This month, we are sitting down with Alex Upton (pictured), managing director for specialist mortgages and bridging at Hampshire Trust Bank (HTB).
How did you get into the mortgage industry?
Like many of us in the industry, I didn’t grow up thinking: “I want to work in mortgages”. But I’ve always loved problem-solving, and that’s what drew me in.
I started over 20 years ago, and back then, specialist lending wasn’t what it is today. It was seen as the lender of last resort – somewhere brokers turned when the high street said no. But even then, I could see how essential it was. Brokers needed lenders who could listen, understand a case beyond the paperwork, and make decisions that made sense in the real world.
That’s what hooked me. No two cases are the same. You have to think on your feet, and you’re constantly adapting to a changing market. I love that challenge – the deals that need structuring, the ones that don’t fit a neat box, the ones where you have to look at the bigger picture and ask: “How do we make this work?”
And that’s why I’m still here. Specialist lending has come a long way since then. What was once niche is now a core part of the market. I’ve been lucky enough to have a front-row seat to that evolution, and I wouldn’t want to be anywhere else.
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What has the biggest learning of your career been?
It all comes down to people. You can have the best products, the sharpest pricing and the slickest technology, but if brokers can’t get hold of the right person when they need them, none of it matters.
Brokers need more than a lender that just quotes policy at them. If a lender wants to build relationships with brokers, then they need to listen, work through challenges together, and not make the broker jump through hoops just to get an answer. Understanding that has been crucial to my career, and it’s an approach that we have embedded at HTB.
Another big lesson has been that you can’t afford to stand still. This is a market that moves fast, and if you’re doing the same thing you were five years ago, then you’re already behind.
The only way to succeed as a lender is to evolve with brokers, and not expect everything to fit into a template from a decade ago.
Finally, there’s the importance of trust. This industry is built on relationships, and those relationships are built on doing what you say you’re going to do. That’s why I believe in straight-talking, quick decisions, and being upfront about what we can and can’t do. If you get that right, brokers come back time and time again, but it’s just as important with internal relationships too.
HTB recently restructured its specialist mortgages business. Can you talk us through that a bit more?
Brokers don’t work in silos, so why should we?
Taking on both bridging and specialist mortgages was more than an internal reshuffle, and really driven by the need to make sure brokers get a lender that moves with them across their clients’ entire investment journey.
Investors and landlords don’t think in single transactions. They start with a bridge, refinance into term, restructure a portfolio, buy, sell, reinvest – it’s a cycle. But too often, lenders treat these as separate conversations, forcing brokers to jump through unnecessary hoops. That’s what we’ve changed.
We’ve structured HTB so that when a broker places a deal with us, they’re not just getting a lender for today – they’re getting a long-term partner. Whether it’s short term, long term, or something more bespoke, brokers should feel like they’re working with one lender, not juggling different products and processes.
There can be a misconception that bridging is there to plug a gap, but really it’s a strategic tool. Investors and developers use it to move fast, add value, and structure deals with more flexibility. Brokers need lenders who understand that and can transition those cases smoothly into term funding when the time is right. That’s the thinking behind this restructure: making things work for brokers, not forcing brokers to work around a lender’s processes.
On the recruitment side, what are HTB’s plans around headcount? Are there teams you want to grow?
We’re always looking at where we can strengthen the business, particularly in areas where brokers need more support.
We want to make sure that we have the right people in the right places, rather than hiring for the sake of it. Underwriting is always a priority because direct access to decision-makers is at the core of how we work. Brokers value being able to pick up the phone and speak directly with someone who can get things moving, so making sure we have a strong, well-resourced underwriting team is essential.
We’re also investing in areas that reflect where the specialist market is heading – whether that’s more expertise in portfolio structuring, complex property finance, or product innovation. The industry is evolving, and we want to stay ahead of that curve.
That’s why we introduced the business development executive (BDE) role – not just to support brokers, but to help bring new talent into specialist lending. It’s a tough industry to break into, and this role is about creating a strong pipeline of future talent, giving people hands-on experience, and developing the next generation of lending professionals.
We’ve built a model where brokers can get answers quickly and directly, and as we grow, maintaining that speed and accessibility is a priority. The specialist lending market isn’t slowing down, and brokers need lenders who can keep pace, so we have to ensure we have the right expertise, the right capacity, and the right mindset across every team.
HTB secured its first mortgage securitisation last year and said that would fuel its growth. What are the key areas of growth for HTB, and will securitisation continue to be a tool that it uses?
Winchester 01, our first securitisation, was a significant step for HTB. While it represents a great funding milestone, more significantly, it means we are set up for long-term, sustainable lending.
It wasn’t just about reaching a funding milestone – it was about ensuring we’re set up for long-term, sustainable lending.
Our focus remains on supporting brokers with specialist lending solutions, particularly in areas where tailored finance is essential. Brokers need certainty from their lending partners, and securitisation is one of the ways we ensure consistency in how we operate.
Will we do more securitisations? Most likely. But the aim will always be to provide brokers and their clients with lending they can rely on.
What is HTB’s strategy around brokers?
Everything we do is built around brokers. This industry relies on relationships, and we’ve always structured our business to reflect that.
That means providing accessibility as standard, rather than an added extra. Brokers don’t have to book time to get an answer or wait for a scheduled call. They get direct access to underwriters, lending managers, and decision-makers as part of the deal. That level of responsiveness makes a difference, especially when a case needs structuring rather than just ticking a criteria box.
We also focus on long-term partnerships. Brokers want more than a lender they can place a single case with, they want a lender that can support them throughout their clients’ investment journey, whether that’s transitioning from bridging to term, restructuring a portfolio, or working on something more complex.
Ultimately, our strategy is simple: be available, be consistent, and be the lender brokers turn to when they need real solutions, not just another product. That’s how we’ve built trust, and that’s what keeps brokers coming back.
What are the biggest challenges for specialist lenders going into 2025, and how can they be mitigated?
Uncertainty is the biggest challenge, whether that’s interest rates, regulation, or shifting borrower needs. Specialist lenders must be agile, because what worked last year won’t necessarily work next year.
One of the biggest pressures is speed and execution. Brokers and their clients expect faster responses, clearer communication, and more flexibility. If a lender can’t move quickly – whether that’s in decision-making, underwriting, or completions – they’ll struggle to keep up.
Regulation is another factor. The industry is evolving, and lenders need to be proactive, not reactive. That means staying ahead of regulatory changes, ensuring that products remain fit for purpose, and adapting policies in a way that supports brokers rather than slowing them down.
And then there’s competition. More lenders are entering the specialist space, but just launching a product isn’t enough. Brokers want consistency, accessibility, and lenders who genuinely understand complex cases – not just the lowest rate on the day.
The lenders that will thrive in 2025 will be the ones who stay accessible, make decisions quickly, and genuinely add value beyond just providing finance. Brokers aren’t just looking for lenders – they’re looking for partners, and that’s where HTB will continue to focus.
Do you think more specialist lenders will try to secure a banking licence so they can access deposits as a source of mortgage funding?
It’s possible, but a banking licence isn’t the right answer for everyone. It gives access to retail deposits, but it also comes with a different regulatory framework, capital requirements, and operational challenges that don’t suit every lender’s model.
Some specialist lenders will see securitisation or institutional funding as a better fit, depending on their long-term strategy. What really matters is not whether a lender has a banking licence but whether they have a sustainable, reliable funding model that allows them to support brokers and their clients consistently.
At the end of the day, brokers aren’t focused on how a lender is funded – they care about certainty. They want to know that when a lender commits to a deal, they have the stability to see it through. Whether that’s through deposits, securitisation, or other funding sources, the key is consistency. That’s what sets lenders apart in this space.
Do you think high street lenders will have to become increasingly specialist as customers become more complex, and how can specialist lenders retain their competitive edge?
High street lenders are already having to adapt, but there’s a difference between offering specialist products and being a specialist lender.
The reality is, borrower needs are getting more complex – whether it’s professional landlords with large portfolios, multi-unit properties, HMOs, or foreign national investors. High street lenders may tweak their criteria to capture parts of the specialist market, but they’ll always be constrained by process-driven models, rigid affordability assessments, and a risk appetite that prioritises standardisation over flexibility. That’s where specialist lenders have the edge.
What sets specialist lenders apart is the mindset. Brokers come to us because they need deals structured, not just assessed against a tick-box criteria sheet. Specialist lenders will stay ahead by being adaptable, solution-led, and maintaining the accessibility brokers rely on. It’s not just about having the right offering – it’s about how you deliver it.
Consistency is also key. Brokers need to know that the lenders they work with aren’t constantly shifting their approach based on short-term market trends. High street lenders may dip in and out of specialist spaces, but the lenders that stay committed, keep decision-makers accessible, and continue to refine their proposition to match broker and borrower needs will always have a place.
What would you want brokers and others in the sector to know about HTB?
That we get it. We understand the challenges brokers face, the clients they work with, and what it takes to get deals done. And we’re structured to deliver exactly that.
With real specialist lending, there can’t be a tick-box approach. Brokers bring us cases that need structuring, rather than those that fit neatly into a standard template, and that’s where we thrive. You can’t support those cases if you just skim the surface, which is why we look at the deal properly, work through the complexities, and make decisions that work in the real world.
We’ve never been a lender that hides behind process. If a broker needs an answer, they don’t have to wait for a scheduled call or chase emails – they just pick up the phone and get through to someone who can make it happen. That accessibility, combined with our appetite for complex lending, is what keeps brokers coming back.
And more than anything, we’re not just looking at one transaction. Brokers want a lender that can move with them across different stages – bridging, term, or portfolio finance – whatever their client needs next.
Ultimately, it’s about being a lender that moves at the pace brokers need, rather than one that slows them down.
