Insights from a decade in the industry 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.
In this edition, Mortgage Introducer interviewed Barry Wise (pictured), who, after several years in financial services with banking giants Lloyds and Barclays, moved into the mortgage industry in 2014. Wise, who recently joined The Mortgage Pod, shares his insights from his decade in the industry, discusses the current challenges mortgage brokers face, and offers valuable advice for those looking to enter the field.
Full name: Barry Wise
Job title: Senior mortgage and protection adviser
Company: The Mortgage Pod
Number of years in the industry: 10 in mortgage, 15 in financial services
Location: Portsmouth
How and when did you become a mortgage broker?
I first became a mortgage adviser in 2014 when I joined a national estate agency. It was always something I was interested in going into having worked in financial services for five years with Lloyds and Barclays but hadn’t done my qualifications. I then received a call because my CV was on Indeed and was invited to an interview, offering to pay for my training, and it went from there.
In your opinion, what has been the most positive development in broking?
The technology has changed broking so much over the last 10 years, making it easier to place historically trickier cases and means I can help more people buy their perfect property. Many of these tools are very customer friendly too, helping their understanding, and helps make the journey much clearer and smoother for my clients. Lenders’ criteria have also improved since the Mortgage Market Review, meaning there are now significantly more options available to help clients.
What challenges do you see currently facing the industry?
The buying process hasn’t got any quicker in the last 10 years, and although lenders and brokers have made huge advances in technology to make the process quicker, there are other parts of the journey which still feel slow and cumbersome.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
I had some clients whose interest-only mortgage was coming to an end. They had not made provisions to repay it during the loan as they had not had great advice when they took it out. They had also amassed quite a bit of debt over the years and their lender was not trading anymore, so they were on a high interest rate which they hadn’t been able to switch or amend.
I was able to get their loan onto a new repayment mortgage with a high street lender and clear their debts, all the while keeping their payments below what they were already paying, meaning they didn’t lose their family home of nearly 30 years. They knew they had to do something but were so worried that they’re going to be told ‘no’ that they hadn’t spoken to a broker to see what could actually be done. So always reach out - we say ‘yes’ more than ‘no’.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
Be organised! It’s very easy to get drowned in paperwork and cases when you first start, and this can lead to delays, mistakes and frustration. Also, arrange meetings with the BDMs and maintain a good relationship with them. They will tell you where their criteria is strong and other lending they are not so keen on, and really help you place the cases right first time. They can also be invaluable if there are things that need to be expedited, especially around completion time.
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 and Bob Singh of Chess Mortgages, Matt Davey of Peritus Private Finance, Chris Hall of 1st Call 4 Mortgages, Akhil Mair of Our Mortgage Broker, and Bola Anike of Elmgrove Financial Services.
Are you a mortgage broker interested in being featured? Email the author with your details.
