From paper applications to online decisions, veteran broker shares the lessons that shaped his path
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.
This week, Mortgage Introducer is featuring Richard Bousfield (pictured), managing director of The Surrey Mortgage Broker, who shares his 25-year journey from a cold-calling rookie to a respected industry veteran. Now based in Farnham, Surrey, he reflects on the evolution of the mortgage industry, the tech-driven transformation of client servicing, and how the financial crash of 2008 became a turning point for the better.
Full name: Richard Bousfield
Job title: Managing director and mortgage broker
Company: The Surrey Mortgage Broker
Number of years in the industry: 25
Location: Farnham, Surrey
How and when did you become a mortgage broker?
I started in financial services in 1998 after finishing university. I actually trained to be a British sign language interpreter but decided on a different career path. My first year was spent working in a “Wolf of Wall Street” type environment where I spent most of my day cold calling people. It was pretty tough and gave me a thick skin. During those 12 months, I progressed and passed my FPC exams and was fully competent by the time I moved on to a high street bank in 1999.
While working for the bank, I got my first experience of mortgage advising, albeit just for the one company. I really enjoyed the customer journey and helping people achieve their property ownership goals.
After a year on the high street, I got married, and on return from honeymoon, started working for a company that did mortgages for police officers across the country. I lived in South London at the time and covered pretty much everywhere from south of the river to Devon. I was then a proper mortgage broker and would travel to clients’ houses with a car boot full of blank application forms. It was all about paperwork back then. I’d update my laptop with the latest rates each morning, then head out on the road. Really enjoyable times.
In 2003, I set up on my own after the birth of my daughter. Online lead generation was a new thing, and I benefitted from some good clients who are still with me today. I’ve rebranded a couple of times over the years but have basically been self-employed most of my career.
In your opinion, what has been the most positive development in broking?
Difficult to pinpoint one, but I’d say technology really helps. I don’t have to have a car boot full of blank application forms anymore. The ability to get an instant decision while sat in front of clients is really powerful.
The other thing that I found positive was mortgage regulation after the financial crash in 2008. It is not often in business you can say that regulation helps, but I believe in this case, it certainly has.
What challenges do you see currently facing the industry, and what solutions would you propose?
The economy is always going to affect how much business brokers can transact. I’ve had some tough times over the years, and right now, it is certainly challenging.
I’m going to contradict myself a little and say that another challenge will be government policy — for example, the taxation of buy-to-let properties and the income derived from them. I was never a prolific buy-to-let writer, but 15 years ago it was probably about 25% of my business, and it is nowhere near that now.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
I love getting a successful outcome for clients regardless of the situation, but it is particularly pleasing when I am approached by someone who has tried and failed to get a mortgage, and it turns out I can help.
I recently placed a case where the client had been declined by their existing lender, and it transpired it was over a very minor default that they were unaware of. By talking to me, we were able to resolve the situation by finding out the circumstances and having a perfectly reasonable explanation. A couple of months on, and they are about to move into their dream family home with a better deal than they would have got had they stayed with their existing provider.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
I guess it depends on where you are starting out. For someone new to the industry, there will be some fantastic opportunities out there where you can get on-the-job training. Personally, having been self-employed for as long as I can remember, I would say that being a mortgage broker offers you the freedom to work as and when you like, within reason.
I started out on my own after the birth of my first child, and the flexibility of running my own business allowed me to be a big part of her growing up — and that of her brother when he came along a few years later. I think it is a great career for those who want that freedom.
About a year ago, I was approached by someone wanting to get started in mortgage broking and didn’t want to go down the PAYE path. Maria had worked many years in the corporate world and wanted to have a bit more flexibility as she has a young son. I was flattered she sought me out for advice, and we got on really well — and to cut a short story shorter, she ended up becoming a self-employed adviser under my company banner. She’s had a really good first year, and it has been a real privilege to help her on her journey, which I hope will continue for many years.
If you are starting out on your own, my biggest bit of advice would be: make sure you have your marketing sorted. That is the biggest thing I worry about on a daily basis. It’s all about getting bums on seats, so to speak. Once they are in front of you, that’s when you can be a good broker and help people on their way.
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 Paul Hampton of Approved Mortgage Solutions, Christina Oliver of The Old Bakehouse Financial Services, Steve Dickinson of Momentum Financial Services, Paul McMath of Prosper Home Loans, Richard Noble of The Mortgage Finance Store, Luke Spellman of Spellman Financial Services, Daniel McLardy of Experts 4 Mortgages, Richard Dalgleish of Premier Financial Planning, Nick Cooper of Clark Marshall Associates, and Shadab Sayed of Bennison Brown.
Are you a mortgage broker interested in being featured? Email the author with your details.
