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Name: David Longhurst Position: Director Company: Mandalay Financial Ltd LONDON
Business has improved year on year since 2008 and last year was no different. The business adapted and other areas such as protection brought in additional income.
“There will continue to be appetite to lend in 2013 but it will be the quality and not the quantity that wins out”
The key to our success is sticking to our business plan. Our strategy is to ensure we have the right client base, we believe quality of business is the future. Therefore it’s crucial that our clients are the type of clients lenders wish to lend to. Where we get our clients, who recommends them and our own due diligence is vital. The reason we’re growing is quality of business. Going forward the banks will continue to work on a risk basis. Concerns remain and will do for some time regarding the global economy which is why government incentives, such as FLS, are necessary to kick-start the housing market. There’s been an improvement in liquidity and availability of mortgages since FLS launched but only a small proportion has been utilised. There will continue to be appetite to lend in 2013 but it will be the quality and not the quantity that wins out.
Name: Derek Storey Position: Mortgage Consultant Company: Grayside EPSOM
Business started quite slowly in 2012 but we saw a significant increase from August. October and November were both exceedingly good; in fact November was our busiest month of the year. One always hopes for growth but the increase we have seen lately is unexpected. Although first-time buyer business is down, new purchases and remortgages have steadily improved, buy-to-let is buoyant and equity release has really picked up. Protection sales increased in line with business but we haven’t seen the increase many were expecting in the lead up to the gender changes.
“New purchases and remortgages have steadily improved, buy- to-let is buoyant and equity release has really picked up”
I think there will be plenty of opportunities next year, lending is on the up and FLS is having an effect and there are still lots of people on Standard Variable Rates who can now get better fixed rates deals. Also, 2013 is the 25th anniversary of the year when the number of endowment mortgages sold was highest, so there may be some coming to the end of their term with shortfalls that will provide new opportunities.
30 MORTGAGE INTRODUCER JANUARY 2013
Name: Gavin Perrett Position: Director Company: Liddle Perrett EAST SUSSEX
Mortgage lenders are coming back into the market and we’ve seen more activity since the FLS was introduced.
“I think business will continue to pick up in 2013 for those willing to work closely with their clients. A lot of preparation goes into getting a client a mortgage”
There’s greater awareness of low
interest rates and remortgaging has been a good area for us as those with equity change to cheaper rates. Nevertheless, you do have to have your wits about you to qualify for these new products. We’re very structured in our approach to remortgages and only go to the lender having gathered all the required information. This makes the process more robust and exposes us to less risk. We do a lot of buy-to-let; probably 60%. Confidence in pensions is low and people are looking at property as a secure way to invest. Good relationships with letting agents are important for this area of our business.
I think business will continue to pick up in 2013 for those willing to work closely with their clients. A lot of preparation goes into getting a client a mortgage; we have to work hard for our business.
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