FR: What have been some of SimplyBiz Mortgages' key milestones over the past couple of years?
We have made a number of enhancements to our proposition and we have fundamentality altered how we interact with our members and lending partners. Changes include the introduction of Simply Speed to Offer and an enhanced criteria section on our website which enables members to have a greater clarity of not just where to place the mortgage but how to best package and submit the case. We have also introduced an Equity Release panel and a secured loan proposition along with a number of other member opportunities.
FR: What do you think the next 12 months holds for the mortgage market?
The next 12 months will be challenging but profitable for all intermediaries if they have the correct structures in place. Lending will increase to approx. £195bn, even if there is a minor dip around MMR implementation. The Help to Buy schemes will encourage consumers and increase housing transactions. I think we will also see a couple of new niche lenders.
FR: What challenges do you feel are most affecting intermediaries in the current market?
MMR and the lenders’ views both on its interpretation and implementation will test intermediaries. It will be key that intermediaries understand lenders’ criteria, affordability calculations and also documentation requirements. All three will need to align if the process is to work seamlessly.
FR: How does SimplyBiz Mortgages differentiate itself from competitors in supporting intermediaries?
For us it is the compliance support that we offer our members. Whilst we are a directly authorised Mortgage Club we were set up for the benefit of our members and as such we are not a whole of market Mortgage Club. As we work with members on how to grow their business and how to write more business, the compliance framework behind this is consistent. We work with members on a regional basis to provide greater awareness and on increasing their knowledge base. In simple terms it’s about helping them save time and work smartly.
FR: What does 2014 hold for your business?
It will be very much a continuation of the evolution of where we have been moving for the past two years. It is a programme of continual development for members, and also our staff. It is vitally important that we invest in our staff and also strive to continual expand their knowledge and skills sets. We spend a lot of time on this. Communication with members will increase this year through not only with Roadshows, Breakfast Meetings and face to face office visits but by increasing our usage of technology including webinars, podcasts etc.
FR: If you weren’t in the financial services industry, what would you be doing?
Ideally I would be working within the golfing profession. I had a chance during my teenage years but strangely I felt that a career in financial services would be more rewarding. I must admit though my inability to putt consistently well would have held that career choice back in the long term.
