The Mortgage Business Expo, held in Manchester over 16-17 May provided the industry with the chance to catch up, and take in the developments over the previous 12 months, as well as look to the future.
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With a much clearer emphasis on the growing niches of the mortgage market than in previous years, the Manchester Expo gave a greater prominence to secured loans and the growing overseas property market. While past events focused on the large lenders, the 2007 Expo introduced brokers to the new opportunities opening up in an increasingly competitive market.
Steve Walker, managing director at Promise Finance, admitted the show had taken a new direction due to changing market trends. He said: “There seemed to be fewer lenders present, more overseas property specialists and more secured loan master brokers. It is evident that secured loans are now firmly on the agenda of brokers and the organisers of Expo.”
Seminars, hosted by the Council of Mortgage Lenders (CML) and the Association of Mortgage Intermediaries (AMI) were set up to help brokers through the regulatory minefield, in addition to explaining new business opportunities, including buy-to-let and the growing equity release market. Seminars also focused on the rise of technology, the Financial Services Authority (FSA) and its reach towards small firms and the state of the market, while others highlighted the steps needed to implement ‘Treating Customers Fairly,’ and preparing for a mystery shop; issues certain to be on the radar of brokers over the coming year.
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Changing to reflect the trend
Daniel Nwaokolo, show director at Mortgage Business Expo Manchester, admitted the show had to change to suit the growing market, but revealed that the number of exhibitors, and visitors had both increased. He said: “We’re delighted with both the turnout and initial feedback we’ve received from exhibitors and delegates who attended Mortgage Business Expo Manchester. We are just collating the delegate figures and it looks likely that we have increased the number of visitors who attended the Show, while the number of exhibitors topped 140 – a considerable increase on last year. Feedback has indicated a particularly positive reaction to the equity release and international property pavilions. Plus, our secured loans seminar theatre was packed for all sessions, indicating a large level of interest in this sector.”
Nwaokolo added: “The main focus for the Manchester Expo was the specialist markets – buy-to-let, self-certification and non-conforming – and delegates were able to access a large number of providers offering these products. Our main AMI and CML seminars were, as always, well attended and the breadth of topics under discussion ensured there was something for everyone. We were also pleased to have the FSA at the show as we feel it is important to keep our delegates in touch with their regulator.
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A show of success?
Despite reservations in previous years over the prominence given to secured loans providers and those involved in the niche sectors of the market, the changing mortgage landscape has meant that lenders, networks and brokers have had to adapt to new market areas. Payam Azadi, head of marketing at The Mortgage Times Group, confirmed that he had seen an increase in the number of people interested in the group and its range of offerings. “We invested more than ever into ensuring we offered brokers the best possible experience at our stand over the two days at Expo.
“With more business being generated around the Manchester area, this gives us the perfect opportunity to talk to the thousands of brokers that use our products and services. Much has been said about the absence of a few major players in the market, but their loss was certainly our gain as it drove more traffic towards our frontline stand.”
Value for money?
Prior to the event a number of large organisations, including GMAC-RFC, BM Solutions and Nationwide declined the opportunity to exhibit. Clare Mortimer, senior press officer at BM Solutions, admitted the choice had been based on value and market reach. She said: “The decision not to exhibit at Expo was around value for money. We believe that there are better ways to meet brokers.”
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While it is clear that some still view Expo as a way of stocking up the stationery cupboard with the freebies from various stands, there was an increased drive by those manning the stands to highlight growing opportunities in the market, introducing visitors to new income streams and sectors they may have previously overlooked. With the London show set for November it seems that, from the evidence of the Manchester event, brokers can expect a growing diversification of the market and an increasingly busy industry.
