Mortgage Soup fires the questions at Chris Blewitt, head of mortgage distribution at Darlington Building Society.
Mortgage Soup (MS): Chris, what’s top of the agenda for Darlington Building Society right now?
Chris Blewitt (CB): At the moment, we are doing a lot around the self-employed. This time of year, people are sorting their accounts and thinking about their finances, so it is a good time to talk about how we can help. A lot of self-employed borrowers still feel like the odds are stacked against them when it comes to getting a mortgage, and I can see why.
We have always tried to take a more flexible view. We can look at applications manually, which means we take the time to understand how someone’s income works, whether that is considering retained profits, year on year fluctuations, or something a bit different. We are not just running things through a system and hoping it fits.
MS: Are you seeing other emerging borrower trends now that the first-time buyer rush at the beginning of the year has quietened?
CB: Yes, the first-time buyer buzz we had earlier in the year has calmed, which gives us the chance to focus on some of the other borrowers who often fly under the radar. One of the biggest growth areas we are seeing is applications from foreign nationals, particularly people on skilled worker visas and expats looking to buy here.
We have made a few changes recently to our skilled worker visa criteria to make it more accessible, such as lowering the income threshold and reducing how much time they need left on the visa. We have also supported a few clients who live overseas but want to buy in the UK. As long as there is a UK connection, we will always take a proper look.
These sorts of cases do not always fit the standard mould, but we are set up to handle them because we have got that bit of extra flexibility.
MS: What is your approach to supporting brokers with these types of cases?
CB: A lot of it comes down to our BDMs. They are responsive, approachable, and will happily talk through a case before it is even submitted. We know brokers do not want to waste time filling in an application if it is not going to go anywhere, so we try to be as upfront as we can.
We are also putting more emphasis on content and case studies this year, so brokers can see how we have helped in real scenarios. That could be anything from a contractor who has just gone self-employed to a skilled worker buying their first home here in the UK.
MS: You mentioned manual underwriting. How important is that in today’s market?
CB: It is certainly a big part of what we do, especially with borrowers who do not tick every box. Automated systems can only do so much, and sometimes you need someone to look at it properly and say, “Actually, this makes sense.”
That is what our brokers value, I think. They know we will take the time to understand the case, rather than just hitting decline. That bit of trust goes a long way.
MS: What else can brokers expect from Darlington in the months ahead?
CB: We are looking at how we can keep improving criteria, especially around our assessment of income or how we consider a customer circumstance such as maternity leave, for example.
We have helped a few borrowers recently who were on mat leave, and as long as everything stacks up and the return to work plan is clear, we will do what we can. For us, mortgage lending is not about chasing high volumes, it is about the individual. It is about showing we will look at the real life situation and try to help where possible.
MS: Finally, how do you unwind when you are off the clock?
CB: I have got a young family, so most spare time revolves around them. It is full on, but it keeps me grounded. That said, every now and then, a bit of peace and quiet would not go amiss. Even just an hour to myself with no interruptions is a rare treat.
