Q&A with Nigel Payne, Managing Director, TFC Homeloans (31/1/17)

1) How do you feel the launch of The Mortgage Lender has impacted the mortgage market?nigelpayne_tfc

TML has definitely been a welcome addition to the market and has certainly found a sweet spot with its pricing and criteria. From a sales perspective, we’ve seen the lender pick up its fair share of business so it’s been a strong start.

It did have a little service blip due to teething problems in the early days. The team recognised it, were open and honest about it, and solved it. They showed good management by sorting it quickly.

2) What do you think about The Mortgage Lender’s product range?

It’s a competitive product range with some interesting niches in it, and is very well priced. It’s got the lender recognised in the spaces of the market that it is specialising in.

3) Are there other areas of the market where you’d like to see The Mortgage Lender offering products?

It would be great to see them move into Right to Buy and maybe even stretch into buy-to-let.

4) From your perspective, what sets TML out from other lenders in the intermediary market?

Competitively priced products combined with a team that is experienced but, importantly, people orientated. They understand the broker market inside out but they also constantly talk to their partners to learn how they can further tailor their products and services.

5) What is your prediction for levels of UK mortgage lending this year? And what is the biggest factor influencing that view?

I don’t think it will be much different to last year – about £245bn-£255bn. However, while the overall figure may look the same, it will hide some significant changes within those numbers. We will see purchase activity in London and the South down, remortgaging activity up across the country, individual buy-to-let business down and ltd company buy-to-let up, as well as a rise in buy-to-let remortgaging.

6) If you could change one piece of mortgage regulation what would it be and why?

I would ensure every remortgage client who requires additional borrowing also considers a second charge. I don’t mean the current situation where they need to be informed that a second charge could be more suitable. I think brokers should have to advise on seconds and not have the option to opt out.

7) Apart from a new defence for Manchester City, what one thing would you like for your birthday this year?

No more roadworks on the M62. They have been there for years. I can’t remember the last time I went down that stretch of motorway and it didn’t have them.

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The Mortgage Lender Limited is authorised and regulated by the Financial Conduct Authority (Financial Services Firm Reference Number 707058). Registered in England & Wales as company number 9280057. Registered office address: Fifth Floor, 100 Victoria Street, Bristol BS1 6HZ.