10 Questions with Gary Bailey of Lancashire Mortgage Corporation

10 Questions with Gary Bailey of Lancashire Mortgage Corporation


A Wigan Warriors fanatic who wishes he could time travel to fit more in…

Jason McGee-Abe spoke to Gary Bailey, Director at Lancashire Mortgage Corporation…

B&C: How long have you been in the industry and how did you get to where you are now?

GB: I’ve worked in unsecured and secured lending, both residential and commercial, for over 20 years now, in underwriting, sales, collections and marketing. I started as a customer account manager in a bank, and then progressed up the management ranks into regional position. I joined the Blemain Group in 1997 at a time when it had set out plans to become a major player, with great growth ambitions in the specialist lending sectors. Over the years I have moved up through the ranks to my current position.

What did you want to be when you were younger?

Other than the usual sports hero, as a 9-year-old I was fascinated by dinosaurs so I thought being a Palaeontologist would be great. Later I wanted to be a systems analyst as PCs became more prevalent in my early teens, as you can see I have lived the dream!

What is the most significant difference you have seen in terms of bridging over the years up to now?

The most significant difference that I can see is the purpose of bridging. Initially, bridging was used to fund residential shortfalls until a property was sold and has now evolved into a more generic form of short-term funding for many different sectors of the market e.g. Consolidation, cash flow, clearing unexpected bills or for investment in an opportunity. The competition within the market has also grown phenomenally and I’ve witnessed the introduction of many new lenders into the sector over the last few years.

Which sports team do you support, if any, and why?

Being born and bred in Wigan, soccer is always a distant second to Rugby League. Wigan Warriors are my team and I have had the pleasure of supporting them through some of the greatest eras of any sport.

If you could change one thing about the sector, what would it be?

Myths -There are several myths around the bridging industry such as it is the saviour of secured lending, when money is needed quickly bridging is the answer, or bridging is a loan of last resort?

In real terms, bridging is a product that should be part of any finance broker’s portfolio as well as secured loans and mortgages, both residential and commercial. Bridging should be used when suitable to the customers’ requirements and would be the right choice. It isn't a last resort and isn't the saviour of secured lending; however it does make up an essential portfolio of products that should be available when appropriate.

Is bridging quicker than any other product?

Whether the transaction is a bridge, loan or mortgage they all have the same requirements from a lending perspective. Bridging can be quick, providing the customer, broker, solicitors and lender are geared up to complete the bridge, and all of the requirements are fulfilled, then a bridge can be completed within a couple of hours or so which remains one of our fortes as a lender.

However, a loan or mortgage can complete just as quickly, providing all partners work in the same way, in unison with the common goal and the requirements are in place and fulfilled. It is important that the product meets the short and long term aims of the customer, their circumstances and needs.

If a mortgage or loan is the answer, then a bridge may not be suitable and shouldn’t be selected purely because of the myth that bridging is quicker. More myths like these exist which can confuse introducers. If there was one thing I could change, to eradicate myths would be it.

If you could have one superpower, what would you choose and why?

Be able to time travel so that I can fit everything in. It would be great to witness some of the momentous events in history, see what the future holds and how we could influence it, and still be home for dinner!

What was the last film you saw and what did you think of it?

Generally I enjoy all types of movies from a thriller, to an action movie, a comedy or even a Disney film; which helps when you consider that with the addition to the family of my lovely little daughter earlier this year, I now have kids that were born in each of the last 3 decades.

What would you put in room 101 if you had the chance?

HGVs. Anyone who racks up the miles on the motorways I am sure will appreciate the reasons. In many road accidents and traffic jams an HGV is usually at the heart of it. Perhaps heavy goods should be put back on the railways?

What do you expect to happen in the bridging finance industry over the next 12 months?

I think that the demand for bridging finance will remain strong. The current restrictive approach to lending from traditional sources is further fuelling the buy-to-let boom and there are lots of opportunities for bridging providers to supply this continuing demand, however, we may not see any dramatic growth.

I also think that common sense will return to the market. We will continue to see companies settling into niche areas in the market such as development, certain market sectors or simply the size of the loan, rather than reducing rates and cutting profits to compete with one another, which isn’t sustainable in a crowded market.

If you could do anything you wanted this Sunday, what would it be?

I'd love to jet of to some exotic island with my wife Tracey for the weekend and with my time travel super power I could still spend some quality time with my fabulous kids and perhaps have time to catch a Wigan Warriors Super League game.


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