Broker says borrowing is much harder now
Waqar Aziz’s broad experience in what he describes as “both conventional and Islamic markets”, is certainly not common among intermediaries, but it’s helped keep him in demand.
Working in the industry since the time of the Global Economic Crisis, mortgage and protection broker Aziz (pictured) has witnessed huge changes in the business.
“Since 2008, how people buy and sell mortgages has changed dramatically,” he reflects. “When I was starting out - what now feels like a lifetime ago - if you knew the bank manager, you could get a mortgage on a handshake. Today, banks are acutely sensitive to financial crashes, recessions, issues of affordability, cybercrime, fraud and money laundering.
“It’s so much harder to get a mortgage now than even 10-15 years ago when the market was more relaxed. Interest rates were lower, there just wasn’t so much red tape - that’s why it’s a renter’s market.”
How do you become successful in the mortgage industry?
Aziz, who’s self-employed with broker firm Access Financial Services, started out on what was - in his words - an energetic, aggressive trading floor in Foreign Exchange Market (Forex) trading.
“I would pick up the phone over a hundred times a day trading currency pairs with my clients,” he told Mortgage Introducer. “After the crash of 2008, I struggled to pick up the phone to another client, until one day I answered it. Lloyds Banking Group was looking for someone with financial sales experience and business acumen for their business banking team.”
After two-and-half-years navigating a steep learning curve across eight different branches of Lloyds, Aziz was offered a new opportunity with the Islamic Bank of Britain.
“They wanted someone with conventional banking experience who was fond of networking,” he said. “At that point I had never even heard of Islamic finance. As a Muslim I was aware enough to know that Shariah (Islamic law) prohibited the collection and payment of interest, but that was it.
“I accepted the job, and soon got into some very heavy traffic of niche clientele looking for Islamic mortgages. The bank kindly paid for my CeMAP 1, 2 and 3 qualifications and since then I haven’t looked back. My experience in both conventional and Islamic markets is quite unusual, so I am always very busy.”
READ MORE: Access FS teams up with Nomo Bank to offer Sharia Finance
What make a good mortgage broker?
Aziz became a self-employed independent mortgage and protection broker in 2023, and has a clear view of what exemplifies his profession.
“A broker is defined by the quality of the relationship they have with their client,” he said. “They aren’t defined by how quickly they can obtain a rate. A client isn’t just one sale, they’re for life, and one trusted relationship can lead to many more, as they will refer you over and over, creating a healthy portion of your business pipeline.”
So, what is the best business lesson Aziz has learned so far?
“Always be a student, always be learning, always seek knowledge,” he shared. “Define your own success, be responsible for yourself. Don’t get weighed down by what others are doing – it’s you who pays your bills and puts food on your table. Once you understand you are in charge of your decisions, you’ll be better at business and better at life.”
As Aziz has seen his career evolve, so too has his perspective changed.
“I used to see myself as a bit of a lone wolf,” he explained. “I worked in teams and would either give or ask for help when required.
“Now, however, as an independent broker I look at myself and my future a little differently. I would like to manage a team, helping new-to-market brokers succeed in their career.”
Aziz clearly has a strong work ethic, yet his life beyond financial services is key too.
“I am a slight workaholic but I do spend time as much time as I can with my children,” he said. “Family time is a must! I am also an avid footballer – I play weekly and go to the gym. I also love Lego. I build the massive adult sets containing three to four thousand pieces, and then photograph them to transform them into a different type of art form. Bet you weren’t expecting that!”
