10 Questions with... Terry Pritchard, MD Charterhouse Retirement Solutions

10 Questions with... Terry Pritchard, MD Charterhouse Retirement Solutions



1. You’re known as bit of a party animal, what’s the most outrageous story you can relate?


There really are too many to mention! I suppose one of the best involved a 48 hour bender in Paris. We were on our way to see the England vs. South Africa Rugby World Cup final in 2007 – we’d been given corporate tickets. Robin Hall and I booked a dodgy hotel somewhere in northern Paris and then drank our way across the city. We walked about three miles in four hours, stopping off at countless bars along the way. It’s surprising we didn’t kill ourselves, I can still picture Robin stumbling between the cars now, trying to walk straight...

That was in 2007, we hadn’t realised how bad things were gonna get then... [B&C: I think Terry’s referring to the recession and not his drinking here] We’re both reformed characters now though.

2. How long have you been working in Financial Services for?

Twenty-five years. I started off as a broker and then worked at Crusader Insurance and Britannia Life – before setting up Chase UK in 1991. In 2006 I moved to edeus where I stayed for two years as director of packaging.

In 2008 I moved to Charterhouse RS. We’ve about 12-13 consultants working there now, we’re a small brokerage who specialise in equity release... it’s not wildly exciting.

I’m about to launch a new lending fund though, first week of September. We plan to offer a reversion product, similar to SARB but less restrictive and with better terms – the property has a lifetime lease. There’ll be bridging involved too, watch this space.

3. What would you say has been the highlight of your career so far?

Between 2006 and 2008, working for edeus. Though I wasn’t there right from the start, they were three months old when I joined, I was there pretty much at the beginning and launching a lender is very exciting. I really enjoyed working with the people there, it was the best time I had, all very positive stuff.

4. What advice do you have for new introducers and lenders?

Keep your costs low, as low as possible, and prepare for the RDR. Make sure you understand fully how that works and make sure you have the best technology out there.

Work hard, work harder and smarter than everyone else. The biggest problem for brokers is that we’re all lazy buggers, we’d much rather be down the pub, but you need to keep ahead of the game.

As for lenders, be cautious but not negative about your lending, again keep your costs down as much as possible, and be careful... the FSA almost over-regulates these days. There are lots of way to lend and make money, but you must know your market place and stick to your model.

5. What do you predict will happen to the market over the next 12 months?

We’ve got more of the bad stuff to come, it’s not going to get any better quickly but I don’t think it will get worse either... securing credit is not going to get any easier because of all the regulation. With the RDR coming in I think we’ll see a further reduction in brokers... but there is still money to be made out there.

6. Hmmm... OK, more importantly, who do you fancy off the telly?

Keeley Halls. I like Catherine Zeta Jones too and Jennifer Anniston... and Cheryl Cole.  [B&C: Quel surprise]

7. What’s one thing people would be surprised to learn about you?

I’ve got a degree in music! I play the clarinet and saxophone. I also play the flute but not very well. I did my O Level in music early, at 14 years-old, and then my A Level when I was 16 – just before joining the RAF. It was whilst serving there that I did a degree in music. I’d been part of the National Youth Orchestra as a kid, and was very musical.

B&C: Why didn’t you become a musician then?

They don’t earn enough. I also broke the back of my hand, the bone across my knuckle... I couldn’t play so well after that.

8. What’s your favourite film?

Love, Honour and Obey, directed by Dominic Anciano. It’s got Ray Winstone, Jude Law and Jonny Lee Miller in it. It’s a cult film, a bit of a black comedy, hysterically funny... you should watch it, download it and watch it, it’s brilliant!

9. What’s your favourite book?

I really like the Bourne Trilogy, fiction, I don’t like anything serious.

10. If you could have a super power for one day what would it be and why?

I’d like to see into the future and see the Euro Millions Lottery numbers, and then I could retire. I might give a few quid away to charity...



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