Is the Mental Health of Mortgage Professionals Getting Enough Attention?
Reflecting on achievements, challenges, and lessons learned is essential as the year draws to a close. However, one issue deserves particular focus, and this blog highlights it exclusively—the mental health of mortgage professionals.
The mortgage industry in the UK has undergone substantial changes in 2024, leading to increased pressures on professionals in the field. Mortgage brokers play a vital role in guiding clients through complex financial decisions. It’s fair to say they are unsung heroes, a title not often bestowed on them because they are simply doing their jobs. However, the challenges posed by rising interest rates, regulatory changes, and economic instability have raised serious concerns about their mental health.
The Current State of Mental Health in the Mortgage Industry
According to the fifth annual survey conducted by the Mortgage Industry Mental Health Charter (MIMHC), 21% of mortgage professionals rated their mental health as either ‘poor’ or ‘of concern’ in 2024. This figure marks a worrying increase from 14% in 2023. The survey highlights the escalating stress levels within the sector, demonstrating the urgent need for intervention.
Despite growing awareness, stigma around mental health remains prevalent. Shockingly, only 1 in 4 brokers feel comfortable discussing mental health concerns with their peers. This reluctance to seek support further exacerbates the issue, leaving many professionals to suffer in silence.
Initiatives to Improve Mental Wellbeing
Encouragingly, mortgage firms and industry bodies have begun to recognise the importance of mental health support. In 2024, 39% of companies in the mortgage sector implemented initiatives to promote wellbeing. These measures include mental health awareness training, access to counselling services, and encouraging a healthier work-life balance.
Moreover, forward-thinking companies are investing in resilience programmes and stress management workshops. These initiatives aim to provide practical tools to help brokers manage high-pressure situations effectively.
Why Prioritising Mental Health Matters
Promoting mental health in the workplace is ethically sound and beneficial for business performance. A healthy and supported workforce is more productive, engaged, and capable of delivering exceptional customer service. Furthermore, reducing stress-related absences can lower operational costs and improve overall morale.
Given the high-stakes nature of the mortgage industry, prioritising mental health is essential. Companies that champion employee well-being are more likely to retain talent and enhance their reputation. For instance, organisations such as Mind and Mental Health First Aid England offer resources and partnerships to promote mental health initiatives effectively.
Connect’s Final Thoughts
Jane Benjamin, Director of Mortgages at Connect, is widely recognised as a Change Maker and a dedicated advocate for equality and diversity in the industry. She is also a passionate supporter of Women in Finance and a strong proponent of flexible working practices.
“Addressing mental health concerns as the mortgage sector evolves should remain a top priority,” says Benjamin. “Companies must commit to encouraging a culture where employees feel safe discussing their struggles. The industry can create a healthier, more sustainable environment by investing in mental health support.”
Resources like the Mortgage Industry Mental Health Charter (MIMHC) and Mind provide valuable tools and guidance for mortgage professionals seeking assistance. Learn more about mental health resources for brokers here.
Thank you for reading our publication “Mental Health | Is it Getting Enough Attention?” Stay “Connect“-ed for more updates soon!
