Case study: ‘A timber frame has most lenders running for the hills’ – broker

by: Mortgage Solutions
  • 05/09/2017
  • 0
Case study: ‘A timber frame has most lenders running for the hills’ – broker
Adam’s first dealings with Tesco Bank involved something of a complicated property.

The old timber construction would have sent many lenders running for the hills but Tesco, says the mortgage adviser from Bournemouth, was willing to take the valuer’s comments on board and offer the loan.

“Many lenders who have been in the market for some time have quite an antiquated approach,” he says. “Their systems are time consuming to use and they ask unnecessary questions. Tesco is one of a number of lenders taking a fresh approach – most likely because it is so new to the intermediary market. It has come out with a clean slate and a fresh proposition.”

Central to that proposition is its investment in technology – something that much of the market has yet to fully get to grips with. And with good technology comes greater efficiency.

“Essentially I would say its application systems are simple and clean”, says Russell. “They work with desktop PCs as well as mobile devices and tablets – they are actually designed to do so and as a result they’re really slick. Perhaps most important though is the fact the questions they ask are concise. Many lender application systems suffer from years of bloat and are full of redundant questions that just make the process longer and are not really necessary. Tesco cuts right into this, meaning you are never going to spend more than 30 minutes on a decision in principle and application.”

In a world where increased regulation is already making the work of a broker more cumbersome and time consuming, simplicity is something everyone wants and Russell says this is where Tesco Bank excels.

“It has avoided the pitfall of over complicating contact, by offering web chat, telephone support and of course BDM support,” he says. “It doesn’t force you down any arbitrary route for criteria questions.
It is a broker-friendly lender with a straightforward approach and that’s worth an awful lot.”

Adam Russell is a mortgage adviser at Elite Financial an Openwork AR

There are 4 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Benson Hersch, Association of Short Term Lenders
ASTL confirms FCA at September Brexit-focused conference

The Association of Short Term Lenders (ASTL) has confirmed the line-up for its ‘Brexit and Bridging’ conference, on 14 September...

Close