Tell us more about your background and new role at MAB. What are your main areas of focus?
With 20+ years of experience in financial services, I joined MAB 13 years ago, and have managed my own brokerage for the last decade. I have extensive experience in helping customers who require specialist support, and providing extensive training to brokers in niche lending areas.
In my new role as Strategic Lender Relationship Director, I'll be working with lenders to develop innovative solutions that address evolving market needs, ensuring we can say "yes" to more customers who may not believe they could become homeowners. I’ll also be enhancing broker education, helping them maximise opportunities and create optimal customer outcomes.
What would you like to see in terms of innovation from lenders this year?
My primary hope for lender innovation centres on dismantling the barriers faced by aspiring first time buyers - more specifically, debunking the belief that homeownership is unattainable. A critical area for improvement is affordability assessments, which currently penalise prospective buyers with a proven track record of rental payments.
We must adopt a more holistic approach to mortgage affordability, recognising the impact of significant life events like marriage, children, and retirement and the impact these have on our finances. We also need to expand product offerings that support retrofitting and green initiatives, empowering homeowners to enhance their property’s energy efficiency through cost-effective financial solutions.
Essentially, lenders must prioritise creating accessible, adaptable solutions that enable more people to achieve their homeownership goals, at every stage of the lifecycle.
What about the buy-to-let sector - can more be done here?
To effectively support the buy-to-let sector, we must acknowledge its fundamental role within the housing ecosystem.
While focusing on additional first time buyer support is essential, neglecting landlords creates a severe rental property shortage, ultimately hindering homeownership aspirations and driving up rents due to increased costs. A 'full circle' perspective is necessary here, recognising that many prospective buyers rely on this sector before becoming homeowners.
Despite its fair share of challenges, the buy-to-let market remains active and in demand. However, lenders need to innovate stress-testing to encourage landlords to diversify their portfolios and improve property standards, particularly regarding energy efficiency.
How will you apply your broker background to your new role?
While my firsthand experience as a broker has provided me with an understanding of the challenges they face, I also see the lender's perspective in terms of their decision making and rationale. In my role, I aim to bridge the gap between these groups, fostering collaboration and driving innovation by providing broker insights to lenders. For example, some brokers may be hesitant when approaching lenders they haven't worked with before. By translating this feedback to lenders, we can drive more innovative product development, empower and educate our brokers, and create better solutions for customers.
As an advocate for broker/customer education, what more can be done in this space?
The broker's role has expanded significantly, and we must equip them with the tools to navigate these complexities and help more people achieve their homeownership goals. At MAB, we’re committed to providing comprehensive educational resources, including lending criteria updates, product innovation, and market insights.
However, brokers must actively engage with these resources to stay informed in what is a rapidly changing landscape. Well-educated brokers are better equipped to educate their customers, and by providing an enhanced awareness of alternative solutions, we empower brokers to unlock opportunities for customers who might otherwise be overlooked.
What actions do you think need to be taken by our industry to better support those trying to get on the property ladder?
A collective industry voice is essential, advocating for government assistance in the form of Stamp Duty relief or grants to support aspiring homeowners. We must move from awareness into action, implementing solutions instead of passively waiting for someone to take the lead.
The world has changed significantly, and people's borrowing abilities, goals, and lifestyles have evolved. However, our lending rules remain static. Regulations (particularly LTI caps) need urgent re-evaluation, as opposed to continuing with outdated models. With this in mind, when implementing change, the industry, government, and regulators need to consider the realities of today's homebuyers, rather than those of five years ago.
