Insight and events

How and why did you become a BDM?

I started my financial career journey in February 1997, working as a mortgage broker in an estate agents. That’s where I met a BDM with Royal Bank of Scotland (RBS) who had come in to discuss some mortgage products and I knew then that I wanted to be a BDM, being out on the road, meeting brokers, finding solutions for different types of cases, it all just really appealed to me.

I then became a Sales Manager in another estate agents which was really valuable experience and put me in a great place for my first BDM role in 2001 with NatWest. After I returned from parental leave in 2004, the lender started creating specialist teams which gave me the opportunity to join Intelligent Finance in 2006, who are considered the pioneers of internet banking.

In 2008, Nationwide were building a sales team and although I wasn’t looking to move roles or companies, it just felt like the right move for me, mirroring my values and aspirations. Their merger with The Mortgage Works (TMW) provided me the opportunity to focus more on buy to let which really sparked my interest and is still something I love working on today.

What brought you to OSB Group?

I started to notice Kent Reliance for Intermediaries (KRFI) doing great deals with some of my key accounts and recognised industry names such as Adrian Moloney and Andy Williams who were moving over to this company that I wasn’t even aware of at the time! This provided comfort that KRFI were a strong, ethical company and in 2017 I applied for a BDM role with them.

The more I watched and learnt, I could see KRFI were creating a lot of excitement within the buy to let market with their strong can-do attitude on cases and that really set them apart from other lenders. Joining OSB Group, with its 3 lending brands Precise, Kent Reliance for Intermediaries and InterBay provides me with daily variety and flexible opportunities to shape deals.

What makes OSB Group stand out from the crowd?

One of the best kept secrets is that we have 3 different lending brands under the OSB Group ‘umbrella’ so this gives us a strong advantage when looking to place cases.

I immediately start ‘filtering’ down to see which lending brand best fits the customer’s financial requirements. It’s about listening to the broker and working out where a case would be best suited. As a BDM, I feel empowered to give the broker the best solutions for their customer with the ability to choose from 3 brands rather than just 1.

What are the challenges facing BDMs right now?

Obviously, we have the micro/macro-economic conditions to navigate around such as the interest rate challenges which has made affordability difficult, but now with the lowest mortgage rates for 15 months fuelling a return of buyers to the market, things are definitely changing.

There are also challenges in the buy to let market, aside from the regulatory changes. Rents are not in the same place as they were a few years ago and although rent prices have increased there are still supply issues but there is a shift happening. Margins can be challenging which has led to dynamics changing in support of a more professional Private Rental Sector (PRS), something that has been echoed by research from Landlord Leaders¹, a membership community that is focused on creating a fairer and more sustainable PRS.

What are the opportunities for BDMs?

We’re continuing to see an increase in landlords who operate through a limited company structure with plans to buy, refurb and rent. Gone are the days where décor and energy performance weren’t considerations for renters. Nowadays potential tenants want a space that reflects both their tastes and values. Landlords understand that they are providing tenants with a home, with many indicating that the top benefit to them is being able to improve the lives of tenants¹.

Professional landlords are always seeking new opportunities and I have seen this play out as buying properties from auction or looking at low lease properties. They want properties they can build equity into from day one and are in it for the long-term gains rather than short term wins.

Another area of growth is Houses of Multiple Occupation (HMO) as these tend to generate above average rental yields of up to 7.2%², and with supply and demand of homes to rent 20% lower than 2019 (pre-pandemic), teamed with 22% more tenants looking to move³, it’s easy to see why this could be a win-win for many. We’ve recently published an article around this with The Intermediary, you can read it on page 30.

How do you work with brokers to ensure the best outcomes for borrowers?

It’s never been more important to have a strong network both internally and externally. Internally, it’s the ability to present a case to underwriters and real estate colleagues, helping to paint the bigger picture and answer any queries such as payments on bank statements for example. This helps to reach solutions for the broker and their customer.

It’s also really important to have colleagues to soundboard off too. Although we spend a lot of time on the road, we use that time constructively to chat to brokers and colleagues to pick through cases and confirm actions. My car is effectively my office and I make sure I’m equipped with everything I need to work as effectively as if I were at my desk.

Externally, you need to have good communication and have built up trust with your brokers as you can’t support a case unless you know every single detail. We work hard to keep both the broker and their customer in the loop throughout their financing journey. Brokers also have access to our underwriters too so they can get updates and answers on their cases directly from the people reviewing the application, which is so beneficial for time limited brokers.

What expert knowledge would you share with potential borrowers in the current climate?

I’m a strong supporter of helping to provide the right financial solution for people according to their individual circumstances. Working for a specialist lender means that we are well placed to consider applicants that may have been turned away by a high street lender, due to previous financial challenges or perhaps multiple income streams. These challenges shouldn’t hinder someone’s path to homeownership or as an investment opportunity and specialist lenders can help open those doors.

Buy to let opportunities will always be part of the mix, but it’s more strategic nowadays. It’s about finding the right type of property (with a willingness to be flexible on property types too) in the right area (hospitals, universities, town/city centres) in order to achieve a good return. I don’t think there is ever a time that there isn’t an opportunity to be had as the market is incredibly resilient.

¹ https://landlordleaders.osb.co.uk/media/0hfhu2li/osb-landlord-leaders-report.pdf

² Pegasus Insight Landlord Trends, Subscriber Report – Q2 2024

³ https://hub.rightmove.co.uk/content/uploads/2024/07/Rental-Trends-Tracker-Q2-2024-FINAL.pdf