Speaking at The Specialist Lending Event 2019, Masthaven sales director Rob Barnard added that, by embracing specialist lending, it will soon become the mainstream for brokers.
Barnard told the audience at Sandown Park that specialist lending does not have to be overly complicated or difficult.
“Specialist lending can become the mainstream,” he said.
“Don’t think of specialist as being very complex buy to let and really complicated incomes.
“Think of it as anything that doesn’t go to the high street, about those light touch credit score fails that you all get frustrated by, and all the CCJs (County Court Judgements) that are out there.”
Barnard noted that when the final figures come out for 2018 there will have been over a million CCJs and, while some would be repeat offenders, in real terms that would be three million in three years.
“Lenders tend to look at credit files for six years, so that means those customers are going nowhere near the high street for another three years,” he added.
Become the go-to specialist
Barnard went on to explain that people realised the need for specialist advice because of tightening credit scores by high street lenders.
“People recognise that when the computer says no or when they search away at home, as soon as there’s a wrinkle or a complication, people do need specialist advice,” he said.
“That’s why I say to you, make yourself the go-to broker in your area for specialist lending full stop.
“If not the whole specialist market, why not specialist buy to let? Why not complex incomes? Why not, where people have got credit, set yourself up as the go-to broker?
“It’s really important and it will help you write more business.”
The Specialist Lending Event 2019 continues next week with registration still open for the events at York and Liverpool.
They are being held at:
12th February – York Racecourse, York
13th February – Aintree Racecourse, Liverpool
More information and free registration can be found on the Specialist Lending Event 2019 website.