The Intermediary – July 2025 - Flipbook - Page 39
MEET THE BDM
This can be the complex stuff we’re
known for – limited companies
and houses in multiple occupation
(HMOs) – but we’re also supporting
landlords who are new to the market
or have smaller portfolios that they
want to grow.
What are the challenges
facing BDMs right now?
I’d say the main challenge is the
changeability of the market that
we’ve seen over the past couple of
years. We’ve seen how the economic
instability has caused rates to go
up and down, sometimes quite
suddenly, leading to lenders having
to pull products at short notice,
which we know can be frustrating
for brokers.
The volatility of the market
has affected criteria and product
availability too, so there are more
moving parts with some cases. This
means that the financial advice that
brokers provide is as valuable as ever
to their landlord clients.
There’s never been a greater need
for us to have a strong working
relationship with brokers to ensure
we’re supporting them.
What are the
opportunities for BDMs?
Following from what I was saying
about the challenges we’ve seen in
the market, it does seem like things
are looking up. Moneyfacts recently
highlighted how product choice has
really bounced back, with an all-time
high in the number of buy-to-let
mortgages on the market. Rates are
coming down too – average 2-year
fixed rates are below 5% for the first
time in almost two years.
We’ve already seen business
levels increase this year, and this
improved investing environment will
likely provide more opportunities to
secure business.
Speaking about Paragon BDMs
specifically, our recently overhauled
mortgage application system offers
us lots of opportunity. Applications
are quicker and easier, and we’ve also
changed our processes and criteria
to make placing simple cases much
more straightforward. Qualifying
cases are digitally underwritten at
the point of application, often with
no need for further documents to
be provided. This is really exciting
because it means we can process
applications quicker than ever, write
a broader spectrum of business and
work with more brokers.
How do you work with
brokers to ensure the best
outcomes for borrowers?
The system updates I mentioned
also help us to keep brokers in the
loop with cases, and this is obviously
good for their clients too. While it’s
something simple, we know good
communication is important.
I think building genuine
relationships with our advisers
across the region is key to all.
The best relationships are built
on trust, and brokers need to be
confident that their BDM is on hand
and will do what they can to support
them to get a deal over the line.
When they submit a case, they
need to know if it is or isn’t going to
work with the bank early on in the
process.
Either way, it’s important for BDMs
to communicate the ‘why’; if we need
something for the case or if it’s one
that’s not for us, for example.
Ultimately, it’s not for the broker’s
benefit, it’s helping to educate the
clients so we’re all singing from the
same hymn sheet.
What advice would you
give potential borrowers
in the current climate?
Do your research. Whether that’s
chatting to a tax adviser about how
best to structure your next venture,
or where economists believe interest
rates will go and the global factors
impacting them.
A lot of people want a 2-year fix
because that’s what their friend
did, or simply because that’s what
they’ve always done, but is it right
for them?
Think before adding fees to a
mortgage. Yes, a deal with fees may
be the most cost-effective over the
next two or five-year period, but
over the life of the mortgage, the
interest accumulated could prove to
be of a similar amount. This means
that it may work out overall cheaper
to select a deal without. Ask your
broker for their thoughts.
What would you like
people to know about
you outside of work?
Weirdly, I’m quite good at basketball.
Not sure how it came about as none
of my friends play, but it’s something
I’ve always had an interest in.
Outside of Newcastle, the Lakes
is my favourite place – whether
that’s ghyll scrambling, paddle
boarding or sipping in beer in a pool
overlooking the mountains, it’s my
ideal escape. ●
Established
1985, first BTL product in 1995
Products
◆ Buy-to-let mortgages for: first-time
landlords; experienced portfolio and
limited company landlords; single
self-contained units and large HMOs
and MUBs.
◆ Refurb-to-let with the ability to
apply for a BTL application at the
same time.
◆ Product switch up to three months
ahead of current mortgage maturing,
access to Track to Fix feature and
0.40% proc fee.
◆ Forward funding facility up to £2m,
with no additional underwriting for
new properties over six months.
Contact details
stephen.harrison@paragonbank.co.uk
07974980065
July 2025 | The Intermediary
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