Magellan Homeloans wants intermediaries to share their innovative ideas for new products, better ways to process mortgages or any other mortgage related issues that they believe could be improved by lenders.

Ideas can cover anything from entirely new product concepts, to useful enhancements to criteria or even different ways of submitting and processing mortgage applications.

Intermediaries can post their ideas via the Magellan website: https://www.magellanhomeloans.co.uk/intermediaries/share-your-innovative-ideas/

Simon Read, managing director of lending at Magellan Homeloans, said: “Innovation is a topic regularly raised in the media and at industry events. In my mind innovation is about looking at things from a different angle and offering a new approach. Increasing LTVs and reducing margins is not innovation, they are just about increasing risk and reducing profits.

“In my experience, the very best ideas usually come from those who work most closely with customers. We’re encouraging intermediaries to share their thinking with us, rather than let potentially good ideas fade away into obscurity.

“It sounds a bit passé but there really is no such thing as a bad idea. We can’t promise we’ll be able to deliver on every idea we receive as some will be too risky, but we will give all practical ideas a fair hearing.

“Lenders don’t have a monopoly on innovative thinking and I’m the first to acknowledge that there must be plenty of great ideas that could help transform life for both intermediaries and borrowers. We’d love intermediaries to share their thinking with us and tell us what’s on their minds.”