We caught up with Adam, one of our Property Finance Brokers to talk about his career, our industry and a common enquiry he deals with regularly; self-employed mortgages. We believe he has some of the best mortgage advice in Bristol…
What drew you to working in mortgage advice and finance?
I graduated from university with an accounting and business degree in the summer of 2009 during the worst recession of my lifetime. I’ve always had an interest in property and I was offered the opportunity to become a mortgage broker. 10 years on and I’ve been able to pursue my career and specialise in several areas of mortgage advice.
What are some of the most common enquiries you receive?
We don’t really get anything ‘vanilla’ and I think this reflects the mortgage market currently. We have a lot of self-employed clients who are very successful and manage their accounts in such a way to reduce their tax bills. This can make it difficult to borrow the amounts they need to mortgage their homes. We’re able to assess their accounts to be able to maximise the amount they can borrow.
Can you tell us about a particularly challenging area, and how you helped the client?
I had a client who was quite senior at a local bank in Bristol. He wanted to purchase his dream home for his family to live in. To be able to raise the deposit we needed to raise money on his old home in London, his Buy to Let property and his holiday home in Northern Ireland. We also needed to raise an interest only mortgage on his new home, using the equity in his existing properties as the repayment strategy. Managing all 4 applications, with different lenders, to complete at the same time was an interesting challenge.
What is a common misconception about your area of work?
A lot of people expect the job to be quite boring and think we spend all days on spreadsheets. We spend a lot of time discussing people buying their dream homes or raising money to complete the dream kitchen extension. Most people love talking about their aspirations and it’s great to be able to help people achieve their goals.
What area of mortgage and finance are you most passionate about?
It’s always great to be able to help people in need. We recently had a customer who had some seriously bad health and built up some serious debts to cover bills while they were unable to work. We were able to find a lender who used some common sense and by allowed them to add their debts on to the mortgage. When the mortgage completed and their debts were repaid, the client broke down in tears as they saw it as the end of their health issues that had plagued every aspect of their lives for the last couple of years.
Can you share any industry trends or news?
Bank software is becoming more sophisticated and this will only continue going forwards. The mortgage market has been quite slow to adapt to technological advances and some lenders are taking real strides to catch up. For example, we recently had a client whose bank had refused their mortgage at the 11th hour but by using our client portal (they had uploaded all of their documents to me securely during our initial conversation, as they had prepared them for their own bank) when we submitted their application, the bank we proceeded with was able to verify their income, their outgoings, their ID and the value of the property they were looking to purchase without a human looking at the documentation. It is amazing what technology can do – the full mortgage offer was produced within 24 hours instead of 2-3 weeks we usually estimate.
Fox Davidson are your go-to advisers for mortgage advice. Bristol based but with other offices around the South West, we have a friendly team ready to answer any and all of your questions – simply give us a call or email today.