BestAdvice fires the question at Paul Stringer, CEO, Norton Group.
BestAdvice (BA): Tell us a little about yourself and your role at Norton?
Paul Stringer (PS): I’ve worked at the Norton Group for 36 years having joined the family business in 1988. I have always believed it is important to thoroughly understand the business and to work my way to the top, which is why the first five to 10 years of my career was spent underwriting, advising and packaging loan applications.
This was followed by leading a team and then managing the underwriting department. All this experience gave me the grounding and knowledge I needed to be able to run the business as I do today.
My current role can involve a large variety of different challenges however ultimately my remit is to grow the company, improve efficiency and at the same time ensure we are compliant with regulations so that the Norton Group has a secure and profitable future.
BA: Norton is celebrating its 50th anniversary as a business this year. How has the company evolved over the last five decades?
PS: In the early days, the company was a loan brokerage that expanded into a high street general insurance brokerage. As the high street broker model became outdated, we ceased all insurance activities to focus on the loan and mortgage brokerage part of the business.
In addition, we saw an opportunity to offer loans to customers from our own balance sheet, and this side of the business expanded rapidly with further acceleration of business volume when we obtained competitive funding from a major bank.
The last five decades have seen major economic and regulatory change which I believe we have well adapted to owing to prudent financial management, a willingness to adapt and having a good understanding of the markets in which we operate.
BA: What do you consider to be the most significant changes in the specialist mortgage market during this time?
PS: The credit crunch saw major changes in the way lenders and brokers operate, with changes quickly implemented to improve underwriting quality including more stringent affordability and creditworthiness checks.
Since then, there has been a gradual but sustained focus on growing the specialist lending market but in a compliant and sustainable way. Extensive options are available for creditworthy customers, however I believe a large number of potential customers are being excluded from borrowing money due to uncertainties around the regulatory climate.
BA: How do you see the next 50 years panning out for the business, the mortgage market and the wider UK housing market?
PS: I see further growth in all of these areas as property ownership and demand for mortgage borrowing are here to stay. As the population of the country grows and additional properties are built to meet the excess demand for home ownership then this should fuel further expansion of the industry.
Political and regulatory certainty in the future should mean that lenders and brokers have the confidence to invest in the future of their businesses, have the desire to innovate and the ability to plan for the long term. I hope any new governments realise the importance of this for the growth of the specialist mortgage market and for growth in the economy.
BA: What is Norton doing to celebrate the occasion and mark this major milestone?
PS: We have organised a celebration with all of our colleagues and friends within the industry to mark the occasion with good food and a few drinks, but with some surprises thrown in too.
It will be a great opportunity to catch up with like-minded individuals to celebrate not only 50 years of the Norton Group, but also to celebrate the success of the whole industry throughout that time.