Imagine starting work at 13 and now owning a mortgage business
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Sonya Matharu’s mortgage journey began after she found herself jobless for the first time since she was 13 – yes, 13-years-old… Such is Matharu’s strong work ethic, that she had been working since she was a teenager, doing an evening job at her local fish and chip shop.
“I just always really wanted to work, and I begged my parents to let me do it,” Matharu (pictured) told Mortgage Introducer, remembering too how her clothes would smell from the frying. “You stink - it lingers! I guess I liked the independence it could bring of having my own money.”
The work ethic that drove Matharu to overcome the odour of cooked fish, stood her in good stead for the jobs which followed, including working at a high street fashion retailer, as a receptionist at a luxury car dealership and in an office-based role - though she was still unsure what she ultimately wanted to do.
When the office job came to an end, due to the company making cuts, Matharu found herself uncharacteristically unemployed, in her early 20s, having just moved out of home. “It was the first time I actually had rent and bills, and I thought, ‘the first time I don't have a job and I actually need a job’,” she said.
Her partner encouraged her to take up a temporary position as PA to his father, who was a mortgage broker. She stayed five years.
“I was fascinated,” Matharu explained. “I was learning something every day and I thought, ‘I think I could see myself doing this’. What really captured my interest were the clients. Something that always really stuck with me was how they would say, ‘oh, if I'd known this, I wouldn't have done that’, or ‘if I had known this I would have done that’.
“There is so much financially that can affect people personally and their prospects for the future and it's all based on them having the information, the knowledge or the resources. I just sat there, taking it all in and thinking, ‘this is crazy, we're not taught this anywhere really, and I'm only learning about this because I'm in a privileged position where I'm sitting in an office learning.‘ I just wanted to help people.”
Matharu pushed to be given work in mortgage administration and then took the next step – her CeMAP training. Newly qualified, she joined the female-led brokerage, The Mortgage Mum, where she stayed for nearly five years, before launching her own business, The Mortgage Atelier, late last year.
“Our mission is to make the mortgage experience as attainable and as bespoke as possible for clients,” Matharu explained. “People shy away from mortgages and conversations about money. They want to buy a house, but then the thought of the mortgage process makes them recoil and feel nervous and overwhelmed. The feelings of excitement for buying a property are just diminished by the overwhelming feeling of dread of going through the mortgage process.
“I wanted to create something that made mortgages, or at least the process of mortgages, more desirable, that makes people lean into it. Each client works differently, likes to receive information differently and we will meet them in whatever way we can to make it the experience that they need.”
Read more: 'How an overcharging broker inspired me to do better'
Don’t be overconfident…
Interestingly, Matharu believes that brokers should avoid appearing overconfident in front of their clients.
“No-one wants to look like they don't have the answers,” said Matharu. “But, you're not going to know everything. This is a fast-paced, fast-moving industry, things change all the time, so let go of the need for wanting to know everything, because you're not going to do so. Even when you're sitting in front of a client, if you don't have the answer, just say, ‘oh, I’ll look into that’. But as long as you know where to go to get that information, and you do obviously go and obtain it, then that's all you need to know. Just be comfortable with the fact you're always going to be learning and that's what makes it exciting, and keeps it interesting.”
She continued: “Get to know the person beyond the facts and figures. Yes, they’re important, but ultimately to provide you with the best service and the best advice you need to know, who you are. That's a really important skill to have, making clients feel comfortable enough to open up to you.”
Matharu’s career is on something of a roll, having set up her own venture, but she has some sage advice on judging the timing of key career decisions.
“You're never going to feel ready before the next step,” she said. “I didn't feel ready to become a broker, I didn't feel ready to go self-employed, I didn't feel ready to recruit my first member of staff and I definitely didn't feel ready to set up my own firm - but I just did it. Obviously, it has to be well considered, but if you wait until you feel ready, you probably won't do it - that's been my biggest lesson.”