Catching up with Mortgage Solutions shortly after his appointment, Thompson said he was looking forward to the “unique” opportunity to explore the partnership model with intermediaries and partners. In his role, Thompson is responsible for Nationwide, The Mortgage Works (TMW), Virgin Money, Clydesdale Bank and third-party partnerships, including protection and insurance.
Thompson said he had come full circle, having worked in the mortgage market for 35 years, starting at Halifax when it was still a building society, before joining Principality Building Society, then Newcastle Building Society, before spending 15 years at Aldermore.
In 2023, he joined Nationwide as director of landlord.
Thompson said now that he worked at the “world’s largest building society”, everything he had learned over his career would be valuable, particularly his previous experience as a business development manager (BDM).
“Using that experience, using the understanding of what a broker is going through, how to manage the business, is going to be hugely important for me in this new role,” he added.
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The crucial role of intermediaries in Nationwide’s growth
Thompson said his main priority would be growing Nationwide’s market share, adding that its latest product updates were an indication of this goal.
This year, TMW introduced decisions in principle (DIPs) to limited company borrowing, Virgin Money launched products and Nationwide widened eligibility for its Helping Hand proposition.
Thompson said it was his job to show that Nationwide serves a “wide variety of needs” and his first three months in the role would be focused on informing intermediaries of the “breadth of the offering that the group now offers”.
He said it was “one of the most consequential times” for the market, with the Renters’ Rights Act, Minimum Energy Efficiency Standard (MEES) regulations, Making Tax Digital requirements, changes to the home buying process and protection review. Nationwide has been leaning on the expertise of professional landlord Suzanne Smith to support brokers and their landlord customers to understand the opportunities and challenges, Thompson added.
Thompson said it was important to always be available, and since he took on the role, he had been listening to phone calls between brokers and BDMs, spending time on the broker chat channel, and meeting with intermediaries.
“I’ve learned that in this job you have got to be close to intermediaries. There is no sense in making decisions from afar and saying, ‘this is what we need to do’.
“I like to spend time with intermediaries – the people who are doing the job,” Thompson added.
He continued: “If I’m representing brokers internally within the Nationwide group, it’s really important that they know and that I actively listen.”
Thompson said this was something he had done throughout his career, and he did not see himself “ever backing away from that”.
The propositions launched by the Nationwide group in recent years had come from interactions with brokers, Thompson said, and he added that intermediaries were “such an important part” of the business and would be “crucial” as it moved forward.
The value of intermediaries
With confirmed and possible changes on the horizon, Thompson said the next 12 months could be a “period of evolution” for the intermediary market, but he did not expect Nationwide’s share of intermediated business to change overnight.
He said people would need advice more than ever, and the “deep, important significance” of intermediaries would see the mutual maintain its approach towards advisers, adding: “Intermediaries are critical.”
There is an opportunity for advisers to reach out to their client base to inform them of any market changes, Thompson suggested.
Advisers also need to pay attention to the development of technology, particularly around submitting applications, open banking, the customer experience and efficiency.
“I don’t see technology slowing down. What I see technology doing now is becoming more nuanced, more understanding. People in the industry are getting closer to the technology and working on what it can do and can’t do.
“The ability to support customers who are already using it is one of the biggest opportunities for brokers.”
Being seen as a ‘modern mutual’
In the near term, Nationwide will continue to service intermediaries across its four brands with the ambition of breaking its record 2024/25 performance.
Thompson added: “Our real focus is on continuing that level of performance, making sure that changes that we’ve got have landed, and our BDMs are supporting intermediaries.
“As I said before, intermediaries continue to play a massive part, and as we progress with integration on mortgages, we will keep them informed as to where we are.”
He said Nationwide considered itself a “modern mutual”, with an understanding of customer needs and the ability to serve them with “speed and agility”.
“That will continue to be the basis upon which we as an organisation support and grow,” Thompson said, adding: “We are single-minded in our ability to make sure more customers in the UK understand, recognise and also receive the benefits of being a part of a modern mutual and long may that continue.”
Thompson will also continue his work with the Working in Mortgages initiative, alongside intermediary proposition manager Gemma Clark, to promote the mortgage sector as one with opportunities and get more people interested.
He added: “I’m really keen that we continue to do that and I’m looking forward to spending some time with our team, thinking about how we can support them on that journey.”
