Glasgow hosted its first Mortgage Business Expo on 2 March at the Scottish Exhibition and Conference Centre (SECC). Attended by almost 900 people, the Scottish Expo introduced a number of companies to the Scottish market, aimed at improving relations between consultants and lenders, and highlighting the differences between the Scottish and English market models. It also revealed how the systems, both the English and the Scottish, will have to react to changing market conditions, as a result of regulation, consumer trends and increased government legislation in the housing market.
With the English and Scottish systems set to undergo monumental changes as a result of Home Information Packs (HIPs) and Purchaser Information Packs (PIPs), the one-day event highlighted Scottish mortgage industry concerns about PIPs and the proposed single survey approach.
Consultations and adjustments
Speaking at a seminar on the housing market reform in Scotland, James Gibson, at Harvie, Donaldson & Gibson Surveyors, admits a lot of consultations and adjustments need to be conducted before the proposed PIPs 2008 deadline. He says: “There is genuine concern about where mortgage consultants will fit into the scheme. There is a massive amount of work to be done by the Executive before this date.” He questioned how the changes would be implemented: “Will lenders start imposing retentions again? Will lenders be put off by the single survey reports and how will this information be fed into the underwriter?”
Seminars at the Expo also highlighted the differences between the English and Scottish markets. Alison Hatrick, chairman at the Scottish Branch Committee of the National Association of Estate Agents (NAEA) suggests the Scottish market conditions provide better opportunities for intermediaries and buyers: “In England the offer is not generally ‘clean’ and there is a very high number of transactions that fall through, as opposed to the Scottish system.” She adds the proposed changes to the Scottish property selling scenario will increase buyer awareness of issues they are interested in: “The aim is to discourage unrealistic asking prices and give information that the buyer wants, such as when the bins go out and things like that.”
Seminar popularity
As well as a seminar on the proposed changes to the Scottish housing system, ‘Treating Customers Fairly’ (TCF), secured loans and equity release issues were also discussed in addition to a seminar on the benefits of entering the overseas market. All seminars were either held, or attended by the Council of Mortgage Lenders (CML) and the Association of Mortgage Intermediaries (AMI).
Chris Cummings, director-general at AMI, praised the event, saying the seminars and stands were popular among the consultants that attended. “The seminar programme had a good mix of topics, ranging from regulation to business development. They were well attended and generated some good discussions.” He adds the Expo provides the opportunity for AMI to visit its Scottish members and enhance its reputation north of the border: “The Expo works well for AMI as a forum at which we can meet many of our members face-to-face. We are very pleased with this first Glasgow industry event.”
Exhibitors of the event similarly agree it was a success, with the Expo set to be a staple occasion for the Scottish intermediary for many years to come.
Richard Sexton, national business development manager at e.surv, admits the mortgage business exhibition provides an opportunity for exhibitors to surround themselves with the differences between the English and Scottish market and devote time to Scottish consultants. “The Glasgow Expo has been a good day. It’s a bit different to London and the response we have had at the stands has been really good. The brokers and consultants are interested in what we have to say and offer.”
Despite unavoidable hindrances to the event, with adverse weather and travel conditions making it hard for a number of intermediaries to attend, Sexton says those that went were focused on what they wanted to get from the show: “The intermediaries at the show had definite targets about what they wanted to get from the event.”
Rooftop Mortgages, marketing director, Alison Beech adds that the Scottish Mortgage Business Expo is a welcome edition to the exhibition calendar. She says: “Obviously this is everyone’s first experience of the Scottish show and it has proved to be useful as we had quality enquiries from visitors who genuinely seem interested in Rooftop Mortgages. This is very encouraging for the first show in Scotland.”
Show manager, Daniel Nwaokolo concludes: “The first Glasgow show has certainly justified our decision to come to Scotland. Exhibitor participation and the visitor numbers have pleased us. The Expo has had a real local focus and has provided a great platform for those who cater for the Scottish mortgage market. The Mortgage Business Expo at Financial Services Scotland has been an undoubted success.”
The Glasgow Mortgage Business Expo was the first to hit the Scottish shores. Judging by the response from the exhibitors and attendees it will be the first of many.
The next Mortgage Business Expo is to be hosted in Manchester on 17 and 18 May.
Grant Bather is assistant editor at Mortgage Introducer
