Comment: Making sense of the market at the midway point

For current and prospective homeowners, and the advisers supporting them, the first half (H1) of 2026 has delivered plenty to keep us all interested.

Although at the start of the year it seemed as if we were trending towards a healthy, more stable, mortgage market (which was welcome news for current and prospective homeowners alike), a mix of geopolitical and economic uncertainty has meant that the stability did not last long.

Managing client expectations is a key skill and something that AI will find hard to replicate

Advisers have spent much of H1 supporting clients in navigating the uncertain market conditions to make an informed decision about their homeownership journey; and they have done this brilliantly.

There are important lessons we can learn from this period that will ensure advisers can continue to support their clients as they enter H2.

One lesson from H1 is that the market is both resilient and adaptable. It quickly responded as expectations for interest rates changed in the immediate aftermath of the Iran war earlier in the year. Mortgage prices shifted sharply and huge volumes of products were temporarily withdrawn as providers adjusted to market conditions.

The need for our brilliant advisers was demonstrated more than ever, helping customers to navigate the turbulence and secure rates and products in a fast-changing and rising rate environment.

There is no shortage of ways that advisers can add value in the current environment and beyond

This proved a strong reminder for the whole market to reflect on where customers would have turned for help had it not been for the dedicated support of our mortgage adviser community.

Human-first translators

Market uncertainty may well remain, and the role of the adviser will continue to be essential. Intermediaries have an opportunity to unlock additional value for both new and existing clients.

Their role as a human-first translator of economic news has become increasingly important, with advisers able to lean in to their strong rapport and deep client knowledge to truly help clients understand how such developments impact their homeownership journey.

I talk a lot about the necessity for us to remember to work on our businesses as well as in them

Linked to this, managing client expectations is a key skill and something that artificial intelligence (AI) will find hard to replicate.

As stability has improved more recently, product innovation continues, with new low-deposit options, greater flexibility on income multiples, and more family-assisted borrowing solutions. Despite this, many prospective homeowners remain unaware of these options. Advisers are best positioned to support their clients to make more informed decisions with information that is accurate and up to date.

Market fundamentals

The market fundamentals also point to a positive year. We will continue to see record volumes of product maturities, meaning many more existing homeowners will require assistance to cope with the ever-changing dynamics.

Further, estimates suggest that, of the expected 1.2 million housing transactions each year, around two-thirds of these are driven by need rather than choice.

The need for our brilliant advisers was demonstrated more than ever in H1

Customers considering moving home may be hesitant. However, the purchase market will continue to be active and, combined with a strong remortgage market, the outlook remains positive.

Tending to businesses

I talk a lot about the necessity for us to remember to work on our businesses as well as in them. The recent turbulence and urgent need to look after our customers have meant this has been challenging so far in 2026.

However, it is perhaps more important than ever to focus on our businesses as we set ourselves up for future success, adopting AI and tech to meet ever-growing customer expectations and ensure that we remain able to deliver the best outcomes.

One lesson from H1 is that the market is both resilient and adaptable

One thing is certain: advisers have a key role to play in ensuring that prospective and existing homeowners can confidently find their way through the market in a manner that secures the best outcome for their circumstances.

From serving the incoming cohort of mortgage maturities, to supporting first-time-buyers with what is likely to be the biggest financial decision of their life, there is no shortage of ways that advisers can add value in the current environment and beyond.

Kevin Roberts is managing director of mortgage services at Legal & General

This article featured in the July/August 2026 edition of Mortgage Strategy.

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