The mortgage industry has changed a lot over the past decade, mainly at its best.
Whether it’s doubling up in supporting clients (regulated tips, but driven by brokers and lenders’ willingness), embracing technology (far less than moving forward, progress is good), or providing more inclusive lending standards, there’s much to be proud of.
Similarly, our approach to mental health and neurodiversity has begun with leaps and boundaries in the industry and society at large. From themes totally taboo in the workplace to many companies, working to acknowledge and even celebrate the differences, we all get better.
The problem shared is indeed a problem to be halved
I should know. When I started working in financial services since 2012, I suffered from severe anxiety. Telling colleagues, even my best friend, is unimaginable. Now I’m writing an article!
Of course, mental health and neurodiversity are common in every industry (According to Mind, a quarter of Britons experience mental health problems every year). But the mortgage industry can be particularly challenging. After all, brokers and lenders support real people every day to make critical financial (and life) decisions.
We also have to remain resilient in the face of uncontrollable circumstances (the impact of some U.S. presidents’ trade policies on mortgage rates is a partial example). And, while rare, we are also responsible for taking care of people with financial difficulties (long-term defaulted UK mortgages account for about 1%).
Reduce stress
Although mental health challenges are often biological and not directly caused by one’s environment, these stresses can certainly present challenges.
So, whether it’s colleagues, clients, or brokers/lender partners, what can we do to make everyone’s life easier? These are three suggestions….
Let us continue to make reasonable adjustments to colleagues, clients and industry partners to help them do their best.
First, experience keeps me open to mental health and neurodiversity where possible. Doing so will promote people’s understanding of the challenges people face and can reduce weight on their shoulders – in my experience, the question shared is really a problem. Of course, this involves listening as much as sharing (even for everyone who has a different experience for everyone’s mental health challenges).
Second, it is a huge help when employers and industry participants openly accept and celebrate the differences. This is not a symbolic gesture of the year, but sincerely being considered as a kind of acceptance. Here is a clear tone from the top: “In this industry, we celebrate the difference, so don’t feel like you need to hide it!”
Third, let us continue to make reasonable adjustments to colleagues, clients and industry partners to help them do their best. Whether it’s making subtle changes to the recruitment process or doing the mortgage application process, let’s stop doing things because “this is how they’ve always been.”
The mortgage industry can be particularly challenging. We support real people to make critical financial (and life) decisions every day
I’m a little nerdy, whether it’s a mortgage or anything else, so naturally I’m interested in what numbers tell us about mortgage and mental health:
- According to the FCA’s Financial Life Survey, two-thirds of people who lag behind payments during the cost-of-living crisis suffer from mental health conditions, while one-third suffer from relationship problems. The same report noted that “some clients praised mortgage lenders for helping them lower their payments” as living expenses soared.
- Mental health problems are not evenly distributed. For example, women make up 51% of the population, but 55% of mentally healthy patients. People identified as LGBTQIA+ are two to three times more likely to report mental health problems than straight people. Similarly, mortgages are also not evenly distributed among different demographics for a variety of reasons.
I suffer from cruel anxiety. Telling colleagues, even my best friend, is unimaginable
- Two-thirds of adults with mental health problems are not treated. Only 6% of people in England come into contact with a mental health professional. Meanwhile, brokers and lenders are under pressure to effectively identify and support vulnerable clients, but that is not easy – often, clients are often reluctant to discuss vulnerability, or may not identify it on their own.
I warmly believe that we have made progress as an industry and as a society, but there is still a lot to do.
Let us avoid complacency and continue to disappear together.
Alex Beighton is head of mortgage pricing and analysis for the Nottingham Construction Association
This article is in the April 2025 version Mortgage Strategy.
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