The Intermediary – May 2025 - Flipbook - Page 45
RESIDENTIAL
Opinion
BDMs: The
hidden heroes
of homebuying
F
or many homebuyers,
and especially those
stepping onto the
property ladder for
the first time, the
mortgage process can
feel extremely confusing. For those of
us working in the mortgage industry,
the necessary steps of the application
might be second nature, but for the
vast majority of people, buying a
home is one of the most stressful rites
of passage they will face.
We are lucky to have around 25,000
mortgage advisers in the UK, who
are helping people to secure a home
of their own. They offer invaluable
advice to home buyers, and are there
to guide them through every step of
the process.
But the buck shouldn’t stop solely
with brokers. Lenders are responsible
for puing homeownership within
reach of more people, and working
closely with their intermediary
partners to help them to say ‘yes’ to
more borrowers.
Mortgage brokers will receive calls
from clients who are overwhelmed
and confused by the mortgage process,
and who are looking for a lending
solution to allow them to achieve one
of the most important milestones in
their lives – owning their own home.
It’s at this point that brokers turn to
lenders to help them find a suitable
product that can help their client
realise their homeownership dreams.
It’s widely understood that
communication is integral to good
relationships, whether that be
between broker and client, or lender
and intermediary partner. As lenders,
we must be transparent with our
intermediary partners, to allow them
to offer the same great service to their
clients, the buyers who are keeping
the mortgage industry busy.
This is why we consider our
business development managers
(BDMs) the lifeblood of our lending
team. Their support at every step of
the client’s journey is so valuable, and
the work they do behind the scenes is
what allows brokers to secure deals for
the homebuyer.
Brokers oen utilise the support of
a lender’s business development team
once an application is underway, but
a smaller minority are making the
most of them in the early stages of
an enquiry. BDMs can give brokers
a quick indication of whether a case
is likely to be approved, the simple
steps a homebuyer can take to improve
their chances of having an application
accepted, and BDMs can oen make
suggestions of other lenders who can
support if their team can’t help.
Help at hand
Keeping partners informed as cases
progress reduces incoming enquiries
and frees up more time for teams to
focus on the task at hand, and add
value in other ways.
Brokers and lenders can work
together to remove uncertainty
by increasing communication
throughout the process and educating
borrowers. Every mortgage applicant
should have easy access to find out
where their loan application stands,
how long the current step should take,
what the next stage looks like, and any
actions they need to take to progress
towards completion.
That could mean educating
borrowers on understanding their
credit score, or using tools to improve
their eligibility. Leeds Building Society
was the first UK mortgage provider to
partner with Experian and connect
to its free Experian Boost service,
meaning that regular debit payments,
such as council tax and subscriptions
MARTESE CARTON
is director of mortgage
distribution at Leeds
Building Society
It’s widely understood
that communication
is integral to good
relationships, whether
that be between broker
and client, or lender and
intermediary partner”
to digital entertainment services like
Netflix or Spotify, can contribute
to credit scores and be factored into
mortgage applications.
As part of our ongoing core platform
transformation project, colleagues
have more access to technology which
allows them to track the progress of
mortgage cases.
This is already improving the
service our intermediary partners
receive and is one of the reasons
our application to offer period to is
amongst the best in the market.
Following feedback from our
partners, we have recently made
changes to rate switch service to allow
for more flexibility from brokers and
borrowers alike, and improve the
experience for existing members.
Navigating the intricacies of
mortgage rates, product options,
and application processes can be
daunting for home buyers, and
brokers are offering an invaluable
service to their clients as they bring
homeownership within closer reach
and help them to put down roots in
their communities. ●
May 2025 | The Intermediary
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