Over a quarter of lending in 2014 is held by mutual societies

February 22, 2015 by Brendan O'Neill

Lenders

Data released by the Building Societies Association (BSA) has shown that in 2014, mortgage lending by building societies accounted for 26 per cent of the total amount – around £52.6 billion of £204.4 billion. This figure is greater than their actual market share, which sits at around 19 per cent.

Paul Broadhead, whose position within the BSA is head of mortgage policy, has said that it is the individual approach that mutuals apply to their underwriting process that has been a key factor in their success.

Following the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review (MMR) in early 2014, which saw lenders tighten their affordability criteria, a number of borrowers were unable to obtain a mortgage with a mass market lender as they did not meet the profile requirements.

Speaking about the data, Broadhead commented:

“Competition will be stiff in 2015, especially now that an increase in the bank base rate this year looks to be out, even to the point of the Bank of England stating that a drop in this rate, whilst unlikely, is a tool that will be used if necessary.”

Having made the decision to work within the mortgage industry, you will have acknowledged the commitment you need to apply to your CeMAP training. In order to meet the regulatory requirements set out by the Financial Conduct Authority, you must achieve a pass mark in the final exam. You will then be able to meet with customers, assess their needs, conduct an affordability check, and make your recommendations in an open, transparent and compliant way.