"Technology in the sector is undoubtedly evolving but sometimes the mortgage market can be left behind, especially when it comes to back office systems. "
FR: Having become proposition director at Primis and Personal Touch Financial Services in spring this year, what else have you taken on as part of your everyday responsibilities?
I was previously leading the proposition team for PTFS, and this has now been extended to include Primis, too. My role includes overseeing the development of new product propositions and aligning our strategy to the market’s conditions and evolving regulations.
Naturally, propositions have a part to play in most of the business integration projects, so every day I am collaborating with teams to support and deliver this work across Primis and Personal Touch. The team and I work extremely hard to maintain a market-leading proposition that serves advisers across the Primis and PTFS networks. This has probably been the biggest addition to my everyday responsibilities, ensuring that both networks are given equal attention.
FR: What has been the biggest change for Primis and PTFS’ proposition strategy during the time you’ve been there?
The economic landscape and political environment are ever evolving, and we spend a great deal of time planning for the future and how we expect market conditions to behave. We constantly review and update our strategy to mirror this landscape to ensure we meet client demand. The Chancellor outlining plans to extend stamp duty relief to first-time buyers in shared ownership properties in his most recent Budget announcement is a great example of this. As a result of that announcement, we are reviewing our proposition to ensure we align with the change, whilst also continuing to meet the demands of borrowers at all levels of the property ladder. With the insurance requirements of shared ownership properties demanding one set of criteria for a tenant, and a separate set for a landlord, it is vital that our products and solutions cater for both sides of this coin.
We also spend significant time and resource examining future growth areas. This rings particularly true for the later life lending market – an area seeing expansive growth as older homeowners are increasingly in need of flexible payment options to fund their retirements – of which lifetime mortgages are becoming a popular option. Recent stats have shown that over the past two years, the number of equity release product options has trebled, representing a rise of 206%. If you’d have told me this a couple of years ago, I wouldn’t have believed it. However, now more than ever, expert broker advice is needed to ensure customers can navigate their way around this complex area of the market and our proposition reflects this.
FR: Looking forward, how do you think proposition strategies within the market need to adapt to meet the growing demands of customers?
There is a significant focus on technology and this is undoubtedly driving innovation in the industry. This is a critical strategic focus for us. However, it is important that technology is seen as an extension of adviser services, not a substitute. Borrowers are increasingly tech savvy, and we need to meet these changing consumer demands, but we also need to be mindful that during such a large financial decision, they will always appreciate a degree of human interaction and support. It is important to provide a balance and having a proposition strategy that enables brokers to effectively utilise the best technologies can only help to enhance their service.
FR: What are the greatest challenges facing customers when it comes to mortgage lending, and what could brokers be doing more of to ease the burden?
Over recent years the UK borrowing landscape has evolved to match the increasing diversity of borrowers. Historically, self-employed borrowers, those with non-traditional financial circumstances or weak credit scores, may have struggled to step onto the property ladder. However, the industry has taken great strides to expand the reach of products, bringing a more diverse and inclusive set of solutions to a wider range of customers.
With clients requiring more personalised solutions to fit their lending needs, a broker can guide, support and direct them to the most appropriate product. Quite simply, it has never been a better time to be a mortgage broker.
FR: If you could see one major change in the industry across the next year, what would it be?
The past few years have seen a real explosion in the solutions available to borrowers with complex borrowing needs, and it would be fantastic to see more mainstream lenders enter the specialist area of borrowing. The specialist market has grown hugely but there are still gaps that can be addressed.
Another change I’d like to see is the industry taking steps to make mortgages less complex. I am very passionate about product innovation and I’m really excited about the future development of the market in this space. Whether it be digital calls with advisers, mobile apps or online portals, mortgages can be scary, exciting and life changing! It is our job as intermediaries to provide not only suitable products and advice but to make the process as painless as possible and this is something the industry as a whole needs to work on. Technology in the sector is undoubtedly evolving but sometimes the mortgage market can be left behind, especially when it comes to back office systems. I’d like to see more processes streamlined and pain points eased to create a better journey for both brokers and customers alike.
