In the Spotlight with Colin Fyfe, Hinckley & Rugby

We spoke to Colin Fyfe, chief executive of Hinckley & Rugby Building Society, about the number one thing brokers are looking for and the new lending areas the Society is exploring.

Related topics:  In The Spotlight
Rozi Jones
25th January 2019
Colin Fyfe Hinckley Rugby
"Because of Brexit the first quarter of 2019 is going to be a turbulent time, with volatility in our market as well as many others and businesses being very cautious. "

FR: You joined Hinckley & Rugby in November, what have you learnt about how the Society works with brokers?

Hinckley & Rugby has a unique approach to looking at the mortgage enquiries and cases it receives from brokers. Complementing our manual underwriting is the daily meetings of our Mortgage Referrals Committee.

One of my old contacts spoke to me last week, one early afternoon. He said he knew I must be busy but when would we be able to look at a mortgage enquiry he had. I was able to say it was on the agenda for our Committee to consider at 3pm. We got the details from him, looked at it and later that afternoon I could confirm to him it was indeed a case for Hinckley & Rugby.

That degree of responsiveness – plus brokers being able to talk to our staff and no credit scoring – adds up to an approach that mortgage brokers like. We want more brokers to know that and to understand how we are different.

One of the ways we specialise is how we can understand customers’ sometimes very different life situations. Because we get our decision makers around a table every day, we can look at what are sometimes unique circumstances – such as changing jobs, establishing a business, starting a career – and support people who high street banks may quickly decline due to credit scoring. They are ideal candidates for us because we spend the time listening to their brokers and understanding.

FR: How do you measure the Society’s performance for brokers?

We measure the speed we can take an application and turn it into a mortgage offer. It has been improving through 2018. By the turn of the year, 52 per cent of applications went to offer within 15 days. We’re proud of that achievement because so many of our cases have a level of complexity. The feedback we get from brokers is also collated each month.

FR: What are brokers saying to you?

They tell me the number one thing they are looking for is someone to listen to their case. Once they have that ear, they are looking for flexibility. They want us to understand the full picture they have of their customers. For instance, the new medic whose qualifications will enable them to quickly earn more in a career with defined progression. They want us to not take a snapshot decision and instead to take the long view.

FR: Where do you think there are areas for the service to brokers to evolve?

We’ve just upgraded our online system for brokers, with improved functionality and engagement. We will continue to make it easier for brokers to do business with us. Their convenience is very much in our thoughts.

And we are looking at other lending areas, all the way from first purchases to upsizing, downsizing in later life and buy-to-let. Custom self-build is an area we are exploring.

FR: How do you see 2019 shaping up for the economy and the housing market?

Because of Brexit the first quarter of 2019 is going to be a turbulent time, with volatility in our market as well as many others and businesses being very cautious. It will continue to affect consumer spending and will fuel a period of continued uncertainty.

The strength of our business means we will not pause during the uncertainty. We are here, with our services ready and our products ready, and we are keen to keep actively working with brokers.

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