In the Spotlight with Kevin Roberts, L&G Mortgage Club

FR: As director of Legal & General Mortgage Club, what does your day to day role involve?

My day to day role is always varied, one of the reasons I enjoy it so much. I lead an amazing team which has grown from strength to strength over the past year – and still growing, we are currently recruiting to expand. A lot of what I do, though, is maintaining and developing our broker and lender relationships; 95 strong for the latter and over 9,000 registered broker users.

I’m also directly involved in working with the fintech team to drive and develop our proposition, transforming and digitising the Mortgage Club to help deliver the frictionless mortgage.

FR: Why do you think it is so important that every customer speaks to a broker when deciding which mortgage deal is best for them?

Brokers provide an irreplaceable and fantastic service! It’s easy to forget that a mortgage is one of the biggest financial decisions that someone will make in their lifetime, which is why it is so important to get it right. Brokers are experts in their field, with a huge amount of knowledge of all of the different available options. They are well positioned to assess an individual’s circumstances and find the products that best fit their needs. Why wouldn’t you use a broker?

The value of broker is beginning to be recognised by consumers, with our recent research revealing that four in every five homeowners would be likely to use an adviser if they were to buy their first home again. This is great progress, but we want to aim even higher and ensure that all customers are using brokers to get the best possible level of service.

It is not just securing a mortgage, however, that brokers can help with. These individuals play a crucial role in opening up conversations around protection. Whilst no one likes to think about the worst that could happen, brokers can help clients plan with foresight, ensuring their monthly mortgage payments are met no matter what the circumstance.

FR: What do you believe will be the most significant change and challenge to the mortgage industry over the next 12 months?

The biggest challenge that we face at the moment is hauling the outdated mortgage process into the modern era. Current inefficiency puts us at risk to competition, such as consumer favourite tech giants and price comparison sites – the Amazons and MoneySupermarkets of the world.

Our vision is to help the market deliver the frictionless journey, taking the mortgage application from days and weeks to just hours. That not only benefits customers but also puts brokers in the best position to continue adding value and securing better outcomes for consumers.

We really believe that there is a bright future ahead for brokers, especially if we can support them with a faster mortgage journey that allows them to spend more time on important discussions with their clients or securing new business.

FR: Legal & General has one of the largest mortgage clubs in the UK, what value do you think clubs bring to the industry?

Mortgage clubs are not just a valuable resource for lenders or brokers. They play a vital role in the industry, bringing the two parties together - resulting in better outcomes for the end customer. For lenders, mortgage clubs make distribution more manageable and efficient, providing a one-stop shop to a large number of distributors.

Another added value is that clubs greatly simplify the payment of procuration fees, removing what can be an administrative hassle for lenders who deal with large numbers of brokers. The total cost of paying companies individually can otherwise be considerable, more than £100,000 a year for a larger lender. Mortgage clubs are therefore able to eliminate the majority of these costs by allowing lenders to pay these fees to one central hub.

Finally, clubs also provide support through education and tools. For brokers, clubs provide a significant resource of information; helping them stay connected with any product and criteria updates, whilst also being kept up to date with the latest regulatory and market trends. A good mortgage club can genuinely make whole of market advice a reality.

FR: If you could see one headline about the housing market next year, what would it be?

'New fintech enables broker mortgages to be completed 10 times faster'.