SimplyBiz chief executive Martin Reynolds talks to The Mortgage Lender about how new entrants will drive competition and his prediction that lending levels will reach £235bn this year plus £80bn of product transfers
1) How do you feel the launch of The Mortgage Lender is going to impact the mortgage market?
I feel very optimistic about the TML launch. They will offer more choice and will enhance the competition in certain key underserved areas of criteria. It will also help to further profile those areas. It could help make other lenders consider the validity of these key areas.
2) What do you think about The Mortgage Lender’s product range?
The products are clear and competitive. It is though, the criteria that will be the differentiator.
3) Are there other areas of the market where you’d like to see The Mortgage Lender offering products?
I think it will be good to see how TML work within their current areas. The key for me is expertise in a smaller number of areas rather than trying to widen a proposition and diluting the knowledge.
4) Why did you want to be an introducer for The Mortgage Lender?
We pride ourselves on creating greater opportunities for our members to help them help more clients. TML will allow this so we were keen to be in at the start.
5) What is your prediction for levels of mortgage borrowing this year?
£235bn plus £80bn of product transfers. Product transfers are a market that requires greater transparency and reporting.
6) What do you hope to be doing in five years’ time?
Still enjoying my work and family life as much as I now.