"Customers do not just need the best rate. They need someone who can interpret complexity"
Taylor, who opened the event with a keynote address to the advisers by acknowledging the importance of the relationship between mortgage advisers and building societies within the mortgage market, pointed out that despite being a 250-year old business model, the strength of the sector laid in its ability to support borrowers of all kinds. He said:
“Around three million people have a mortgage with a building society – and together, they account for almost £500 billion of lending, or roughly 30% of the market. That is no small achievement for a business model that is more than 250 years old.”
“And it is often the borrowers who are overlooked elsewhere who benefit most: younger buyers with small deposits, older first-time buyers, people with irregular incomes, and those with more complex cases. Whatever the scenario, building societies are often willing to take a closer look.”
The first-ever Building Societies Show is taking place on Tuesday 21st April at Coventry Building Society Arena, bringing together 37 building societies, brokers and senior decision-makers in an event designed to support brokers and improve outcomes for clients, with headline sponsorship from Knowledge Bank, Mortgage Brain and One Mortgage System.
Ending his address, Taylor stressed the importance of the broker role in the mortgage process, noting:
“The market is changing faster than many of us expected. Regulation, technology, and customer expectations are all moving at pace. But with that comes a real opportunity to rethink how the mortgage journey works.
“Technology and AI are making mortgages more efficient and more tailored, but they are not replacing brokers. In fact, they are making brokers even more important. Customers do not just need the best rate. They need someone who can interpret complexity, find a solution that fits their circumstances, and guide them through one of the biggest decisions of their lives.”
Before concluding that the innovation of the building society sector makes it well-placed to adapt with a changing market – adding: “Building societies are leaning into that challenge, because the homeownership challenges of 2030 will not be solved with the lending playbook of 2010.”
