Bradley Fordham, managing director of Santander for Intermediaries, has revealed to FTAdviser how the lender is getting ready for the Mortgage Market Review coming into force in 2014.
Mr Fordham has told FTAdviser that he plans to continue to focus on Santander becoming lender of choice while preparing for changes such as the second phase of Help to Buy in January plus the MMR in April.
He said the MMR would be “one of the biggest regulatory changes to happen in the last 10 years.”
As part of its plans to adapt to the rule changes, Mr Fordham said Santander would put the customer experience at the heart of business, making sure any mortgage was sustainable and right for the customer’s personal needs and circumstances, both now and in the future.
Mr Fordham said: “Customers should therefore expect a more thorough assessment of their ability to afford their mortgage, to help them find the solution that’s not just best for now but for the duration of the mortgage.
“Partnering with the lender to help educate clients, intermediaries will play an ever more important role helping their clients navigate the right options, encouraging their clients to take accountability and structure their expectations within what is affordable.
“While the overall effect of both Help to Buy and MMR is uncertain, it looks increasingly likely that they will take place against a stronger economic background, making it likely that market activity will move forward again and that house prices will maintain their upward progress.
“As economic recovery becomes sustained, it is possible that regions outside London will see house prices pick up relative to their performance in 2013.
“The intermediary channel is strategically important to Santander and is a key channel for our business.
“We want to broaden and deepen our relationships with intermediaries and become the intermediary partner of choice, providing them with great products and service. ”
Mr Fordham was promoted to the role of managing director at the start of December. He was sales director and joined Santander in 1995.