This year has seen brokers and lenders in the mortgage market learning to live with statutory regulation.
Besides brokers getting their heads round this new bureaucracy, there was also the additional problem of general insurance regulation in January.
Also, the government’s shock turnaround on the inclusion of residential property in self-invested personal pensions shows there are further ups and downs to come for the market in the coming months.
So, Mortgage Strategy asks: How did your business fair in 2005?
Mehrdad Yousefi, Alliance & Leicester – Like everyone else, going into the first half of the year was particularly tough. Then in spring it improved, and as we entered the summer, volumes increased as people decided they wanted to move house, refinance or buy their first home. We are relieved that despite a quiet start, 2005 has been a satisfactory year.
Dev Malle, Pink – To use a football analogy, it was a game of two halves. We finished by setting new records on volume, a strong and growing network and more awards recognising our service.
Kevin Duffy, Hamptons International Mortgages – Hamptons has prospered in 2005, but this was in spite of the property market rather than because of it. The firm grew from 22 practitioners to 32, and our appointed representative proposition has been a resounding success, contributing to an annual loan delivery of 650m. All in all, our best year to date.
Linda Will, Accord – Overall, 2005 has treated us well. Prime sales are up and we have reconfirmed our presence in niche markets, such as professional. The start of the year was shaky, with everyone recovering from regulatory hangovers. The early months were hit-and-miss for most folk, but for us it’s been a steady year since. The introduction of new products and a system to refine our business levels has helped us keep a steady balance.
Bill Safran, Trigoldm – For us, 2005 has been a great success, with awards from both Deloitte and The Sunday Times recognising us as one of the UK’s fastest-growing technology companies. The latest independent market survey shows 70% of intermediaries now rely on Trigold. This success has been accomplished through the support of our customers, lenders, packagers and other partners.