30 Under 30: in conversation with Kate Davies, executive director of IMLA

From languages to policy

When Kate Davies graduated with a degree in German in 1981, she never imagined that she would one day be leading a major mortgage trade body. “I never expected to be working in this industry,” she admits. Her career began far from financial services, on a graduate trainee scheme with Surrey County Council. Those early years were spent dealing with everything from land registers and compulsory purchase to school services and special education.

From there, Davies moved to the Association of County Councils, a role that immersed her in policy and finance at the heart of local government. “Those were the days of the Baker/Waldegrave review and the Poll Tax,” she recalls. Later, she moved into education policy, working on legislation such as Kenneth Baker’s notorious Great Education Reform Act – nicknamed “Gerbil” by those who lived through it.

That experience gave her an invaluable grounding in how policy affects whole sectors. And though she “knew diddly squat about building societies and mortgages” at the time, it was a relatively short step into the world of trade associations. After seven years with the ACC, she joined the Building Societies Association in Savile Row. “From Belgravia to Mayfair – not bad!” she added.

An industry which reflects the people it serves

Today, as executive director of the Intermediary Mortgage Lenders Association (IMLA), Davies leads an organisation that represents and champions mortgage lenders across the UK. For her, initiatives like 30 Under 30 are a natural fit with IMLA’s mission. “The mortgage lending industry exists to help people buy and stay in their own homes,” she explains. “It’s a long-term business that serves a very wide range of people – individuals, couples, families, across all ages and income brackets. Supporting 30 Under 30 is about encouraging the next generation of professionals to reflect that diversity and keep the industry evolving.”

Over the course of more than three decades, Davies has witnessed the industry change dramatically. She notes that when she first joined, many building society chief executives had worked their way up from entry-level roles straight out of school, carrying with them enormous depth of knowledge and experience. “After the de-mutualisations of the mid-90s, there was a shift. Banks began to dominate, and suddenly you had younger people in head of lending roles, often on a fast track to senior management. It brought ambition and energy, but some of the traditional experience was lost.”

Another shift has been the rise of challenger and specialist lenders. Some were founded by seasoned industry professionals looking to do things differently, while others are technology-driven start-ups with bold new ideas. “There’s room for everyone,” says Davies, “so long as customers’ best interests stay at the heart of it all.”

Having spent much of her career in policy and trade associations, Davies is a strong advocate for the opportunities they offer young professionals. “You get a bird’s-eye view of the industry. You’re close to the centre of policy development, and you see how it affects an entire sector,” she explains. Smaller associations in particular, she adds, can give younger staff the chance to take on responsibility early, work across a wide range of issues, and make themselves visible.

And there’s another benefit: fresh thinking. “Having younger staff with new ideas helps keep organisations relevant and agile. It’s always healthy to ask why something is done in a certain way. Some traditions are worth keeping, but a bit of challenge can be very positive.”

Looking to the future

Her advice to those at the start of their careers is simple but heartfelt: embrace the variety the industry offers, and don’t be afraid to seek guidance. “It’s a great industry, with some very passionate, principled people. Housing is fundamental to people’s lives, and being part of that gives many of us a sense of pride.

“There are so many different career paths within mortgages – and the beauty is, they all ultimately work toward the same goal: helping people buy or rent their homes. Take advantage of the help that’s out there. The Working in Mortgages website is a fantastic resource, and mentoring can be a great way to learn. Most colleagues are only too happy to share their experience. Don’t be afraid to ask.”

For Davies, who began her own career far from mortgages, that openness to opportunity has been a guiding principle. It’s a lesson she hopes the next generation of mortgage professionals will carry with them as they shape the future of the industry.