When I was appointed to lead the Cumberland’s intermediary team in March 2023, one of the first things I did was attend an IMLA intermediary event in Birmingham and talk to brokers between seminars.
Listening to those mortgage brokers, I realised that getting a fast, fully-informed view on a case is critical. Time is everything for advisers trying to get a deal over the line. These are the fundamental foundations on which we have built our 22-strong intermediary team since its launch in 2021, transitioning from our fully manual, direct-to-customer mortgage lending strategy. It has also helped us consolidate our previous client base in our heartlands, reaching the other 80% of distribution we missed as a direct-to-consumer lender.
We’re a lender of many parts, but our specialities are residential mortgages, including large loans up to £5m, and a willingness to offer up to six times income. Holiday Let is also an area where we’ve been active for nearly 20 years, and we support brokers placing business for all types of property in Scotland, England, and Wales.
Our distribution strategy for residential lending is currently limited to our operating areas of Cumbria, Lancashire, Northumberland, and South West Scotland, while also servicing a small panel of London-based broker firms with whom we have built strong relationships over the years. In time, we plan to expand beyond these areas. However, Holiday Let does allow us to lend nationally, giving brokers greater flexibility.
IT’S A PEOPLE BUSINESS
My understanding has always been that the broker market is built on relationships. Previously, mortgage applications came into the Society’s central hub and were distributed to the right team. Now, with our account-based management structure, we offer a point of contact for each adviser, so relationship-building can develop over time. We’ve retained our in-house expertise, meaning the people who know the products and criteria inside out—and who have been customer-facing for years—are contactable by phone, as accessibility is extremely important. We’ve also brought in fresh perspectives from those already familiar with the broker market. I also want the team to be outward-facing, conducting broker meetings and gathering essential feedback to determine what we can improve, feeding it back into the business.
NEXT DIGITAL STEPS
While relationships remain the foundation, digitisation will sharpen our competitive edge in the broker market. Previously, we operated a fully manual process, but we have since evolved to list our products on Mortgage Brain and Twenty7Tec, giving brokers visibility for the first time.
In other developments, during September, we have recently launched our affordability calculator for intermediaries on our website for standard residential cases, which is already allowing us to process more applications. Brokers can now check if a case qualifies against affordability at any time, reducing the wait for a Decision in Principle and cutting processing times by up to two days.
As valued customers, getting the right broker feedback was critical to the design process, and we’ve had excellent reviews on its simplicity and clear illustration of our six-times income lending, with many brokers involved in shaping the calculator. Since launch, we have received excellent feedback, with plenty of four and five-star reviews on the website already.
Then in October, we announced the launch of our new broker portal, in partnership with Mast. Following a brief implementation period, we now benefit from the Mast platform’s seamless upgrades and continuous access to the latest features. Our broker portal provides mortgage advisers with an efficient, user-friendly tool for managing client applications, supporting the entire mortgage journey from initial inquiry through to application submission and completion. The ability to reduce the time spent on administration is crucial for brokers navigating today’s market.
There will be more efficiencies on the way, but one of our ambitions we’re most looking forward to delivering is extending our award-winning Platinum Trusted Service standards—an award we’re proud to have won three years in a row—further into the broker market.
EXPANDING DISTRIBUTION
From working with just a handful of premium London brokers a few years ago, we have significantly expanded our distribution but never at the expense of service. I know that compromising on service risks failure, and it’s very difficult to rebuild a reputation.
At this time, we have a mix of Directly Authorised and Appointed Representative broker relationships, the latter being supported through agreed restricted distribution terms with Mortgage Advice Bureau and Sesame. Our next steps are under consideration. However, the one thing I can categorically say is that when we do expand further, we will not dilute our service levels, which is extremely important to me.
