60 Seconds with.....Fahim Antoniades
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You recently joined MCIFA after leaving Quantum mortgage brokers. Why and what plans do you have for the business?
It was a seven-year itch - as if the current market challenges were not enough, I needed a new one. The team and expertise at MCIFA are second to none. What I hope to bring is fresh ideas, particularly systems for streamlining management information and reducing the number of man hours per case.
We want to develop opportunities in terms of broker acquisition as well as bringing in new sources of business such as estate agents. We’re also linking up with other professionals. It’s all about maximising revenue opportunities.
MCIFA operates in the top end of the market - what problems does this bring?
Large loans tend to be less problematic as the individuals you are dealing with are financially astute and many have been through the process before. So at the point-of-sale it’s easier but once you start dealing with bigger cases finding willing lenders can be tricky.
For a start, underwriters do not necessarily understand or have the appetite to sign off large loans so we often deal with small private banks that offer bespoke deals. That’s where our expertise comes in - you don’t find those lenders on traditional mortgage sourcing systems. When it comes to pricing private banks are much more competitive on big deals than high street lenders at the moment.
What do you make of the Liberal Democrat proposal for a tax on properties of £1m and over?
It would affect our clients but the bigger issue that all political parties should be focussing on is efficiency. For example, they should streamline the civil service, be more creative when it comes to reducing the cost of running the country and stop taxing everyone to the hilt. If we carry on this way we’re going to end up chasing our sharpest entrepreneurial minds to faraway lands where the sun shines.
Strict lending criteria remain in place and unemployment is still increasing. When do you see things getting better?
Fortunately, there has been downward pressure on mortgage rates and I believe we’ll see a low Bank of England base rate for the next few years. But unemployment is the top concern consumers have when taking out mortgages. If you look at the last recession it took about six years to resolve and I don’t suppose this one is going to be much different.
