This month, we are speaking to Craig Hall, director of strategic partnerships at LSL Financial Services.
How did you get into the mortgage industry?
I joined Barclays in 1994 as a school leaver, holding various roles including cashier, personal banker and eventually mortgage adviser. I then spent a further three years as a mortgage and protection adviser at Bradford and Bingley, and it was here that I really found my passion for supporting customers with homeownership aspirations.
What has been your biggest learning over your career?
Find your passion, collaborate with others and drive value for customers and stakeholders.
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You have previously worked with or closely with lenders; what insight have you gained that helps you engage with brokers?
Having spent the last 14 years in intermediary mortgage distribution, my experience has allowed me a greater understanding and respect for the challenges that lenders face with enhancing their policies or bringing new propositions to market, which can range from credit and property risk issues to regulatory challenges and issues regarding operational systems and controls, further highlighting the importance of collaboration.
A lot of your work has been in the new-build sector; what are your predictions for this part of the market?
It is great to see the new government is firmly committed to delivering the new homes the country needs and has re-established the one-and-a-half million new homes target. To date, the government has been focused on supply-side measures (planning system, etc), however ‘builders will only build if buyers can buy’, and therefore I would be keen to see further support for the demand side. It is unlikely we will see the impact of the changes to the supply side and planning system until 2026. With this in mind, I think we will see a marginally better year for the sector, with an estimated growth of up to 10%.
How do you think you are perceived by the industry and what do you hope to stand for?
I would like to hope I am well-regarded in the industry, not least because I have worked hard to support the delivery of a sustainable new homes mortgage market over the last 10-plus years. I would also hope that through this work, people recognise my passion for the power of collaboration.
LSL’s half-year results showed it increased its market share; how does the company hope to build on this business?
In short, our focus has been on shaping our business to support brokers’ growth, defend what they have and support them as many decide to diversify to grow and protect their business. Our team continues to evolve to meet these challenges and to shape our propositions, because our brokers will need further support over the coming years, due to the ever-changing regulatory landscape and technology advancements along with meeting the needs and expectations of their customers.
What is the wider strategy for LSL with respect to your responsibilities?
My team is responsible for managing the relationships with our strategic supply chain partners; that includes lenders and protection, general insurance, and private medical insurance provider partners. I am focused on ensuring we provide ‘value creation and growth’ for all parties, including the end customer, indirectly via our brokers.
How do you think 2025 will shape up for the mortgage sector?
Post the now infamous mini Budget in September 2022, many borrowers have ‘sat on their hands’ waiting for interest rates to fall. This, as we know, has not happened as quickly as many had predicted in 2024. However, with two base rate cuts last year and further cuts predicted for 2025, I think this will result in a positive year, with the purchase market set to be further buoyed with the stamp duty discount ending at the end of March, plus 2025 is another significant year for refinancing, with 1.8 million mortgage maturities this year.
Intermediary Mortgage Lenders Association (IMLA) has also forecast growth in the intermediary share from 87% to 89% this year.
What should brokers pay attention to or make sure they are on top of?
Brokers must stay close to their clients. As I said, 2025 is another significant year for mortgage product maturities. Some borrowers will be coming off a low five-year fixed rate (from 2020) and potentially facing a payment shock. Other borrowers may be coming off a high rate post-mini Budget and therefore able to save some money.
Both sets of customers will have very differing needs and therefore independent mortgage advice is key.
What would you want brokers to know about LSL?
The size and scale of the LSL Group is a real help in preparing your business for robust growth. I have been with the group since September 2021 and I have spoken with many brokers during that time who didn’t realise that Primis Mortgage Network, for appointed representative firms, TMA Club, for directly authorised firms, and E.surv Chartered Surveyors are all part of the group.
We also operate an estate agency franchise division. Therefore, we have a significant reach and expertise that spans right across the housing market value chain.
