There aren’t many in the industry who don’t know the inimitable Sally Laker on some level. But even those who have worked with her for years may not be familiar with how she established herself in the industry, and with the many facets of her 50-year career.
In September, Laker announced her retirement from Mortgage Intelligence (MI) after 27 years. The tributes poured in, which is no surprise given one of her mantras is, ‘You can be nice to everyone and still succeed.’
But Laker was gracious as ever upon receipt of compliments — one of the traits that have led her to be among the most respected figures in the industry.
When you’ve got big obstacles to step over, it makes you strong
As synonymous with the mortgage industry as she has become, financial services wasn’t her first choice of career. As a teen, Laker received a scholarship to fulfil her dream of becoming a professional ballet dancer. And, while professionally she took a different path, she continued to pursue that passion as a hobby throughout her working life.
Calm demeanour
Always appearing calm, Laker says she owes her demeanour to a good night’s sleep and the perspective provided by life’s bigger challenges.
“I’m not someone who gets stressed,” she says. “My friends say it’s because, when I go to bed, I go out like a light. Also, my life has been a bit of a rollercoaster. When you’ve got big obstacles to step over, it makes you strong.”
Laker married her husband — Tony, 10 years her senior — at just 18 years old and began her career in financial services, taking a job at Royal Insurance in Bournemouth in 1973.
In the early days, I was probably one of five women and everyone knew who I was. It was great
She maintained a connection with her first love, ballet, pursuing it as a hobby.
“I wasn’t sure if I wanted to dedicate my whole life to dance,” she says. “It’s a tough career and there was a big financial centre in Bournemouth where a lot of insurers based their head offices, so the draw was there.
“Tony worked in retail and was promoted to a role in Bath. We had just got married and suddenly I was leaving Bournemouth — it was all change.”
Laker received a transfer to Bath with Royal Insurance but found it a very different world from what she was used to.
“It was very sedate and a bit old-fashioned,” she says.
But at just 21 she was made head of department and discovered her love of people management.
“I found my feet and was happy there, but then my husband was promoted again and we moved to Wales,” Laker explains.
If I could start my career again, I would absolutely make the same decisions. There’s nothing I would change
“At first I was reluctant, but we had a fabulous four years there,” she reminisces. “I joined Norwich Union because Royal Insurance didn’t have a presence in Newport.”
Laker kept up with her ballet everywhere she went and managed to teach at a dance school during her time in Wales.
While working for Norwich Union, she developed an interest in life insurance policies and how they linked into mortgages.
“Then we moved to East Grinstead and I joined Provincial, which was the only insurance company there,” Laker explains.
“They had relationships with lenders; not many, but they wanted more so they could place mortgages for clients. They had ‘inspectors’, as they were called, who put them in touch with building societies to look after the mortgage, so the endowment policy was sold with that. I learned a lot about mortgages there.”
Laker and her husband eventually moved back to Bournemouth. Sally secured a transfer with Provincial and was made head of department, gaining her first experience of working with intermediaries.
I think it’s the right time to retire because there is a great culture here, a great team, and everyone feels they can be who they are
“There were about five of us on the team but we had a lot of brokers, whom we trained on things like guaranteed bonds and unit trusts.”
Then Sally had her first baby and she and her husband took on a franchise of a business transfer firm. But it wasn’t long before Tony was poached to go back into retail and Sally sought a new challenge.
“When my daughter was little, I set up a cake business,” she says. “I did wedding cakes and supplied a shop with occasion cakes. I took a course with Mary Ford in Bournemouth; I was quite arty.”
Curveball
But then life did what it does when you least expect it and threw a curveball. Laker’s husband suffered two heart attacks and was unable to continue his employment.
“We switched roles as I needed to be the one who was the breadwinner and he needed to recover,” she says, pragmatically.
My dad always said, ‘There’s no such word as “can’t”. You either do it or you decide not to, so just try your best’
By then the couple had two children, Natasha and Matthew, and Tony became a stay-at-home dad, which Sally says enabled her to “pour my heart and soul into the role”.
She continues: “I saw MI advertised, so I rang up and they asked, ‘Do you know anything about mortgages?’
“I said I knew everything about mortgages! I was called for interview and the rest is history. I liked the proposition; it was something new and exciting.”
Laker has seen many changes at MI since she joined what was then a lead-generation business in 1996.
“In the early days the aim was to get leads and pass them on to IFAs. Then they decided to open a mortgage version but actually offer the products as well, so they needed someone who knew something about mortgages,” she says.
When we saw the collapse of the giant that was Lehman Brothers, it shocked us all
“It then became a mortgage club; all the clubs started around that time really, because, suddenly, intermediary distribution had come into play.”
Laker is rightly proud of the evolution of MI, particularly the creation of the network from scratch. It was combined with Mortgage Next in 2009 and acquired the Life and Easy network in 2012. Countrywide bought MI in 2011 and Connells bought Countrywide in 2021, which Laker calls a “good parent”.
“All of these have been very successful transactions,” she says.
Finding strength
But it hasn’t all been plain sailing. Sadly, 16 years ago and after 32 years of marriage to Sally, Tony Laker passed away from cancer.
“I wasn’t expecting it,” says Sally. “I felt my future had been deleted but I needed to be strong.
“It was tough on my then-teenage children but they were amazing, and I had a huge amount of letters and cards from people in the industry and that really did make me feel comforted and supported.
It’s a big industry but also a cottage industry because we all know each other. If you’re dedicated and want to get on, there’s plenty of opportunity
“I came back to work after about three weeks as I thought, ‘I can’t do anything else at home,’ and I needed to feel some normality. I told everyone that I knew they cared but just to act normal, and they were amazing.”
Professionally, too, there have of course been challenges along the way. Laker names the credit crunch as the biggest.
“It was tough for our brokers and we tried to help them as best we could,” she says.
“Most people were rabbits in the headlights. The world changed a bit and everyone thought it would last maybe six months, but it lasted 10 years. When we saw the collapse of the giant that was Lehman Brothers, it shocked us all and made us appreciate that we were still there.”
People have a perception that mortgages are dull, but that’s not the case at all; it’s always changing
Despite the tough period, Laker again showcases her ‘glass half full’ mentality, saying: “It showed how resilient the industry was and brought everyone closer in the end.
“We were often brought together by lenders to talk about going forward and it was helpful. There’s a lot of mutual respect in the industry.”
No such word as ‘can’t’
Laker has never felt disadvantaged by being a female in a male-dominated industry. On the contrary.
“I always say, ‘Don’t ask me to say how awful it is to be a woman in this industry,’” she says. “I grew up in a man’s world but I just got on with it.
I had a huge amount of letters and cards from people in the industry and that really did make me feel comforted and supported
“To be honest, it was an advantage. When I go to industry events now there are far more women there but I was probably one of five women in the early days and it was great because everyone knew who I was. I’d be sat next to the chief exec!
“My dad always said, ‘There’s no such word as “can’t”. You either do it or you decide not to, so just try your best.’
“I’ve always carried that with me. Don’t let anything hold you back.”
On the subject of brokers who are new to the industry and those considering joining it, Laker says: “People have a perception that mortgages are dull, but that’s not the case at all; it’s always changing. You always have new challenges, and you have to step up to manage them.
I liked the MI proposition; it was something new and exciting
“I’ve always felt it’s a lovely industry with so many facets and full of amazing people. If you enjoy working with people, it’s still a great career for men and women. It’s a big industry but also a cottage industry because we all know each other. If you’re dedicated and want to get on, there’s plenty of opportunity.
“You need to want to learn, and there’s plenty to learn.”
Although she feels now is the time to retire — so she can spend more time with her family and enjoy the small pleasures of life — Laker won’t abruptly shut the door on MI. Dynamo’s John Cupis will take up the role of managing director in January, with Laker staying on as director for an as-yet unconfirmed period to manage the handover, and to allow for, as she puts it, “a slow exit”.
She says: “I’m very proud of what I’ve achieved at MI. I look back and see all the mentors in my life whom I learned so much from, and I think it’s the right time to retire because there is a great culture here, a great team, and everyone feels they can be who they are; and it’s a successful business. I’m pleased to have been a part of the work on the Consumer Duty, which is ongoing.
“John will do a great job. He’s got huge experience and I think MI will continue to be successful.”
The credit crunch showed how resilient the industry was and brought everyone closer
It hasn’t always been easy but Laker, unsurprisingly, has no time for regrets.
“If I could go back and start my career again, I would absolutely make the same decisions. There’s nothing I would change.
“I’ve had a lovely career but I’ve also got a fabulous family that I want to spend more time with.
“I’ve had lots of chapters and this is the next one. One thing I am very much looking forward to is getting up early, going down to the beach with a coffee and croissant, and watching the sunrise. I’ve got a beach hut, so I want to spend more time there.”
Who would say no to that?
This article featured in the November 2023 edition of MS.
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