14% in 2023.
The stigma around mental health in the financial sector persists, with only 1 in 4 mortgage brokers feeling comfortable discussing mental health issues with their colleagues.
To address these challenges, mortgage firms and industry bodies are starting to recognise the need for mental health support. This year 39% of firms in the mortgage sector have implemented more mental health initiatives, such as mental health awareness training, access to counselling services, and promoting work-life balance are being introduced by forward-thinking companies.
As the industry continues to evolve, it is crucial to prioritise mental health to ensure that brokers can thrive in a fast-paced, high-stakes environment. A healthier workforce not only benefits the individuals but also leads to better customer outcomes and a more sustainable industry.
Gina Hurn – Broker Relationship Manager
“At PRIMIS we know that changing or joining any network can be quite overwhelming. The Recruitment and Onboarding teams recognise that this can have an impact on mental health. This is why PRIMIS onboarding and recruiting colleagues are trained, skilled and experienced in navigating recruits and firms through the process on a step-by-step basis, so that there are no surprises along the way!
Being open and encouraging communication is key and can help establish a meaningful relationship between Onboarding teams and recruits. We spend as long as a recruit needs, to signpost the onboarding journey and get to know each individual’s need. We want them to experience encouragement in any medium preferred by the recruit so they can gain confidence and trust in PRIMIS’ Recruitment and Onboarding teams.”
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