FSE Manchester 2016 puts the spotlight on the UK mortgage market
Freedom for Intermediaries proudly acted as a main sponsor for FSE Manchester 2016, the only financial services trade show in the North-West. This year’s expo was entitled ‘An Industry Revolution’, and provided an ideal platform for senior-level executives to discuss key economic and mortgage market issues, alongside specialist product areas comprising sourcing technology, commercial packaging, and retirement lending and advice.
The summit, held on 18th May at the Emirates Old Trafford, featured over 900 visitors and 60 exhibitors including lenders, distributors, networks, insurance providers and technology companies. The key-note address was provided by former Great Britain Olympic athlete Steve Backley OBE. Other notable presentations included Simon Cradock, Corporate Account Manager at Nationwide Building Society, about the current state of the UK mortgage market.
The event gave advisors the opportunity to engage with delegates over specialist product areas, to ensure that they are aware of any new regulations and to demonstrate how they can prepare their clients for upcoming change. Some of the key debates revolved around buy-to-let schemes, and the advantages of brokers releasing both personal and limited company quotes to landlords as a matter of standard practice.
At the event, brokers were asked what kind of cases they find most difficult to place. The top two included customers with adverse credit histories and those who are self-employed. Self-employed applicants and customers with low credit scores, for example, can be affected by discriminating lending criteria checks, or simply rejected outright. It would be great to see better products enter the market for unique cases that are currently not well served by lenders. This is something we are seeing more of due to the credit crunch, and these people need our support in their quest to repair their credit.
As we begin to see second charge loans and other specialist products come onto the scene, we hope to assist intermediaries’ in linking their clients with products that are suited to their individual circumstances. I hope by 2017 these types of customers will have more tailored options and products to choose from.
Author: Nicola Mooney, Head of Secured, Intermediary and Business Finance at Freedom for Intermediaries← back to posts