“The pandemic really accelerated growth in this area as people reassessed their lives and what was most important to them and their futures,” he told Mortgage Introducer. “Of course, changes bring challenges but also bring opportunities too. There’s massive opportunity within the specialist arena, clients are looking to diversify their portfolios and looking at areas that could provide them with increased revenues.
“If the last few years has taught us anything, it’s to not get complacent, change can come at any time and it’s about adapting and working within the new confines. The market and consumer needs are constantly evolving so it’s really important to try and be a step ahead.”
How important is it for brokers to diversify?
Callaghan believes the best business lesson he has learned in his career so far is never to stand still. An approach supported by many brokers, it seems. In his view, they are diversifying and increasing their knowledge of specialist finance, to meet increasing demand, while catering for clients’ changing, ever more complex requirements.
“Having regular contact with lenders also helps brokers to keep on the pulse of what products are available and also what each lender’s criteria basis is too,” he said. “With a lender like InterBay, we have the ability to look outside of criteria and shape a solution based on client requirements so those sorts of broker/lender relationships can be key to getting a case to completion.
“As with all cases, the more information from a client and their needs will help lenders explore different options too and get early engagement from the teams who will be critical to a case being able to complete.”