View more on these topics

Analysis: Rates mean nothing without service


Throughout my 20 years as a broker, I told clients that rate was not everything and they should look beyond it to see what the provider had to offer.

After years of wishing that lenders’ service levels would improve, it is frustrating that my experience on the other side of the fence has not seen many of them fulfil that wish. I believe that most clients are disillusioned with the service they get, not just from lenders but from the other stakeholders involved in getting their case to completion as well.

We cannot deny that most service propositions need the support of technology to deliver the final product but providers must be careful not to ignore the human factor. That remains the priority in everyone’s service proposition.

Most service awards are given to providers that deliver across six categories: new business application, product support, personal contact with all stakeholders, central processing, flexibility (with all it entails) and electronic business. To be successful, lenders need to recruit the right people for each category. Those people must have a natural approach to service, no matter what their individual role is, and understand that, while not necessarily coalface workers, they will be vital in generating the repeat and referral opportunities.

The short-term lending sector’s reputation is growing and we, along with many fellow members of the Association of Short Term Lenders, are working hard to ensure that reputation is based on quality service.



Target Group’s CEO is new chairman in board reshuffle

Third-party servicer Target Group has reshuffled its board with chief executive Paddy Byrne becoming chairman. Chief financial officer Ian Larkin and group chief operating officer Bill Alley have been made co-group chief executives. Larkin will lead business development and franchise growth while Alley will be responsible for improving the firm’s technology and servicing operations.  Byrne […]


Brokers’ market share nears record high

Brokers’ market share is now near its highest ever level, with adviser-introduced loans accounting for 69 per cent of new mortgages in the second quarter. Figures from the Council of Mortgage Lenders show brokers’ share of the market has increased by over 7 percentage points in the past year, from 61.9 per cent in Q2 […]

Darrell Walker

60 Seconds with… Darrell Walker, head of product and new business, Prestige Finance

Next year will be big for the second charge market. Will regulation affect innovation and the sorts of products on offer, and will it have an effect on price? The whole industry has its sights set on the roll-out of the Mortgage Credit Directive. The changes to the cooling-off period and the ability for borrowers […]

Keep calm and carry on?

We British are known for our stiff upper lip and just getting on with things. It’s part of our quirky cultural behaviour – like forming orderly queues, or saying sorry when it’s not our fault. Many of us just aren’t that great at talking about what’s bothering us. But if someone feels that the stresses […]


News and expert analysis straight to your inbox

Sign up