"Many brokers are trying to increase their revenue streams in a challenging market, this has resulted in lots of traditional mortgage advisers moving into the space."
FR: Tell us a bit about your background in financial services and your role at UTB.
I have been in finance for 14 years. Having started out as a mortgage broker, I found my way into the specialist market in 2015 and never looked back. With my years of experience on both sides of the fence I believe I empathise well with my broker partners, and this really helps in my role as key account manager in UTB’s bridging team.
FR: What recent enhancements has UTB made to its bridging offering and how will its proposition continue to evolve?
We have created dedicated underwriting teams for regulated and unregulated bridging cases. Each team has its own head of underwriting (Becky Kidby for regulated and Helen Wakeford for unregulated) with team members having the experience and skillset to deliver quick decisions and expedite applications. We have also invested heavily in our online portal, allowing brokers to run AVMs and produce their own DIPs 24/7. Our lending appetite has increased and our maximum LTV for bridging is back to 75%. We will continue to take a common-sense approach to lending, focusing on the deal rather than strict criteria and evolving as the market changes.
FR: Bridging lending has seen a strong start to 2024 – is this a trend you predict will continue throughout the year?
Yes definitely. The market has improved throughout this year and the general feeling is that with inflation back down to 2%, a base rate reduction is possible later this year and that will boost consumer confidence even further. The challenge for lenders is standing out in a crowded market. There are a lot of bridging lenders out there now and some have been around longer than others. It’s more important than ever that brokers are confident in their lender’s ability to deliver on their promises both in terms of getting a deal done and having certainty of funding.
FR: What are the opportunities and challenges for brokers in the current lending climate?
Bridging has become more mainstream in recent years which is fantastic for the industry and for consumers as it’s a useful and versatile product. Many brokers are trying to increase their revenue streams in a challenging market, this has resulted in lots of traditional mortgage advisers moving into the space. For established specialist lending intermediaries – this is a double-edged sword. Obviously there is the likelihood of more competition but with it comes the opportunity to educate and expand your introducer base by capitalising on the increased awareness of short-term lending. The other positive is that if the size of the bridging market grows, we all benefit.
FR: If you could see one headline about the bridging market in 2024, what would it be?
"Green shoots become a forest!"
