You have been with Fleet Mortgages since its launch in 2014 and have progressed through a number of senior roles. How will that journey shape your approach as the new managing director?
Nicola Richardson (NR): Being with Fleet since day one gives me a very clear understanding of how the business has evolved and, importantly, why certain decisions were made along the way. When you join an established organisation, there are often processes and structures already in place without always knowing the reasoning behind them, but having been part of building Fleet from the ground up, I have that context.
That puts me in a strong position as managing director because I can assess what is working well and where we can make improvements with confidence. It also means I am comfortable making changes where needed, because I understand the implications and what needs to be protected as we move forward. Ultimately, that experience allows us to be more agile as a business and to adapt without losing the strengths that have got us to this point.
You joined as head of finance and have since moved through finance and operational roles. How important has that breadth of experience been in preparing you for this position?
NR: It has been critical, because it has given me a genuinely broad view of the business. I started by setting up the finance function and then moved through finance director and chief financial officer roles before taking on the chief operating officer position. Each of those roles has given me a different perspective on how the business runs and what drives performance.
That means I can look at decisions in a more joined-up way, considering not just the financial impact but also operational delivery, service levels, broker relationships and the experience for our landlord borrower customers. It also helps in terms of understanding the challenges faced by different teams across the business, which is important when you are leading an organisation and trying to ensure everyone is working towards the same goals.
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What do you see as Fleet’s biggest strengths today?
NR: One of our biggest strengths is the quality of the relationships we have built with intermediary partners. Those relationships have been at the heart of Fleet’s success and continue to be central to how we operate. We have always focused on supporting brokers properly, and that has helped us build a strong and loyal network.
We also benefit from being part of Starling Group, which gives us the ability to plan over the longer term and invest in the business with greater confidence. That allows us to make decisions that support sustainable growth rather than focusing purely on short-term outcomes. Combined with the experience we have within the team, that puts us in a strong position as we move forward.
What are your main priorities as managing director over the next 12-24 months?
NR: Technology is a key priority because it underpins so much of what we do. There is a real opportunity to improve both internal efficiency and the experience for brokers by making processes more streamlined and easier to use. That is not just about speed, but also about ensuring our teams can focus on the areas where they add the most value rather than spending time on administrative tasks.
Alongside that, we will continue to develop our lending criteria, product range and pricing to ensure they remain relevant and competitive. The market continues to evolve, and it is important we keep pace by identifying where there are gaps and where we can better support brokers and their landlord clients. These areas all work together, so improving one often helps strengthen the others.
In 2026 alone, Fleet has already made significant changes to its lending criteria. How do you want to build on that?
NR: We’ve always taken a continuous improvement approach, regularly reviewing our criteria, understanding how it compares to the wider market, and identifying opportunities to strengthen or broaden our offer.
At the same time, we are focused on strengthening the support structure for brokers. That means ensuring brokers have access to the right people within the business, including underwriters, so they can get clarity and support on cases when they need it. In a specialist market, those touchpoints can make a significant difference to the overall experience.
What is your view of the current BTL market and Fleet’s place within it?
NR: The BTL sector has faced a number of challenges in recent years, and there is a lot of discussion around landlords exiting the market. While this may be true for some smaller landlords, it does not tell the full story. We are also seeing larger, more professional landlords continuing to grow their portfolios, and the private rental sector (PRS) continues to remain an essential part of the housing market.
From launch, Fleet was always focused on supporting more experienced landlords, so in many ways we are well-aligned with the direction the market has taken. That gives us a solid foundation to continue supporting that segment with products and service that reflect their needs, while also adapting as the market continues to change.
You are taking on the MD role at a time of real volatility in the mortgage market. What has that been like?
NR: While the environment is clearly challenging, taking on the role during a period of rapid market change has its advantages, because it reinforces the need to stay focused and adaptable from the outset. Volatility is not new to this sector, and as a specialist lender we are used to operating in changing conditions.
The key is to remain calm, take a considered approach and ensure the business is in a position to respond effectively. That means having the right structure in place, strong relationships with brokers built on openness and transparency, and being ready to adjust where needed. It also means recognising conditions can shift quickly, so flexibility is essential.
What kind of leader do you want to be as Fleet moves into its next phase?
NR: I am very much a people-focused leader and I believe strongly in the importance of teamwork and open communication. Fleet has a very experienced and capable team, and the business is only successful because of the people within it. My role is to ensure that environment continues, where people feel able to contribute, share ideas and challenge where necessary.
I also believe it is important to remain open to learning. No one has all the answers, and the best outcomes often come from listening to others and drawing on the expertise within the team. By working in that way, and keeping a clear focus on shared goals, I think we can continue to build on what Fleet has already achieved and move the business forward in a positive and sustainable way.
