www.paradigm.co.uk/mortgages PARADIGM MORTGAGE NEWSLETTER SPRING 2025
CONTENTS 4 Paradigm Mortgage Services Introduction from Paradigm Richard Howes 8AMI Advice is totally on the Hook 10 ModaMortgages Why Broker and Lenders need to understand the challenges facing First-Time Buyer First-Time Landlords 12 Paradigm Introducing Our New Mental Health and Wellbeing Hub Riona Mulherin 14 The PI Desk The PI Desk launches with Paradigm 15 Paradigm Celebrating Women's History Month in the UK: Reflecting on the past and embracing the future Riona Mulherin 19 LV= GI Being A Black Woman in the Insurance Industry
We’re here to speed things up, not slow things down. Our 100% online application is stripped back to the essentials, offering speed of service, saving time for everyone. Plus, we’re waiving valuation and application fees during our initial launch phase. [email protected] modamortgages.co.uk 01978 80 33 33 Smarter ب One smarter, simpler product range supporting all landlords and property types. ب £ for £ remortgages assessed at pay rate helping with affordability, even on shortterm fixed rates. Faster ب Quick, consistent decisions with instant DIPs. ب Desktop valuations for remortgages on standard properties that meet eligibility. Simpler ب All underpinned by clear criteria so you know where you stand. ب Simple process for portfolio landlords, no extra forms just a few additional questions to fully understand your application. INTERMEDIARIES ONLY: ModaMortgages is a trading name of Chetwood Financial Limited, company number 09964966. Chetwood Financial Limited is a company registered in England and Wales. Registered office: Ellice Way Wrexham LL13 7YT. Chetwood Financial Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 740551. Buy to let mortgages for business purposes are not regulated by the Financial Conduct Authority and you will not have any of the protections that the Financial Conduct Authority offers in respect of regulated mortgage contracts or consumer buy to let mortgages. If you wish, you may check the Financial Services Register on the Financial Conduct Authority’s website http://www.fca.org.uk/firms/systems-reporting/register or by contacting the Financial Conduct Authority on 0800 111 6768. 02-03-03 (1.1) Say hello to ModaMortgages, a new buy to let lender.
Welcome to the first edition of Paradigms newsletter for 2025. I hope the market is treating you well. It appears the first two months of 2025 in terms of mortgage activity has seen the market demonstrate notable activity and confidence. Data from Barclays revealed that confidence in the housing market grew to 30% throughout the month, which is the highest level since October 2024, up from 24% in January. Such positivity is also seen in average house prices as they have risen by 0.7% in January, reaching a record high of £299,138. This increase is driven by strong demand and a limited supply of properties, leading to heightened competition among buyers. To coincide with this confidence and positivity, mortgage product availability reached a new record of 25,090 in February, Twenty7tec data reveals. The latest figures show that this was the first time there have ever been more than 25,000 products available. It also shows the month end total was up by 2.33% on January 2025. Selection of products remain weighted towards two-year fixed mortgages not surprisingly, they accounted for 41.05% of all fixed product searches compared to 41.13% in February 2024. Three to five-year fixed mortgages accounted for 35.71% of all fixed product searches compared to 35.73% in February 2024. Five to ten-year fixed mortgages now account for 23.24% of all fixed product searches compared to 23.14% in February 2024, which probably reflects customers desire not to be locked in too long as many think we’re on a lower trajectory over the next 18 months. The market is also currently at a new high for products in the maximum 90% loan-tovalue (LTV) and maximum 95% LTV ranges, with over 1,806 products available in these ranges. Last month also set a record for the highest number of average products available, at 24,776.1 products per day. This represents 27.1% more products available per day, on average, in February 2025 compared to the same month last year. In terms of mortgage lending, the FCA reported a 4.9% increase in gross mortgage advances from the previous quarter, so far in 2025, totalling £68.8 billion. The highest since Q4 2022. This increase is partly attributed to a competitive lending environment, with many borrowers refinancing before their fixed-rate deals expire. In the week ending the 3rd March, lenders reported a residential market size of £6.3 billion, and a BTL market of £821 million. Interestingly, the BTL market appears to be confounding the experts. Remortgage applications continue to dominate accounting for 73% of the value of applications in the week. Year to date in both 2024 and 2025, remortgages captured 74% of application value. However, the first 9 weeks of this year saw a significant increase in the overall value of BTL applications compared to 2024, up to £7 billion compared to £6.7 billion. Average application values were also higher for the year-to-date compared to the same period in 2024; £170.1k compared Richard Howes Director of Mortgages Paradigm Mortgage Market Update 04 MORTGAGE NEWSLETTER
to £162.2k. Average remortgage value YTD stood at £176.9k exceeding purchasers by over £20k. The BTL market seems to be confounding the critics and the brickbats being aimed at it, certainly our figures at Paradigm would suggest this. There appears never to be a better time to be talking to your landlord clients, and there certainly seems to be a vast amount of topics to discuss with them. Notwithstanding the usual green areas and renters reform bill. We have also looked at a diversification of portfolios into the semi commercial space with the potential in relaxed planning laws, incorporation, and limited companies purchasing limited companies in this area. We have all the information you require if you wanted to understand some of these ideas so please make contact with your Business Development Director. It seems many lenders are reporting the market is currently stable, lenders are choosing to take margin this quarter whilst they can, and perhaps look to go for volume in quarter 2 (TFY Q1) given their challenging targets for volume overall in 2025. Only Barclays and Santander broke cover in the first two months of the year offering rates below the “magical” 4% level selling “tenner’s for a fiver!”, and then only for a limited time. What was interesting was the other major lenders did not follow, and nor did those smaller lenders who might be expected to secure volume and value early in the calendar year as they would normally. The Bank of England's base rate cut to 4.5% did not provide a rush or stimulus to the market which many commentators thought it would, given it had taken so long for it to happen. Commentators are also saying they are not expecting a further cut until May at the earliest. Interestingly it does seem to have concentrated the first-time buyer (FTB) market, which has become a significant force in the market, accounting for a record 29.6% of all mortgage loans in late 2024, and 36.4% so far in 2025. This trend is driven by more favourable affordability compared to renting, with average monthly mortgage payments for first-time buyers at £1,038, 20% lower than the average rent of £1,248. 05 MORTGAGE NEWSLETTER Continued on next page...
06 MORTGAGE NEWSLETTER firm TwentyCi 38% of properties listed up to the end of December 2024 had at least one price reduction. According to Nationwide’s house price index and the RPI inflation figures, the property market has not recorded real price growth (adjusted for inflation) since 2022. So, are the days of buying for “real” financial gain under pressure? A further pressure point could be the introduction of the Building Safety levy. Expected to raise circa £3Billion pounds, it is seen as another cladding tax on top of the extra 4% corporation tax levied on housebuilders to cover the cost of fixing fire safety faults on flats. Housebuilder, the Berkley group, advised in a recent trading update this would not help the government fulfil its housebuilding target. But lets finish on the positives, lenders want to lend, consumers want to buy and / or refinance, and there is plenty of choice for all! I hope you enjoy reading the newsletter, as always we try to inform and offer thoughts on what could be of interest to you. A special mention if I can to the outgoing Robert Sinclair who has penned an article for us from an AMI perspective, for which we are very grateful. The FTB market has been stimulated by the stamp duty incentive shortly to end, but as a result an estimated 575,000 homes were in the legal completion process. Rightmove has identified around 74,000 moves, including 25,000 first-time buyers, that were set to miss the Stamp Duty deadline, resulting in an extra £142m in tax if completed in April. Forecasts suggest a continued growth in mortgage lending throughout 2025, with UK Finance projecting a 10% increase in house purchase lending, reaching £148 billion. Remortgaging activity is also expected to rise, with a 30% growth forecasted, totalling £76 billion. However, challenges such as potential interest rate volatility and economic uncertainties remain, necessitating cautious optimism among borrowers and lenders alike. Indeed there are headwinds in the market for the medium and long term outside of the economic and global conditions the market is facing. One such issue is the market is now in favour of the buyer as opposed to the seller it seems. The supply of homes for sale is at a 10 year high according to Rightmove’s latest house price index, according to the analytics
Robert Sinclair, Senior Advisor at AMI As our population ages and many will have insufficient pension provision, some will look to their property asset as a source of improving their retirement journey. This might be because they still have a mortgage, need to spend on their property or have long term care needs. Others may wish to pass on wealth early, fund education or provide house deposits for family. Whilst for many a lifetime mortgage may look attractive, particularly via some very glossy but unbalanced advertising, the fact the solution exists and is on the shelf does not reduce the role of the adviser in giving consumer-based advice. Options of sale of property, unsecured, conventional mortgages, RIO and lifetime alternatives must all be on the table. Significant discussion centres on the need for holistic or product agnostic advice that I feel misses the point – the advice must be customer centric. In a world where the product boundaries are blurring, full consideration of all options through the customer lens is the only safe place for advisers to be. Critical is the ability to refer where you do not offer the best solution. The FCA has been becoming increasingly vocal on these points, and is disappointed to find continuing evidence of firms not acting on their 2020 findings, discovering many examples where intermediaries are still: • Poorly considering borrowers’ income and expenditure. • Minimising discussions around alternatives. • Incentivising sales potentially at the expense of quality advice and good customer outcomes. • Steering outcomes in favour of lifetime mortgage products. In the FCA's October 2024 letter to lifetime mortgage providers it states: “We see our responsible lending requirements as especially important for later life lending, including lifetime hybrid products where consumers are expected to service mortgage payments. We expect firms who operate in this market to pay particular attention to signs of vulnerability. Firms should ensure that poor product design and governance does not lead to consumers purchasing later life products they don't fully understand, and which do not meet their needs.” Its 2025 mortgage intermediary strategy letter sets out: “In the lifetime market, we have already outlined our findings on the shortcomings. Where customers have more complex financial situations, firms should assess their needs and circumstances, ensuring they have adequate processes in place to identify and take account of vulnerability. Conflicts of interest, when not properly identified and managed, can drive a high pressure sales culture in the mortgage intermediaries’ market. Recent supervisory work has shown some firms have a culture Advice is totally on the Hook 08 MORTGAGE NEWSLETTER
driven by sales targets, with advisors financially incentivised to sell products that attract higher rates of commission or fees. The way sales staff are paid can drive misselling and product bias if conflicts are not properly managed When reviewing firms’ fair value assessments, we have seen different approaches. We have seen positive steps, for instance, some firms have completed holistic reviews of their fees charged compared against their costs and have considered the service provided in different circumstances. We have seen examples where firms have reduced or removed charges for certain products or ongoing services where these were deemed too high relative to the benefits provided. We have also seen firms put better controls in place for certain groups of consumers and remove charges for those groups if they do not offer fair value. However, we have seen instances of less considered approaches, and we remind firms that solely benchmarking against competitors does not go far enough. There is increased risk when promoting more complex products such as lifetime, if the promotion is unbalanced or biased towards a certain product. Firms should not be seeking to exploit consumers’ behavioural biases, and communications should be designed in a way that avoids foreseeable harm and aids consumer understanding.” Conclusion In setting out these views, the FCA is placing full responsibility with the advice firm. The lender is making the product available and setting a procuration fee offering. It is entirely the advice firms’ choice as to whether they offer that product, provider or take that level of compensation. The advice firm is accountable for their fair value assessment and the suitability of the product set against the consumer’s long term circumstances, not just their immediate objectives. The advice firm should know what marketing has delivered their leads. Remember a £20,000 holiday on a 7% lifetime product rate taken at age 55 will be a £160,000 deduction to the estate at age 85. Taking borrowing now that narrows options later in life that may become a necessity could deliver real regret on all sides. With conventional products usually priced off SONIA rates and lifetime from Gilts, that disparity makes advice ever more complex. Going lifetime too early in life’s journey might also deliver regret. Determining whether to take full drawdown for an amount now at a defined interest rate, or waiting until later on a flexi product which might attract a different interest rate, lies with the adviser, but the consumer must fully understand the implications of the choice. Interestingly we are seeing the FCA moving out of siloes within in its own policy work – it recently announced that in June it will launch a discussion on the future of the mortgage market, which includes lending into later life. This signals a change its previously segmented approach. The FCA has this market fully in its sight over the next two years, so firms would be well advised to proceed with caution. 09 MORTGAGE NEWSLETTER
We all know how challenging it can be for first-time buyers to purchase a residential property to live in. It feels as though there’s hardly a day goes by when I don’t see a story about how spiralling house prices, high interest rates and the large deposits needed to secure a mortgage means owning a home is becoming an increasingly distant dream for many people. And yet there’s another group of first-time buyers who you don’t tend to read nearly so much about in the media; a group who’ve chosen to take a different approach to getting a foot on the property ladder – the first-time buyer first-time landlords. Although it’s not a common route to property ownership, there are people out there whose first venture into the world of bricks and mortar involves buying a property solely with the intention of letting it out. Not only is it a way for them to enter the property market, it can also provide them with some extra income, which could come in very useful if they’re raising the deposit needed to buy a place of their own. However, as well as the usual difficulties facing those trying to secure a residential mortgage, first-time buyer first-time landlords can also encounter additional challenges as they navigate the process of entering the rental market. Securing a mortgage This is a classic catch 22 situation as first-time landlords are unlikely to be cash purchasers and so usually require a mortgage to purchase the property that’s to be rent out. However, as they don’t own a residential property, first-time buyer firsttime landlords often struggle to secure the mortgage they need as they’re an unknown quantity for many lenders. Also, buy to let mortgages often require a larger deposit and without existing equity in another property, it can be harder for them to raise the required deposit. Understanding their legal obligations With around 170 rules and regulations that must be adhered to1, ranging from health and safety standards to tenants’ rights, owning a rental property for the first time can be a steep learning curve. Lenders can be reluctant in approving buy to let mortgages for landlords who have little experience or no experience with owning a rental property. Managing a rental property Managing a successful rental property includes everything from dealing with tenants to handling repairs and ensuring the property is up to standard. Failure to do so could lead to high turnover Why Broker and Lenders need to understand the challenges facing First-Time Buyer First-Time Landlords 10 MORTGAGE NEWSLETTER Roger Morris Group Distribution Director ModaMortgages
rates, void periods or a failure to keep a property well maintained, all of which could affect rental income and mortgage repayments. Again, it’s this lack of experience that could make lenders wary about approving a buy to let mortgage application from a first-time buyer first-time landlord. Taxation and financial planning Taxation can often feel like a maze, and understanding the tax implications of rental income, allowable expenses and how to structure finances can be complex for firsttime landlords. Good financial planning ensures that a rental property remains profitable and that taxes are managed properly, so lenders may want to see that applicants have a sound grasp of these fundamentals, as an oversight could lead to financial difficulties further down the line. 11 MORTGAGE NEWSLETTER Although the above is by no means an exhaustive list of all obstacles first-time buyer first-time landlords might face, it does highlight some of the more major difficulties they could meet. It also throws into sharp relief the importance of getting the right support they need when trying to secure that all-important first mortgage. First-time buyer first-time landlords need extra education, guidance and understanding from brokers and lenders. A pragmatic approach to their needs, combined with a willingness to lend, can help them to meet their buy to let ambitions. At a time when it’s difficult for many people to get on the housing ladder, supporting those who are willing to invest in buy to let for the first time can only be of benefit to the wider industry. 1Source
In the fast-paced world of financial services, we know that maintaining your mental health and wellbeing can often be a real challenge. Indeed, the Mortgage Industry Mental Health Charter (MIMHC) Mental Health & Wellbeing Report 2024 revealed some shocking statistics regarding the wellbeing of those working in our industry, such as: • 21% of mortgage industry workers reported that their mental health is poor or of concern, up from 14% in 2023 • 41% rated their mental health as excellent or good, a decrease from 44% in 2023 • 37% said their mental health was satisfactory, down from 41% in 2023 • 62% of respondents worked more than 45 hours per week, an increase from 58% in 2023 • 22% reported not getting enough sleep on any night of the week, up from 18% last year • 30% said their work/life balance had somewhat worsened in the past 12 months, up from 19% Clearly, these statistics highlight the ongoing challenges that those in the mortgage industry are facing regarding mental health and the need for continued support and resources. At Paradigm, we understand the unique pressures faced by financial advisers and are committed to providing the support needed to thrive both personally and professionally. That's why we have launched our brand new Mental Health and Wellbeing Hub, a dedicated space designed to offer a wealth of resources and tools to help you manage stress, improve work-life balance, and enhance your overall wellbeing. You will also be able to learn more about Mental Health First Aiders, the MIMHC and important dates in the mental health calendar that you can get involved in, to raise awareness and open up conversations about mental health and wellbeing. Finally, you can also find details about charities who can provide additional resources and assistance to help you, or someone you know that is struggling, to navigate challenging times. We are often referred to as the ‘Paradigm family’ and this is something we do pride ourselves on; we try to support all of our members wherever possible and offer a community of support. If you are struggling, please do speak to someone – we will be here to help if we can. Here to support you! We invite you to explore our Mental Health and Wellbeing Hub and take advantage of the resources and support available. By prioritising your mental health and wellbeing, you can enhance your overall quality of life and achieve greater success in your career. As always, we hope you find the new hub helpful and if there is anything Paradigm can do to support you, please get in touch. You can call us on 03300 536061, email us on [email protected] or you can request us to call you back by completing the short form here. Introducing Our New Mental Health and Wellbeing Hub 12 MORTGAGE NEWSLETTER Riona Mulherin Director of Marketing & Operations Paradigm
12 WINTER MORTGAGE NEWSLETTER Paradigm Online: Lenders criteria update & opportunitues Exeter Mortgage & Protection workshop Colchester Mortgage & Protection workshop Paradigm Online: Credit Risk & Affordability Models Paradigm Online: Soilutions for the Self Employed Watford Mortgage and Protection workshop Paradigm Online: Lending with Flexibility Paradigm Online: Regional Building Societies & Flexible Lending We have additional dates and locations available, so click here to find out if we are coming to an area near you!
We are delighted to announce a new Professional Indemnity (PI) insurance strategic partnership with The PI Desk. The PI Desk offer in-house expert underwriters have a wealth of experience looking after the PI insurance needs of IFAs and Mortgage, GI & Protection Intermediaries. They assess every submission so you know that their PI cover reflects your specific circumstances. The team have been writing financial services business since 1998, and the PI Desk was launched in 2013 as an independent underwriting business. The PI Desk business is now very well established and has built successful relationships with clients, insurers, commercial broking intermediaries, bringing quality and competitive products to the direct client and wholesale broking market. The customer service offered to clients has been a key reason for the success of The PI Desk, and even today, as long as a completed application is received the aim is to get a quote to you within 48 hours. To get in touch with The PI Desk, you can speak to our dedicated contact Danny Bower on 0114 387 7013 (don’t forget to mention you’re a Paradigm member), or you can email [email protected]. To obtain a quote, you can use the proposal forms on the website here. This new arrangement also sees an end to our partnership with Marsh Commercial. Unfortunately, the levels of service encountered by our firms have not been to the standards expected and this has caused unnecessary and unwelcome frustration for some firms. As I am sure you are aware, Paradigm continually strives to provide you with access to the best possible specialist third party support and it is important that these partnerships reflect both our own standards and the standards and levels of service our firms expect. We therefore look forward to a long and successful partnership with The PI Desk. If you have any queries regarding this new arrangement, please contact your Paradigm Business Development Director who will be delighted to discuss this with you, or request a call back here and we’ll be in touch. The PI Desk launches with Paradigm 14 MORTGAGE NEWSLETTER
March is a significant month for women around the world, as it marks both Women's History Month and International Women's Day. In the UK, Women's History Month is a time to celebrate the contributions of women to society, culture and history. It is also an opportunity to reflect on the progress made towards gender equality and of course, the work that still needs to be done. Women's History Month Women's History Month originated in the United States in 1987 and is now celebrated every March by many countries across the globe. It aims to highlight the oftenoverlooked contributions of women throughout history in various fields such as politics, science, arts, and social justice. I believe that reflecting on women's history is crucial for two key reasons... Firstly, it helps to acknowledge and celebrate the achievements of women who have shaped our world. By learning about these trailblazers, we can draw inspiration and continue to push for progress in our own lives. Secondly, it provides an opportunity to address the historical and ongoing challenges that women face; understanding the barriers that women have overcome can help us address the systemic inequalities that persist today. In the UK, Women's History Month provides a platform to recognise the achievements of women from various backgrounds and fields, from pioneering scientists like Rosalind Franklin, suffragettes like Emmeline Pankhurst who fought for women's right to vote, to influential political leaders like Margaret Thatcher. Throughout the month, numerous events, exhibitions, and educational programs are organised to celebrate these achievements and inspire future generations – is there anything happening near you that you could get involved in? Women's History Month also emphasises the ongoing efforts needed to address gender disparities, and encourages everyone to recognise the vital roles that women play in shaping a more inclusive and equitable society. Despite significant progress, women still face numerous challenges, including gender pay gaps, underrepresentation in leadership positions, and gender-based violence. It’s also essential to recognise that women's experiences are hugely varied, and are shaped by factors such as race, class, sexuality and disability. By reflecting on the past, we can better understand the roots of these issues and hopefully, address and progress on these matters. Plus, by highlighting the stories of women from different backgrounds, we can foster a more inclusive understanding of history and ensure that all women's voices are heard. There are plenty of books, documentaries and podcasts where you can learn more about these important topics too – please get in touch if you’d like some suggestions! So, to paint the picture, what are some the Celebrating Women's History Month in the UK: Reflecting on the past and embracing the future 15 MORTGAGE NEWSLETTER Riona Mulherin Director of Marketing & Operations Paradigm
current gender equality statistics in the UK? Despite progress, gender inequality remains an issue in the UK. Here are some key statistics which demonstrate the varying rates of progress: • Gender Pay Gap: The gender pay gap for full-time employees in the UK was 7.0% in April 2024, down from 7.5% in 2023. The gap is larger for employees over 40 and in higher-paid positions, according to the ONS. • Political representation: As of 2024, women make up 34% of Members of Parliament in the House of Commons, albeit this is a significant increase from just 3% in 1979, according to Statista. • Representation in leadership - Board Representation: As of 2023, women hold nearly 40% of board positions in FTSE 100 companies, a significant increase from 12.5% a decade ago. This progress places the UK second in international rankings for women's representation on boards, according to the UK Government. • C-Suite Representation: In 2023, 25% of C-Suite leaders were white women, while only one in 20 were women of colour, according to the Academy of Women's Leadership. • Economic participation: The UK ranks 15th on the global gender gap index, indicating that there is still much work to be done to achieve gender parity, according to the World Economic Forum. International Women's Day 2025: Accelerating Action for Gender Equality International Women's Day (IWD), celebrated on March 8th, is a global event that highlights and celebrates the social, economic, cultural and political achievements of women, whilst also being a call for action to address the challenges that remain. The theme for this year is "Accelerate Action", emphasising the need for swift and decisive steps to achieve gender equality. Indeed, according to the World Economic Forum, at the current rate of progress, it will take until 2158 (which is roughly five generations from now), to reach full gender parity. The focus is therefore on ways we can generate greater urgency to remove the systemic barriers and biases that women face across the globe. Earlier this month, we were delighted to host our second annual IWD event, where we were joined by both Lender 16 MORTGAGE NEWSLETTER Continued on next page...
17 MORTGAGE NEWSLETTER partners and women from across a number of our member firms, in London. The event took the opportunity to celebrate the achievements of those women in attendance but also to discuss key topics, focus on improving wellbeing and partake in a panel debate to address a number of important areas where we know there is more to be done to support women. Melissa Lackenby, Events Manager from Paradigm was in attendance on the day and here are some of her key takeaways from the event: "It was such a lovely day, having so many women in the one room to discuss some really important topics within the financial industry. One that came to light was how the self-employed advisers are being left being when it comes to mental health and wellbeing, so we need to find ways in which we can help improve their work life balance. There were some insightful conversations around the gender pay gap, and ways that we can help women get into the financial industry, along with developing them further to go into senior roles." How to get involved Although IWD has now passed, there are many ways to get involved in Women's History Month and ideally we should all be seeking to address these issues 365 days a year! As such, here are a few suggestions of ways that you can get involved: 1. Education: Take the time to learn about the contributions of women throughout history and share this knowledge with others. This can include reading books, watching documentaries, or attending events and lectures. 2. Support women's organisations: Consider donating to or volunteering with organisations that support women's rights and gender equality. Personally I have sought out ways to support Staffordshire Women's Aid and Staffordshire Baby Bank (supporting mothers and children predominantly), which are both local to me, and previously volunteered for The Homeless Period community project. 3. Advocate for change: Use your voice to advocate for policies and initiatives that promote gender equality, this can include contacting your elected representatives about important matters, participating in relevant marches/rallies, or using social media to raise awareness. 4. Celebrate Women's Achievements: Take the time to celebrate the achievements of women in your life and community. This can include recognising the accomplishments of female colleagues, friends and family members. Women's History Month and International Women's Day are important opportunities to reflect on the progress made towards gender equality and to recognise the contributions of women throughout history. By celebrating these events, we can draw inspiration from the past, address the challenges that remain, and work towards a more equitable future for all.
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My name is Lesley Wright & I’m a Strategic Account Manager in the Intermediary sector for LV= GI. My history I joined Legal & General Insurance at age 18, back in 1997, straight out of college and wanted a ‘proper job’. I’ve always been keen on progression, I’ve had a range of job roles throughout my career, Team Leader, Trainer, Service Delivery Manager, Claims Supplier Account Manager, New Business Lead with my most recent role being Intermediary Strategic Account Manager. My career has always run parallel to my life, being a wife, a homeowner, a mother and other entrepreneurial ventures outside of insurance, I even own a butchers shop. My journey - Being black at work I've always remained true to myself, and I've discovered that developing my personal brand has been crucial to my success. This has been important to me as a black female, my “style” is often different to my audience, being understood has been difficult at times. I’m a confident person and many times my passion has been mistaken as aggression, especially as I gesticulate alot and have long nails. When I’m quiet this has been mistaken as lack of confidence, rather than me giving others a chance to speak and be heard. There have been many instances where I’ve been given feedback… from someone that doesn’t look like me, and whilst I have taken feedback on board, I do find myself “filtering” this feedback, feedback helps me see what “they” have observed so that I can alter my approach in the future, should I choose to. At times feedback can feel demotivating, they’ll never understand the way I felt or why I acted a particular way – they’ve never lived in my shoes. I’ve always felt that as a black woman I’ve had to work twice as hard to be recognised, adapting my approach in order not to be perceived as the “angry black woman” stereotype that is unfortunately one of the many labels used for black women. Back in the late 90s, I observed that there were no people that “looked like me” in senior positions. I set myself an ambition to be the first black Service Delivery Manager for whole of the Household Claims Department. I’m proud to say that I achieved this in 2007. It was important for me to ensure that I used this senior platform to create an environment and educate others at every level on the struggles that black people face in this corporate arena. I made sure that my team leader group was very diverse, white, black, Asian, male, female, straight & gay, job-sharing mothers etc. I Celebrating Women's History Month in the UK: Reflecting on the past and embracing the future 19 MORTGAGE NEWSLETTER Lesley Wright Strategic Account Manager LV= General Insurance
thought it was important that the population of contact centre staff had access to Team Leaders that all has something different to bring to the table. I transitioned into the role of Claims Supplier Account Manager, where I studied and earnt my qualification from the British Disaster Management Association (BDMA). Now imagine walking into meetings as a Black woman with this qualification, speaking the same language of building construction and restoration techniques when the majority of my peer group were white middle-class males. Me simply being in a room would turn heads. This wasn’t always a comfortable situation for me, but I used my work ethic, boldness and confidence to shine through and prove my ability to others, to rub out any preconceived judgements. Where am I now? I can honestly say that now, in 2025 I’m living my best ‘working’ life, I’m comfortable in life and within my role and have taken advantage of various opportunities to “Give back” and share my experiences with others to leave them with better insights and to encourage them. I’m very proud of what I have achieved over my 27 years in Insurance, I love working with people and building strong relationships both internally and externally. I’ve used my experiences to help create ‘safe spaces’ for myself and for others to have open and honest conversations to overcome challenges. I’ve naturally become a mentor to both my peers and senior management encouraging open dialogue around diversity and inclusion. I’ve spoken on stage to the Mortgage Market discussing the lack of diversity within the sector. I post regularly about my experiences on LinkedIn, keeping the topic alive. I’m part of our company’s Social Mobility Network, within this I work with a charity, going into schools, often in underprivileged and diverse towns and cities, talking to Year 12 students about my journey and supporting them in a programme of work that includes communication, networking, interview techniques etc. I’d encourage people seeking out Race conversations, ask the difficult questions to educate yourself, be open to learning, create safe spaces to understand cultures and beliefs, you don’t have to agree with them, but you need to have a knowledge of them to get by in this ever-changing diverse world. With more people of colour in senior positions, development conversations with the upcoming generations will be more relatable. They say, “people buy people”, I 100% believe this, stay true to yourself! Connect with Lesley on LinkedIn. 20 MORTGAGE NEWSLETTER
www.paradigm.co.uk/mortgages 0330 053 6061 [email protected]
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