REVIEW
FIRST-TIME BUYERS
Embracing the people-first approach Anita Arch head of mortgage sales, Saffron Building Society
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ith two-thirds of private renters struggling to save enough money for a deposit, there are question marks over whether the mortgage industry is doing enough to support potential property buyers. Ongoing uncertainties surrounding the COVID-19 pandemic’s long-term impact on people’s health and finances, as well as on business, are combining to make the current climate particularly daunting, with many plans to purchase property currently in limbo. However, it’s important to remember that this situation won’t last forever, difficult though it may be to envisage at this point. When things begin to get back to ‘business as usual’, it is vital that our industry is ready to step in and support as many people as possible to pick up their property purchasing plans.
on an individual, case-by-case basis, which gives us more flexibility to serve those people who might not get a mortgage elsewhere. We also accept gifted deposits on all of our mortgage products, where applicants’ loved ones can assist them by giving them some or all of the money they need. Aspiring homeowners now need to raise an average of £32,000 for their deposits, which is an impossible amount for many. Gifted deposits are particularly helpful for those who are perfectly able to afford the monthly repayments, which may in fact constitute a saving on what they are paying in private rent, but simply cannot save enough for the initial deposit. We have always believed in treating our customers as individuals – not simply numbers – and have worked hard over the past 12 months to introduce support for areas of vulnerability, improve accessibility and
enhance the level of service we offer our customers. For example, all of our staff have been given mental health wellbeing training, allowing them to identify vulnerable customers. Many have also been trained as dementia friends, able to support customers, and their families, affected by dementia. We also use a range of third-party deals as a means of strengthening and retaining lasting relationships with our members, something that is especially crucial in these uncertain times. These include support with estate planning, bereavement, retirement, and annual events that give members the opportunity to meet and get to know their Saffron team. Working continuously to improve customer experience allows us to ensure we put our people first, which has always been one of Saffron Building Society’s fundamental values. Crucially, this people-centric approach in turn helps us to support the intermediaries we work with. If we’re serious about keeping our industry healthy and robust during these uncertain times – and beyond – then inclusivity and support should not just be buzzwords. Instead, they should be principles that we hold at our very core. M I
NEW BUSINESS
So, what can the industry do to attract a heathy amount of new business, once the current situation levels out? At Saffron Building Society, we believe that opening up the property market to more potential first-time buyers is key, both for lenders and for the intermediaries who work with them. One of the ways we are working to do this at Saffron is by making our products accessible for as many people as possible, especially those who may not otherwise meet mortgage affordability criteria. Our underwriting process helps here. Because it is manual, rather than automated, it allows us to make decisions on mortgage applications
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MORTGAGE INTRODUCER MAY 2020
Opening up the property market to more potential first-time buyers is key
www.mortgageintroducer.com
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