As a broker, you must know your niche

Mortgage Introducer caught up with Oliver Woodason (pictured), founding director of Woodason Financial Services, who has carved a distinctive path in the mortgage industry since making the leap from the Merchant Navy to financial services. With six years’ experience under his belt and a passion for problem-solving, Woodason has quickly established himself as a specialist adviser, particularly for foreign national clients.

From his early days in paraplanning to launching his own brokerage in London, Woodason’s journey is marked by a commitment to overcoming challenges, embracing change, and helping clients turn the seemingly impossible into reality.

Full name: Oliver Timothy Woodason
Job title: Founding director
Company: Woodason Financial Services
Number of years in the industry: 6
Location: London

How and when did you become a mortgage broker?

I began actively advising clients in June 2023, jumping straight into a self-employed adviser role. Prior to that, I preferred the paraplanning side of things, which I had been doing for around four years, with a short stint in insurance sales as well. I originally entered the industry in January 2019 after taking a break from working in the Merchant Navy on a variety of different ships on the deck side.

What I enjoyed about paraplanning, and later advising, was the need to solve problems within the constraints you have. Not to say that creativity isn’t a part of the job, but being able to use your problem-solving skills, along with a broad knowledge of the market, and turning a ‘no’ into a ‘yes’ for a client is always extremely satisfying.

In your opinion, what has been the most positive development in broking?

For me, it is seeing more people of my age becoming advisers. Maybe I was looking in the wrong places, but I always felt as though I was the youngest person in the room by at least a decade when I was in my mid-20s! Things really seemed to change after COVID, from what I could see at least.

Along with that, there also seem to be more brokers starting up, much like myself. With recent changes like TCF (Treating Customers Fairly), I feel this should give the public wider access to advice.

What challenges do you see currently facing the industry, and what solutions would you propose?

I do feel the regulations as a whole have become a bit of a burden. As a one-man band, the costs to get into it, not to mention the constant reports, can all be burdensome at times, and I’m not convinced it is for any real benefit.

There have been some positive movements, including the recent review the PRA is starting with regards to LTI ratio requirements, but it often feels like they give with one hand and take with the other. TCF was a welcome change in my opinion, but with how it has been left for lenders to interpret—particularly when it comes to broker fees, for example—I sometimes wonder whether there has been a net gain for anybody.

Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?

For me, it was helping my first foreign national client secure a 95% mortgage. They had been told by half a dozen other brokers that it couldn’t be done—which, honestly, I believed as well!

It was early days for me, so I could afford to spend all day on one particular case, and I was able to find them a 95% mortgage, which they then used to purchase their first home. They were so grateful, and as it was early on in my career, it really stuck with me. It was also around this time that I applied for a visa myself for another country—so I was beginning to understand how difficult that aspect of life could be!

My experience with this particular case then led me to specialise in foreign national cases, whether to purchase a home or an investment property. This, in turn, has allowed me to meet many people originally from many different countries and walks of life, including a fair bit of travel abroad for myself—and, most importantly, help them secure a mortgage. It is a really rewarding aspect of the job.

Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?

I would first tell them to ask themselves why they want to be a mortgage broker. It isn’t necessary to become a broker to progress in your career—there are many other roles such as BDMs or underwriting that you could do instead.

Once you know why you want to be a mortgage broker, then you will know what you want your niche to be—because as a small broker, you will need a niche to stand out and win business.

It will also make the job a lot more satisfying for you. Unless you work for someone else, don’t expect a simple 9-5 Monday to Friday job with minimal effort required on your part—you will need to go out there and put some real effort into building yourself and your business up. I did not realise how much work it would take originally—and there is still far more to be done!