In the Spotlight with Phil Goff, SortRefer

We spoke to Phil Goff, Head of Sales at SortRefer, about what action is needed to help first time buyers, how the homebuying process should be simplified, and Ed Balls' Strictly performance.

Related topics:  In The Spotlight
Rozi Jones
25th November 2016
Phil Goff SortRefer
"It would make a lot of sense to see the mortgage application process standardised in the shape of industry standard instructions and documents."

FR: The intermediary mortgage lending market saw strong growth in 2016 – is this something you see continuing?

Our customers tell us that 2016 has been a good year for them so far. Obviously, the recent EU Referendum has had an effect but overall the expected market forecasts should be realistic. The momentum built up before the vote has shown no significant downturn

Here at SortRefer our conveyancing business reflects what our customers are telling us and year on year growth is more than double market forecasts.

FR: What are the biggest issues facing the mortgage market in the current economic environment, and what should advisers be aware of when dealing with clients?

Recognising that, due to increasing property prices, finding mortgages for FTBs and those who do not fit vanilla criteria, advisers are going to have to work that much harder to help customers find the right deal. The latest CML research (October 2016) highlights that 80% of adults aspire to own a home in 10 years’ time however, there is disparity between that hope and expectation. The research comments that this is particularly seen by those aged 18-24 who believe that they will not actually achieve this. The dual effects of under supply of housing stock and affordability are major considerations. 

FR: How will new technology affect the way advisers, lenders and clients do business?

Technology and the applications it can now cover is now an intrinsic part of our everyday existence. Executed properly, in the shape of SortRefer’s online portal for conveyancing services, it helps its users to be more efficient and also to benefit from economies of scale and efficiency.

We live in a 24/7, globalised world today where the use of technology is an unconscious activity. New technology is being used to enhance the customer journey and if we get it right, will help build a positive experience and in turn, customer loyalty. It can only enhance advisers’ service to customers.

FR: Do you foresee the supply and demand issue getting worse? What more can be done to ensure that people continue to have access to the mortgage market?

In the short term, yes. Property prices and incomes are no longer aligned and until such time as the demand for housing can be evened out, then this is likely to last.

CML research findings indicate that action is needed to help first time buyers with specific action to include: special incentives to save for deposits, introducing subsidies for all FTBs, abolishing stamp duty, reintroducing mortgage interest tax relief, and developers to discount prices on some homes.

Many of these measures are radical but this kind of action is needed to help buyers meet their aspirations.
 
FR: What measures would you like to see to simplify the homebuying process?

It would make a lot of sense to see the mortgage application process standardised in the shape of industry standard instructions and documents. Also, I would like to see the creation a standard comprehensive property questionnaire to be completed by estate agents and available at an earlier stage to conveyancers could cut time taken when two conveyancers are involved for lender and customer. It goes without saying and not just because I work for SortRefer, I would like to see more of the conveyancing community embracing technology and the advantages it brings to every party involved!

FR: If you could see one headline about financial services in 2016, what would it be?

"Ed Balls wins Strictly 2016!"

Or, more seriously, "3% Stamp Duty surcharge on BTL and second homes revoked".

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