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The new build debate: ‘Lenders just have to think differently’ – Virgin Money

by: Mortgage Solutions
  • 08/11/2017
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The new build debate: ‘Lenders just have to think differently’ – Virgin Money
In the second part of our panel debate on new and custom-build mortgage lending, Lucian Smithers, director of sales and marketing at modular housing specialist Pocket Living said the build capacity with modular homes is 'huge'.

“We couldn’t afford to compete for skills and materials with the bigger developers and were often getting squeezed out so we had to innovate to find a way to find a regular supplier in a way we could control the pricing,” said Smithers.

“Pocket Living properties are all the same size and we can run product lines for as long as we want for each scheme,” he said.

Panel chair Victoria Hartley asked what lenders’ reservations are about new build and how these obstacles can be overcome.

Peter Rogerson, director of mortgages at Virgin Money, said the lender is already looking into different construction methodologies and will approve modular housing in time.

“I don’t see it as a risk issue. We just have to think differently,” said Rogerson.

Smithers adds this method of construction allows you to deliver 70 homes in under nine months with some hotels and student housing already being built in a modular fashion.



The panel

(From left to right)

Peter Rogerson, director of mortgages, Virgin Money

Craig Hall, new build manager, Legal and General

Chair – Victoria Hartley, group editor, Mortgage Solutions

Raymond Connor, CEO, Buildstore

Lucian Smithers, director of sales and marketing, Pocket Living



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