60 seconds with...Jeremy Law
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Head of Buy-to-Let, Yorkshire Building Society
Why has the Yorkshire decided to launch into buy-to-let now?
When we merged with Chelsea Building Society we acquired a buy-to-let mortgage book, so in essence the Yorkshire is already in the market. And while the wider mortgage market is expected to remain static this year, buy-to-let lending is predicted to increase. The boost is being driven by strong fundamentals in the rental market and the fact that many borrowers are unable to raise a deposit to buy.
When will you be releasing your first buy-to-let rates and what can we expect?
We are still reviewing when and how we will launch but we are committed to getting them out in the second half of the year.
How much buy-to-let business will be done through brokers?
Buy-to-let lending is predominantly done through the broker market and we are focussing on adopting this model.
If you were in charge of the Financial Services Authority for a day what would you do?
Get in a dark room with a cold towel and some strong coffee. I am not sure a day could do justice to the size of the task the FSA faces.
What has been the proudest moment of your career?
I was working in South Africa in 2005 when Barclays acquired ABSA - the country’s largest retail bank. As part of our celebrations we made an investment in some schools in Soweto.
What three items would you take to a desert island and why?
My iPhone - it’s my favourite toy, I can’t go anywhere without it. My pasta maker - it was a gift and I’m hooked. And my wife to share the experience.
Do you have any secret talents?
I was about eight before I decided whether I was left or right handed and footed so I am a little ambidextrous.
Who would you most like to play you in the movie of your life and why?
My top three would be Tim Henman, as some people say I look like him, Colin Farrell as I’m Irish and he’s got my accent, and Owen Wilson because I like to think I’m funny and energetic.
What book are you currently reading?
The Money-Less Man: A Year of Freeconomic Living by Mark Boyle.
Interview by Samuel Dale
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