“I’ll be there for you, when the rain starts to pour…”

Like the famous Friends soundtrack goes, building societies have always tried to be there for their customers – and that’s remained the same during the unexpected pandemic of COVID-19. They have stayed open for business when other lenders, were forced to close, offering good product ranges and continuing with flexible lending criteria to adapt to changing customer and business circumstances.

Providing the same level of support to brokers has been key in building societies’ response to the pandemic. It’s no secret that lenders have been inundated with cases particularly at higher LTVs and requests to adapt lending policies due to individual client needs, which is why extra support during this time is crucial.

By allowing flexible criteria, any changes in circumstances can be factored into decisions made by lenders. Many building societies including HRBS offer manual underwriting services, ensuring clients affected by COVID-19 are considered on an individual basis.

HRBS stays true to this by running a daily mortgage referral committee, where complex cases are considered by a panel of senior underwriters.

Some lenders were unable to operate in the market during the pandemic. Building societies were able to fill their shoes and will continue to offer complex lending solutions, helping clients adapting to new circumstances. Building societies were one of the first lenders taking a step into a higher LTV market and specifically supporting first time buyers, allowing clients even more flexibility in their lending agreements.

As we begin to move out of lockdown, building societies have shown resilience and have adapted quickly to offer flexibility and a range of competitive products, making them a great choice of lender now and in the future.