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    3 Months In Specialist Lending. What Have I Learnt?

    Mil Consiglio - Key Account Manager

    Goodness! Where do I start? 

    The specialist lending arena tests anyone’s knowledge.  Prior to joining Vida Homeloans I genuinely believed I knew the majority of what’s what in the mortgage world and, somewhat arrogantly, if I didn’t know about it, then it wasn’t worth knowing! How wrong was I? 

    It has been an incredibly steep learning curve for many reasons; understanding a whole new world of criteria; Multi Unit Blocks; various types of Houses of Multiple Occupancy (HMOs); repayment strategies for Interest Only mortgages; Limited & Trading Company Buy to Lets … my ‘learning list’ goes on and on. 

    The most exciting eye opener for me has been the way in which specialist lenders can do so much more than “just” help people who have had impaired credit or adverse credit history.    

    It’s been incredible to be involved in a raft of enquiries where Vida has been able to help so many aspiring home owners including allowing parents to help their children to buy their first home, four friends buying their first home together, contractors starting a new venture, ensuring they don’t miss out on their dream home, supporting self-employed buyers who have only 1 year’s accounts, and (a regular for Vida) helping a landlord purchase a flat above a commercial property. 

    One of the other areas that I have had to learn and adapt to is the importance of communication with our internal teams.  In previous roles I didn’t always have the opportunity to discuss complex cases with underwriters prior to submission of an application or whilst the application was in progress.  Within Vida I can discuss directly with our underwriting team various scenarios which pays dividends towards getting a positive outcome for customers.  This really supports brokers at every stage of the application process; they tell me that they feel more confident placing a complex case with Vida knowing that the underwriters are already comfortable with the complexity of the scenario prior to the broker completing a DIP.  This element of specialist lending is new to me and I really believe it is vital to brokers to be able to communicate verbally with our internal teams to explain the customer’s scenario 

    Specialist lenders play a vital role when it comes to supporting a plethora of customers in virtually all of the market sectors that are growing right now.  I would encourage all brokers to expand their knowledge of the specialist lending arena to enable them to thrive as the mortgage market becomes more and more segmented in response to customers’ needs. 

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