60 Seconds with...Paul Welch
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Managing Director
largemortgageloans.com
When is your MillionPlus IFA firm launching?
We’re waiting for authorisation from the Financial Services Authority but it should be ready to launch on January 2.
What is the outlook for large loans in 2012?
We are getting 120 enquiries a month for £1m-plus deals. We’re feeling positive about next year and I think there will be more lending and competition between lenders despite the eurozone turmoil. We’re talking to four lenders that are looking to enhance their high net worth offering in 2012 - two high street banks and two private banks. There are also lenders from overseas looking to come into the UK - we’ve been talking to State Bank of India for two years, for instance.
Ian Baker recently joined you as senior mortgage manager from Capital Private Finance - what will he be doing?
He has been hired to look after our mortgages below £1m while Mike Perrin will continue to look after the deals above £1m. The below £1m sector is a key area of growth for us.
What do you expect to happen to house prices next year?
They will be flat next year except for London, where they will continue to rise. The crisis in the eurozone only confirms London’s status as a safe haven and it will continue to act separately from the rest of the country.
If you were chancellor of the exchequer for a day, what would you do?
I would introduce a tax relief scheme to encourage investors to set up businesses in the UK to boost jobs and growth.
Which three people, dead or alive, would you invite to a dinner party and why?
Princess Diana because she was beautiful. I would also invite some entrepreneurial business figures such as Steve Jobs and Alan Sugar because both have changed the world.
Do you have any secret talents?
I grew up in Guernsey and used to be a powerboat racer. I also used to sponsor a Formula One driver, which was pretty exciting.
What book are you reading?
I have just finished No Angel, Bernie Ecclestone’s autobiography.
Interview by Samuel Dale
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