- To start with, could you please introduce yourself and tell us a bit about your background in the property market?
I began my career in financial services in August 2007 with Together, right before the financial crisis hit. It was a really interesting and crucial time to be starting out in this industry. Being in the early stages of my career during such a tumultuous period provided me with a unique opportunity to learn and gain first-hand experience in the more challenging aspects of the property market. This environment really built up my resilience and laid a solid foundation for my career in both financial services and property.
Over the years, I’ve developed my expertise across various areas of banking, including residential, SME, commercial, and corporate lending. I’ve always been someone who enjoys getting deep into the market dynamics, and that’s why Together is where I call home—we are deeply immersed in our markets and truly specialise in what we do.
- For those who might not be familiar, can you explain why a mortgage borrower would opt for a specialist lender over a mainstream one?
Mainstream lenders are undoubtedly the backbone of the UK economy, offering a great range of products to borrowers. However, they tend to focus on the more ‘vanilla’ segments of the mortgage market—those with straightforward needs and circumstances. Comparatively, specialist lenders identify market segments that are often underserved and develop tailored products to ensure all types of borrowers have the opportunity to achieve their property ambitions.
For borrowers whose circumstances are not considered ‘standard’—perhaps due to their employment status, credit history, or the type of property they want to purchase—specialist lenders can offer more personalised support and take a common-sense approach when making lending decisions. In essence, when the mainstream doesn’t fit, specialist lenders provide the flexibility and understanding many borrowers need.
- Can you explain a bit as to what your position in the market is, and who might benefit from your services?
Over the last 50 years, we have consistently developed products and propositions that evolve with the changing landscape of the UK economy. We pride ourselves on being highly attuned to where market demand is coming from and ensuring we are quick to respond to support our customers. Ever since the pandemic, we’ve seen strong demand from self-employed customers who are perhaps rethinking their work-life balance, as well as from those in the gig economy, who are seeking greater flexibility.
Additionally, with the recent cost of living challenges, there is a growing need for an understanding lender—one who appreciates the hurdles people have faced recently. Particularly in the realm of commercial lending, our relationship-based approach has positioned us well to work closely with customers who are spotting new opportunities in the property market as we move towards a more positive economic environment.
- What are the general struggles that you see faced by the ‘non-standard’ mortgage applicant?
One of the main struggles faced by non-standard mortgage applicants is the rigid, one-size-fits-all approach often applied across the board. Many lenders still use a ‘computer says no’ model, where automated decisions fail to take the unique aspects of a borrower’s situation into account.
For these customers, it’s vital to have underwriters who are proactive, who listen, and who are willing to take the time to understand their case in full. At Together, we believe in a more nuanced approach. By looking at each case individually and applying common sense rather than rigid rules, we can offer more flexibility and support to those whose circumstances don’t fit the mould.
- Where do you see the specialist lending market going in the future? Where are the opportunities and challenges, and where do you see the demand coming from?
We see the specialist segments continuing to perform strongly, with even more growth potential on the horizon. There’s an increasing focus in mainstream lending on driving efficiency and reducing costs, which is likely to leave more customers with non-standard characteristics feeling disenfranchised. These can range from the type of property they wish to purchase to their employment status, credit history, and more. We anticipate a lot of demand coming from evolving socio-demographics, with more people shifting to self-employment, gig economy roles, and zero-hours contract work.
Additionally, policy direction from the new government will play a role; for example, the buy-to-let market may require a significant rethink, and there’s a pressing need for a more thoughtful approach to housing planning. All these factors mean there is ample opportunity for specialist lenders to step in and provide tailored support where mainstream options fall short.
