Simret Samra: You’ve just entered the third phase of Yorkshire’s measured entry into buy-to-let. What can we expect in phase four?

Jeremy Law: We will continue to look at our market, product and distribution strategy to make sure we hit the volumes that we want and meet our ambitions in the market. In my mind we’re a very serious player in the market and we want to challenge some of the bigger players.

SS: Have you got your eye on any other areas of the buy-to-let market that you would like to expand into?

JL: We don’t offer to first-time landlords and I think we will look at what bespoke things we can do for them and just try and recognise the slightly different nature of someone who doesn’t have that much experience in the market. I think it’s incumbent upon us as the lender to try and help people, and help brokers help the borrowers to make sure that they do the right thing.

Over time, as we build we will look at portfolio sizes too. A landlord with 50+ properties is a very different risk compared to a landlord with a smaller portfolio. This is because you can’t look at that risk on a property-by-property basis. It’s commercial lending. We’ll always stick with landlords that are interested but aren’t operating giant portfolios.

SS: When will you start challenging the market with your product pricing?

JL: Our rates are fairly strong. We’re keen to be an organisation brokers can depend on from a product pricing perspective, rather than just diving in and diving out of the market.

If we look at Woolwich, they said they were going to enter the market, but they came in and disappeared again. We’re playing this in a way that ensures we’re here on a consistent basis and that brokers and customers can rely on us.

SS: You confirmed that prime residential lending will remain Accord Mortgages’ main focus for 2012. Where does buy-to-let fit in? 

JL: Accord, to date, has been a significant player in the intermediary residential market. But buy-to-let, as a proportion of the whole residential market, is only 10%.

I would say that within Accord we will be punching above our weight from that perspective. However, Accord is still there to service that larger prime residential market and Yorkshire are absolutely there with buy-to-let also.

SS: Following on from Accord’s entry in the 90% LTV lending arena, what other plans to do you have for the broker channel this year?

JL: Entering buy-to-let and launching into the 90% LTV lending arena shows that we have been investing in the Accord brand and therefore we are fully committed to strengthening the brand within the Yorkshire stable.

SS: What do you expect your gross mortgage lending to be this year?

JL: All I can say is that we’re here and we’ve made some significant investments in our Accord brand, which we’re very serious about.

We are fully committed to the mortgage market and aim to further increase our mortgage lending in 2012.