The Evolution of Mortgage Advising: A Personal Journey
As a seasoned mortgage adviser, I have witnessed significant changes in the industry since I started my career in 1988. From the introduction of regulation to the rise of self-employed brokers, the landscape has shifted dramatically. In this article, we’ll explore my personal journey and the lessons I’ve learned along the way.
The early days of mortgage advising
I began my career at Leamington Spa Building Society, which later became part of Bradford & Bingley. It was an exciting time, with little to no regulation on mortgages. I followed in my mother’s footsteps, who was a financial adviser, and I was eager to learn and grow.
The Importance of Connections
As a mortgage adviser, I’ve come to realize that connections are key. If your clients don’t connect with you, they will look elsewhere. It’s crucial to build relationships and understand the needs of your clients. I’ve found that people buy people first, and that’s what sets self-employed brokers apart from those working for large institutions.
Building relationships is key
The Rise of Regulation
The introduction of regulation in 2004 and the Mortgage Market Review in 2014 brought significant changes to the industry. While some may view regulation as a hindrance, I believe it has brought about positive changes, protecting consumers and holding advisers to account.
The Power of Self-Employment
In 2006, I decided to take the leap and become self-employed. It was a daunting prospect, but one that allowed me to take control of my career and provide a more personalized service to my clients. I doubled my annual salary in the first year, and the rest, as they say, is history.
The Role of Lenders
Lenders play a crucial role in supporting brokers and their clients. Having a point-to-point contact is invaluable, not just for new business enquiries but also when things go wrong. Hodge, for example, has made significant changes to its criteria, including increasing the first death stress test age and enhancing criteria for annexes.
Hodge’s changes to its criteria
The Future of Mortgage Advising
As the industry continues to evolve, it’s essential for mortgage advisers to adapt and stay ahead of the curve. With the rise of fintech and changing consumer behaviors, brokers must be prepared to innovate and provide a personalized service to their clients.
Conclusion
In conclusion, my journey as a mortgage adviser has been filled with ups and downs, but one thing remains constant – the importance of connections and a personalized service. As the industry continues to change, I’m excited to see what the future holds for mortgage advising.
The future of mortgage advising looks bright
