As we approach our next Masterclass, our speakers from Nationwide Building Society, Robert Gardner, Chief Economist, Rachael Sinclair, Director of Mortgages and Financial Wellbeing and Henry Jordan, Director of Home  discuss the challenges faced by first time buyers and working with journalists to help educate borrowers.

Can you give a quick overview of what your Masterclass session will cover?

Our mortgage masterclass will look at the structure of the market, including the the size of the market (residential and buy to let) and latest trends. We will provide an overview of how key aspects work, including:

• How mortgages are priced, why lenders change rates and the impact of the wider economy on pricing
• Affordability and what lenders take into consideration when reviewing a mortgage applications
• The challenges faced by first time buyers in getting onto the property ladder
• Impact of the cost of living and the support lenders have in place
• Key issues faced by the sector
• Working with government to improve the housing market for consumers

What are the challenges surrounding your topic journalists should help their readers understand? How will you be discussing this at the Masterclass?

A mortgage is the largest financial commitment most people will make in their lifetime and for the majority it is the biggest expense they pay each month. It is important lenders make sure customers can afford their repayments both now and in the future, which is why we want to help journalists understand the market and the key things lenders take into consideration when reviewing an application, so they can help guide their readers on the key things they need to know. As a major lender, we are also aware of the various issues and challenges the industry faces and are happy to work with journalists to help educate borrowers.

 We also know many people are worried about their finances and how they will repay their mortgage. We want journalists to help demonstrate why people shouldn’t be afraid to speak to their lender and to highlight the support lenders have in place to support our customers.

Any general tips for money writers covering your sector?

There are lots of elements to a mortgage and the mortgage market and if you don’t really understand something, there is a good chance your readers don’t. Lenders have a wealth of knowledge and expertise and we are happy to put you in touch with our experts so you can ask even the most basic of questions to help your understanding. We want to keep things simple, accessible and inclusive for our customers, as well as writers covering the sector.

What would you like to change about how journalists cover your area of expertise?

Getting a mortgage might be one of the biggest financial commitments our friends, family and colleagues will ever make, but that doesn’t mean it should be difficult or time consuming for customers to navigate. We want work with writers to help make the mortgage market more simple, more inclusive and more accessible for everyone.

Tell us about the big stories in your sector in the past few months. Could these be rolling stories? 

The impact of interest rates rising from historic lows has meant many people have never experienced mortgage rates at their current level. As more and more people remortgage to the new, often higher rates, many will struggle and need guidance and advice on their options.

Homeownership is increasingly feeling out of reach for many potential first time buyers as their earnings haven’t kept up with house prices and they are struggling to save for a deposit while paying rent. Nationwide is working with industry partners to look at the challenges faced by first time buyers and what we and the government could do to help.

Finally, why is it important for journalists to have access to initiatives such as Headlinemoney Masterclasses?

The Masterclasses help put journalists in touch with the experts in their field. It is important that journalists understand the topic they are writing about and aren’t afraid to ask questions to help build their knowledge. The media helps providers reach their customers, which is why we are happy to work with them to help ensure they have the knowledge and tools they need.

The Headlinemoney Masterclass will be held on Thursday 18 April 2024, where experts from four other financial services companies will give succinct overviews of their sectors for financial journalists. Find out more and book a place.