We recently held our Buy to Let Events in Bracknell and London which, I’m pleased to say, were a great success.
Industry heavyweights such as Precise’s Roger Morris and Adrian Moloney of OneSavings Bank shared their views on the market and answered plenty of audience questions. While it was fascinating to hear from such experts and, indeed, to discuss what issues are most pressing to those brokers on the front line, I think what really stood out was how important collaboration is, particularly at challenging times.
Events like this only serve to highlight how important it is to bring lenders, brokers and packagers together in one place to share ideas.
Indeed, one theme that stood out time and again was this need for brokers and lenders to work together in order to meet the challenges posed by the new Prudential Regulation Authority rules. The changes, which will come into play at the end of the month, will likely cause some disruption as they bed in but good communication and collaboration will be key.
However, this is something that applies not just to the buy to let market. Greater collaboration is something that could benefit the mortgage market as a whole.
Recently the number of first time buyers opting for specialist lenders as opposed to mainstream high street banks has risen, according to latest figures. To me this suggests we need greater cohesion between mainstream and specialist players in order to offer the best possible solutions to borrowers.
We’re already seeing lenders making moves into other territories whether it be The Mortgage Lender’s desire to move into buy to let or Paragon and Foundation Home Loans, both big names in buy to let, declaring their intentions to move into residential lending. And I’d imagine we’ll see more of this in the future.
Lending is not black and white, consumer circumstances differ considerably and, of course, the mortgage market is forever changing. By working together, embracing each other’s strengths and engaging with other sectors we can ensure the market is ready to serve borrowers of all different backgrounds going forward.