Setting up any new business has its challenges and I won’t pretend that setting up a new mortgage lender is any different.
Despite the odd setback, our office building is buzzing with excitement and anticipation for the future – delivery of a ‘Nespresso’ machine this week helps with that buzz – it now smells like we’re working in Starbucks.
The response to the announcement of our senior management team has surprised me with ex-colleagues, other lenders and importantly, mortgage advisers, all wishing us well.
It’s obvious but having the right products is critical and rather than assume ‘we know best’ we’ve been listening to some really good intermediaries on where they see opportunities in the buy-to-let market.
It’s refreshing to have discussions with people who approach the lender/intermediary relationship as equals and gives us the opportunity to develop products that help them with their client needs. One of the perks of being a small lender is that we can be very flexible and responsive if someone has a good idea.
Two new staff started this week, really experienced people who were able to hit the ground running and boy did we need the extra help. My view has always been that major differences between competing businesses (in all walks of life) is the relative quality of the people involved and we’ve been truly fortunate with the people who have so far chosen to come and work at Fleet Mortgages.
This week we’re in the closing stages of finalising some decisions with regards to some key suppliers – valuation and legal panels.
One of the things we learnt from the credit crunch is that a close relationship with people you trust is key. Fortunately in our previous roles we didn’t suffer as badly as some lenders from fraud but its good not to be complacent and be absolutely sure of those key touch points.
All in all it’s been a very fruitful week for Fleet – there’s plenty more to do but it certainly seems like we’re on the right path.
Bob Young is chief executive officer of Fleet Mortgages
