COVER rounds up some initial adviser views on the UK referendum result.
Emma Thomson, life office relationship director at LifeSearch said: "We don't think it will affect our market in any material way in the foreseeable future.
"Many consumers may worry about the UK's future given the result, and things overall are of course uncertain, but we don't expect this to significantly impact the number of families looking for protection."
Michael Aldridge, innovation director at London & Country Mortgages said:"Borrowers wondering what the decision to leave the EU will mean for them will be faced with uncertainty.
"The fall in Sterling is expected to result in rising inflation. That would ordinarily be expected to lead to the Bank of England raising Base Rate in order to control inflation.
"However the economy could well go through a period of fragility that could see the Bank hold off increasing Base Rate. Some have suggested that it could even require a cut to Base Rate to provide stimulus."
He added: "Aside from this any upward pressure on funding costs for lenders could affect mortgage rates irrespective of a move in Base Rate.
"The certainty for borrowers is that they have an outstanding range of mortgage options open to them at the moment. Those concerned about volatility in the near term can currently fix their rate at record lows. That's likely to not only save them money now but also give real certainty around their monthly budgeting.
"2 year fixed rates are available below 1%, 5 year from below 2% and even 10 year fixes can be had below 3%."
Richard Adams, managing director of mortgage and protection network, Stonebridge Group said: "The uncertainty this Vote to Leave the EU delivers will undoubtedly affect the mortgage market. There are likely to be significant ramifications in terms of demand for purchasing property, and therefore securing a mortgage, at a time when demand has already dropped off.
"This will be further exacerbated depending on how the financial markets react, how lenders in turn react and in particular what might happen to rates in the future.
"Despite this uncertain future however I fundamentally believe that, both within our business and the advisory market at large, we have strong individuals and quality leaders who have very recent experience of a tough market, and pulling through hard times.
"We, and the market, will find a way but it is likely to take some time to travel through this tunnel and come out the other side."
Bob Champion, chairman of the Later Life Academy said: We are entering several years of uncertainty in the markets - the future does depend a lot on how authorities react to market sentiment. Understandably, consumers will be cautious and perhaps somewhat nervous about what the future holds and this is where the advisory community needs to get on the front foot.
"Now is the time to open up the communication channels and I would urge anyone thinking about their financial plans to talk them through with a professional adviser before entering into any long-term financial commitment."
A recent poll conducted by APFA had found that financial advisers wanted to remain in the European Union. The adviser body's research found that four in 10 advisers would vote to remain in the EU, with 24% saying they would vote for Brexit and a further 26% saying they were undecided at the time of the poll.
More to follow...
