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In the spotlight with Lee Schofield of Norton Brokers


In the spotlight with Lee Schofield of Norton Brokers

Loan Talk speaks to Lee Schofield, Business Development Manager at Norton Broker Services, to discuss its new product as well as giving us an insight into what is in store for the rest of the year.

1.       Could you tell us what your main responsibilities are at Norton?

I am tasked with finding new intermediaries and looking after existing ones. Working for Norton Broker Services means that there is always something we can help a finance professional with e.g.; mortgage broker’s we can provide secured loans and debt solutions and debt management companies we can assist with secured loans, mortgages etc.

 

 

2.       Tell us more about your new product you have launched! Why is it competitive?

It has one of the lowest unsecured rates available to the intermediary market at the moment; it caters for both homeowners and tenants. The product itself fits well on our ever expanding lending panel

 

3.       What is your background and how did you get into the secured loan market?

By chance really!  I have only had two employers in my working life - McDonalds and Norton Finance. In 2006, after eight years at McDonalds, I wanted something that allowed me to sit down a bit more.

At the time, Norton Finance were recruiting secured loan underwriters and the rest as they say, “is history.” Eight years later and I split my sitting between the office helping with enquiries and the car somewhere on the M1 on my way to discuss the full range of products we offer with finance professionals across the UK.

 

4.       What do you think will be the biggest changes in the secured loans market due to regulation?

A further crackdown on advertising, ensuring brokers take greater responsibility for third parties such as PPC Company’s activity, and I think that the market will continue to grow as more mortgage intermediaries gain confidence in the product.

 

5.       If you could put anything into Room 101 from the secured loans industry, what would it be?

The seemingly eternal debate surrounding sourcing systems!  I personally think the best option is a company with experienced underwriters (Most of our underwriters have been with us for 10+ years) backed up by a purpose built sourcing system that includes EVERY lender .

                                                                   

6.        If you could have any other job what would it be? Why?

Until recently, I dreamed of being a Funk and Northern Soul DJ but I would now love to be a star on Gogglebox. Why? Sitting at home mocking TV shows and eating junk food? Why not!

 

7.       Name one thing that not many people know about you

I am obsessed with social media and the possibilities of online marketing, so much so that in my spare time I have just completed a diploma in Digital Marketing.

 

8.       Do you think payday lenders give a stereotypical view of the consumer credit industry? Why?

This might be a bit controversial but I don’t think all payday lenders are as bad as some would like us to think. That said, I don’t think that any view the general public has of payday loans influences how they see secured loans or mortgages.  I think as with all financial products and all audiences there is an element of education required as to when and why they should be used.  

 

9.       Do you think there are too many lenders working within the prime space?

There can never be enough lenders as long as they all have individual niches that can help brokers to place business such as Precise lending to clear a tax bill. The main winner is the customer as the competition is led to record low rates which is great for secured loan brokers as more credit worthy customers are now considering secured loans

 

10.   What exciting things do you have planned over the rest of this year for Norton?

We currently have a new website in the pipeline and are organising some broker road shows. We are also planning to retain our Loantalk Best Secured Loan Broker award!

 





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