"I started in mortgages when there was no technology other than teletext!"
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 interviewed Bob Singh (pictured), director of Chess Mortgages and one of the few figures who could truly say they have experienced the breadth of change in the mortgage broking world. With over three decades in the industry, his experience and advice offer both inspiration and insight for brokers looking to navigate the competitive landscape of today’s market.
Full name: Bob Singh
Job title: Director
Company: Chess Mortgages
Number of years in the industry: 34
Location: West London / Mayfair
How and when did you become a mortgage broker?
My passion for property and finance led me to resign from my assistant manager position at NatWest in 1990 after 10 years of service. I started in mortgages when there was little or no regulation around them and no technology other than teletext!
My first proper job was in an estate agency chain in Ealing and other West London branches, where I cut my teeth before moving to John Charcol some years later as a mortgage independent financial adviser.
In your opinion, what has been the most positive development in broking?
The mortgage world has certainly changed during my time. Technology has been the gamechanger for lenders and brokers and further advances have yet to happen to streamline, not only the mortgage process, but conveyancing too. Lenders will eventually plumb into all CRMs, further enhancing the application journey with sourcing systems playing a vital role too.
What challenges do you see currently facing the industry, and what solutions would you propose?
The challenges are many. The ever changing FCA rules, compliance, social media, new regulations and laws, and new Government fiscal and property laws will keep us on our toes. Keeping your knowledge updated is vital to deliver the right outcomes for our clients.
COVID-19 changed the way many work and taught us how to adapt. Evolution in our industry will continue for many years ahead as AI develops and maybe one day replaces some aspects of our work.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
Getting new clients is always the hard bit. With so much competition from all sides, it’s easy to be lost in the noise. At times, it can seem like every man and his dog are vying for the same mortgage business.
It’s important therefore to be different, establish a brand, trademark it and focus on a niche. Then spread the word on social media. This is exactly what I did. Chess is trademarked since 1999. TikTok and Facebook has transformed my business. With my own Facebook Group and TikTok following totalling some 50,000, lead generation is no longer a problem.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
We are in what is quite possibly the best profession. The flexibility it offers for self-employed brokers and the earnings potential is immense. The road however is long and slippery. Expert guidance will be required along the way. Networks are great for compliance but will rarely help you develop your business. Having a mentor will prove priceless.
Self-development by learning from others is key to your success. Attending seminars, webinars and gaining product knowledge is essential. Sitting additional exams will add to your credibility and confidence. The art of selling will come with experience. It doesn’t happen overnight but with a can-do attitude anything is possible.
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 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.
