As we close another impactful year, technology has been pivotal in strengthening our broker relationships at the Cumberland.
Over the past 12 months, two significant digital projects—the mortgage calculator on our website and the broker portal—have driven business growth. These innovations, alongside our residential proposition, have been well-received by brokers, enabling us to expand our ethos of kinder, relationship-driven banking to more advisers.
The year has ended on a strong note, with mortgage applications rising and a positive outlook for 2025. The two Bank of England interest rate cuts boosted consumer confidence and residential sales, driving completions to their highest level in six years. Property data company TwentyCi reports a 25% increase in activity from the year’s start to its end.
ADAPTING IN THE COMPETITIVE HOLIDAY LET MARKET
The holiday let market remains competitive, with lenders vying for business. In response, The Cumberland made a series of positive criteria changes in September, refining mortgage processing and simplifying the broker journey. Known for swift decision-making and deal certainty, we continue to support complex cases with confidence.
The sector has seen increased regulatory and tax changes across England, Wales, and Scotland. Securing a license in Scotland can take up to six months, often delaying funds. Additionally, many landlords are opting for limited company structures, a shift we accommodate while advising applicants to seek professional guidance on their purchasing entities.
HIGHLIGHTS OF 2024
To enhance broker relationships, we launched an account-based management system, giving advisers direct access to business development or relationship managers for tailored support. This complements our digital tools, including the mortgage calculator and broker portal, which streamline applications and document submissions.
The cautious lead-up to the Autumn Budget was notable this year, with many clients adopting a ‘wait and see’ approach. However, business rebounded post-Budget, with enthusiasm for both residential and holiday let applications. While some viewed changes like the stamp duty rise for second homes as hurdles, others saw opportunities, reaffirming the market’s resilience.
LEARNINGS AND LOOKING AHEAD
While products remain essential, it’s the dedication of our team that sets us apart. This year, we were honored to be ranked the second-best financial services firm to work for in the UK by Best Companies, based on anonymous employee feedback—a testament to our collaborative culture.
I’m incredibly proud of our team for their unwavering commitment to brokers and clients alike. With market challenges ahead, we are well-positioned to support brokers with our ethos of providing Kinder Banking.
As we enter 2025, all indicators point to greater positivity in property, lettings, and commercial development markets. From everyone at The Cumberland, we wish you a restful holiday season and a prosperous New Year.
