He shares insights on industry challenges and advice for aspiring brokers
Broker in Focus is a dedicated series that highlights the unique journeys of mortgage brokers, providing them with a platform to share their experiences, insights, and expertise. Through compelling personal stories and professional reflections, each featured broker recounts the key moments that have shaped their careers, delves into the challenges and opportunities facing the industry today, and shares the valuable wisdom they have gained along the way.
Mortgage Introducer caught up with Andrew Foligno (pictured), who made the leap into mortgage broking in December 2019 — mere weeks before the COVID-19 pandemic turned the industry on its head. Starting his career in protection nearly a decade ago, Foligno now leads Foligno & Co, a thriving Swansea-based brokerage.
Full name: Andrew Foligno
Job title: Owner, Mortgage & Protection Adviser
Company: Foligno & Co
Number of years in the industry: Five years in Mortgages, 10 years including Protection
Location: Swansea
How and when did you become a mortgage broker?
I started working in protection in 2015 and became a mortgage broker in December 2019, just before the COVID-19 pandemic hit. Since May 2023, I’ve run my own brokerage, Foligno & Co.
In your opinion, what has been the most positive development in broking?
The pandemic pushed lenders to improve their systems, and brokers began comparing lenders based on how smooth and efficient those systems were. As a result, lenders have overhauled a lot of their processes. It’s been a big shift in an industry that had been slow to adopt modern tech — which we’re all enjoying!
What challenges do you see currently facing the industry, and what solutions would you propose?
Property-related declines are becoming more common. More homes are being rejected if they’re near commercial premises like takeaways or salons, mainly due to concerns over noise or smells. Underwriters could be more flexible and consider the bigger picture. If the property is on a street where businesses like this have always been part of the environment, it’s unlikely to affect its long-term value. Lenders shouldn’t apply a “one-size-fits-all” approach.
Cladding and EWS1 forms remain a challenge. There’s still a lot of caution around buildings with cladding, and lenders sometimes treat properties as high-risk when they might not be. While safety and risk are important, lenders could better distinguish between genuine high-risk properties and lower-risk ones. For example, do mid-rise buildings, like five- to six-storey flats along the coast (which commonly use a different type of cladding), really pose the same risk as 10- to 20-storey blocks in built-up areas? I’m no expert, but this is the feedback I’m getting from surveyors in the field. While lenders such as Santander are great in the residential market for this, these properties struggle in the buy-to-let market.
Welsh lending criteria is another area where some lenders are still relying on outdated policies. For example, we’ve had cases where lenders insisted on an AST (Assured Shorthold Tenancy) even though Welsh tenancy rules have now changed to Standard Occupation Contracts. Lenders should take extra care when updating their criteria and ensure that their teams are properly trained on Welsh-specific regulations. The transition to Standard Occupation Contracts isn’t new, so by now, it should be standard procedure to check whether any regional differences apply before issuing general criteria.
Although England and Wales do most things together, there are key differences in certain areas. If a lender’s criteria haven’t been updated, or if an inexperienced broker takes an initial “no” at face value, this could potentially make or break a client’s application. That’s why it’s crucial that lenders carefully review and clarify any Welsh-specific rules before setting them as policy.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
When fixed rates hit 6.7% towards the end of 2023, it was tough on everyone. As brokers, we take our clients’ financial situations personally, and seeing them face such steep increases was hard. Luckily, we didn’t have too many clients going from rock-bottom rates to high ones. However, I did see new clients who had been pushed to borrow at their maximum affordability to try and build equity early.
One big lesson for me has been the importance of taking a cautious approach. It’s easy for clients to get swept up in chasing the highest loan possible, but we need to make sure they’re thinking about what happens if rates rise. I’ve also learned to be very clear with clients: we can give them an idea of where rates might go, but there are no guarantees. That’s why I encourage clients to think long-term and choose a deal that suits their comfort level, not just the current market.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
Always put the client first. It’s not just about the numbers on an affordability calculator. Take the time to understand the client’s full financial situation, and be honest about what they can comfortably manage.
Explain things clearly. Go through every step of the process and let clients know what to expect next. Make sure they’re not left in the dark or confused about anything.
Be prepared. Have email templates or guides ready to help clients stay informed. If your company already provides these, use them.
Keep in touch. Check in regularly, even if it’s just a quick update. It shows you care and helps clients feel supported.
Stress the importance of protection. Too many people think they can get insurance later, but by then, it can be too late or much more expensive. I’ve seen clients regret not getting cover early, and I often share real-life examples of claims to highlight why it’s so important.
Make completion special. Call the client on the day of completion to congratulate them. Answer any last-minute questions and provide a checklist covering things like energy suppliers and council tax.
Stay in touch for renewals. Building long-term relationships is key. Keep the door open so you’re the first person they call when it’s time to renew or review their options.
Broker in Focus is a weekly Mortgage Introducer feature, spotlighting mortgage brokers from diverse backgrounds and locations across the UK. Among those recently featured are Luke O’Sullivan of The Loans Engine, Simon Allen of Searchlight Finance, Charn Gandham of Chancery Consultants, Ifthikar Mohamed of WIS Mortgages, Lee Trett of Echo Finance, Keith Humphreys of Pinpoint Commercial Finance, Nick Hayes of Pia Financial Solutions, Alan Kent of Viable Mortgages, Chetan Jethwa of Vistaara Financial Solutions, and Kane Powell of Heron Financial.
Are you a mortgage broker interested in being featured? Email the author with your details.
