The working world has changed drastically thanks to Covid. And the increase we’d already started to see in those operating in the gig economy, going self-employed or supplementing their income by securing multiple jobs has accelerated.
“But, while people’s situations have changed, their desire to borrow hasn’t,” says Ryan Etchells, head of products at Together. “And, with more complex cases becoming the norm, brokers need to be aware of the specialist lending products available to their customers.”
Ryan adds: “At first glance, you may think your self-employed, auction buyer on a tight deadline is too tricky to place. And that’s before you discover they’ve had credit problems in the past.
“But specialist lenders like us deal with cases like this every day, and our product criteria are flexible enough to cater for Britain’s new borrowing demands. So we can accept a variety of circumstances, such as just 12 months’ trading history for self-employed customers and small credit blips like CCJs or missed bills, before things even start getting complicated.”
Duncan Abraham, head of residential underwriting at Together, says: “It’s very difficult for an automated underwriting system to handle cases like this. That’s why our experienced underwriters look at complex cases individually, see the bigger picture and consider the entire circumstances surrounding an application — not just the numbers.
“Our teams work closely with our packagers, often before a case is submitted, so we can talk through all the options early on and find the best personalised solution for brokers and their clients.”
Ryan joined Together in March for the second time in his career, following a stint with a high-street lender. He says: “Specialist lenders are far more flexible, not just with criteria and the way cases are underwritten but also the variety of products.
“When time is of the essence, brokers should know that they can call on a specialist lender to provide a bridging loan to save a customer’s dream move — especially with the competition in the market at the moment — and know that, when a customer wants to borrow against their home, remortgaging may not always be the best option, and instead consider a secured loan if appropriate.”
Wider range
Gary Lomax, regional account manager at Together, adds: “Rather than increased complexity, a wider range of products spells an opportunity for brokers to help their customers achieve their ambitions through these changing times. But that doesn’t mean having to know these products inside out.”
Gary joined Together having worked for both a lender and a large packager.
“By turning to a specialist distributor, brokers can ensure they’ve covered all bases and find the right product and lender for their customer, “ he says. “The packagers we work with every day know our criteria in detail, which means they can get cases over the line much quicker — and perhaps even save a client from being turned away.
“Looking to the future, as the market expands and Britain’s income is more diverse, more mainstream lenders will have to adjust to cater for the evolving needs of borrowers.
“But, while these lenders are playing catch-up, we’ve already got the products, knowledge and experience that let us see the simplicity in these complex cases. It’s how our business was built, and why we continue to grow. We see the big picture and we make the complex simple.”
