Name: Phil Lawford
Age: 54
Location: Midlands
Firm: Furness Building Society
Education: School of life
Specialty: Individual underwriting
Interests: Running, music, cinema.
Career and motivation
- You’ve spent more than three decades in financial services – what first drew you into the sector, and what has kept you here for so long?
Like many of us working in the industry, it wasn’t exactly planned. I began working as a cashier at West Brom Building Society when I left school and simply worked my way up.
It’s an industry that’s constantly changing and evolving which has kept me interested in financial services throughout my career. You don’t necessarily need to be degree educated to succeed in this sector either – hard work and learning on the job pays off.
- Looking back to your early days in branch roles at West Bromwich Building Society, what lessons have stayed with you throughout your career?
I’ve been blessed with some great mentors over the years but from day one I was taught some good basic habits that have stood me in good stead; always be honest, transparent and determined to go the extra mile for your customer.
- You’ve held roles at several building societies and financial institutions. What is it about the mutual model that keeps drawing you back?
The mutual sector genuinely cares about creating good customer outcomes and focuses on members rather than shareholders, championing underserved areas of the lending market.
- What do you think has changed the most in the intermediary mortgage market since you first started?
Technology. In 1989 when I started my career, everything was manual and took a lot longer. There was no such thing as email – you posted a memo to head office for internal comms and corresponded with customers by post or fax. That was considered cutting edge technology back then!
- And what, in your view, has stayed reassuringly the same?
The values of mutuality and doing the right things for our members has always been a constant.
Mutuality and Building Societies
- Furness is one of the UK’s longest-standing independent building societies. What do you think mutuality offers that sets it apart from banks?
Mutual values – not profit for profit sake, profit for purpose. A willingness to listen and be as flexible as possible to help brokers and customers.
- How do you explain the benefits of a mutual to brokers who may be newer to the industry?
Building Societies do not pay dividends to shareholders, profits are invested back into the business for their members and communities.
- You’ve seen different societies up close – Tipton, Saffron, West Brom and of course Furness. What’s unique about the Furness culture?
At Furness we’re upfront and honest with our broker partners from the outset. We’re very good at triaging the initial enquiry and running anything unusual past an underwriter before submission – this helps the application process become a formality rather than an ordeal.
As long as brokers give us all the information upfront we can work with them to avoid any pitfalls down the line.
- Many brokers talk about valuing the manual underwriting approach at Furness. Why does that matter, and how does it make a difference for clients?
There is so much automation in the lending industry right now but if there is a curveball or degree of complexity to the case – which there can be often – that’s when the conversation between the broker, BDM and underwriter becomes worth its weight in gold.
Broker relationships and market outlook
- You’ve worked closely with brokers throughout your career. What do you enjoy most about building those partnerships?
I love building a relationship. There are a large number of brokers that I’ve worked with for over 20 years so it feels like we’ve been on a journey together. I get the biggest buzz when a deal is formed and agreed, knowing it’s going to make a positive impact on someone’s life.
Buying a home can be one of the most stressful life events so it’s rewarding to know that by working alongside their broker, I can make a homebuyer’s life a little easier.
- What can brokers expect from Furness in the coming months as you settle back into your role?
Contact from me! There’s a lot of exciting and positive transformation of our mortgage proposition occurring, so watch this space for updates.
- How do you see Furness supporting brokers with the challenges of today’s market — from affordability pressures to complex cases?
We are here to serve the broker community and help with those cases that aren’t straightforward but are deserving of a mortgage.
- The society has a reputation for flexibility in areas like self-employed, holiday lets, and family-assisted mortgages. Where do you see the strongest demand right now?
- WWhat’s your advice to brokers looking to thrive in today’s more competitive and regulated environment?
Be clear and communicate exactly what you can do for your clients. Use case studies and testimonials and share them on your social pages and website. Don’t be afraid to be honest with your client and have difficult conversations with them if they’re not quite ready to proceed and help get them ‘match-fit’ for their application.
There is still a lack of financial education in this country so very often an encounter with a mortgage broker may be their first opportunity to receive the education they deserve.
- And finally, after so many years in financial services, what still excites you about coming to work each day?
No two days are the same! I never know what is going to land on my desk; it could be a complex income case, unusual property purchase or circumstances that need a conversation and human touch to help get the case over the line.
