Some advisers fall down in organising their own property finance
It’s a professional conundrum that’s as old as the hills – how do you manage aspects of your own life with the same care and attention that you do for your clients? If you ask a builder what their property is like, they may sheepishly admit that it needs some work, and if you press a chef for what they cook at home, don’t be surprised if it involves opening a can of baked beans and toasting some bread. And so it is that a mortgage adviser may not always be across their own borrowing quite as much as they should be.
Rebecca Ward-Thomas (pictured left), founder and principle mortgage broker at Realm Property Finance, acknowledges the irony. “Here is a truth many of us in the industry can relate to when it comes to our own finances - we often put ourselves last,” said Ward-Thomas. “As a mortgage broker, I spend every day helping my clients make decisions about one of the biggest financial commitments in their lives. My own mortgage came up for renewal recently, and yes, it took me longer than it should have to get around to it.”
Ward-Thomas cites it as an example of the need to practice what you preach. “It is a reminder that even the most experienced professionals can overlook their personal to-do lists while prioritising others,” she said. “It is never just paperwork, it is an opportunity to reassess your mortgage needs and future plans. If your mortgage is up for renewal, do not wait.”
Candid though she is, Ward-Thomas isn’t alone in relegating herself down her own pecking order. For Hannie Mason (pictured second from left), director and broker at Mortgages with Hannie & Co, this sounds familiar. “If I’m being honest, I haven’t always prioritised my own mortgage as much as I should,” admitted Mason. “It’s so easy to get wrapped up in looking after everyone else that your own admin ends up at the bottom of the list. But I’ve learned the hard way that it really does deserve the same time and care I’d give to a client. Our own mortgages are just as important, not only for our financial wellbeing, but because they keep us grounded in the client experience. When we take the time to go through our own process properly, it reinforces just how much thought and consideration we ask from our clients, and reminds us not to underestimate the emotional and practical load they carry.” She added: “Now, I do make more of a conscious effort to treat myself like a client. It helps me stay aligned with my advice and shows that I genuinely value the service I provide.”
Matt Towe (pictured second from right), co-founder of brokerage Meet Margo with his wife Claire, almost missed the boat when it came to the couple’s mortgage. “We support hundreds of clients each month, yet our own most recent mortgage renewal turned into a reminder of how easy it is to get caught out,” Towe said. “Our lender’s communication was unclear, to the point we initially believed we had more time than we did. Whilst we challenged the language used, as we felt it was misleading, and received compensation for doing so, the situation underscored something important - no matter how experienced you are, it’s crucial to stay just as vigilant with your own finances as you are with your clients.” He added: “It absolutely deserves the time and attention. Not just because we should lead by example, but because good financial decisions start with being proactive, whether you’re doing it for someone else or yourself.”
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All-consuming job cuts across brokers’ efforts to sort their own mortgages
Ben Perks (picture right), managing director of Orchard Financial Advisers, acknowledges that mortgage advising is all consuming, so much so that a broker can find themselves emotionally invested in getting cases across the line and keys in borrowers’ hands. “I can definitely see how brokers might overlook their own finances, even though they are so diligent with other people’s,” Perks agreed. “Many people get swept up in the daily grind and leave sorting their mortgage deals to the last minute - money saving opportunities can diminish the closer you get to the standard variable rate. Unfortunately, I think about my clients’ mortgages every waking minute, and then my own keeps me up at night. So, I’ve always kept on top of finances.”
Serena Smith (pictured above, inset) is currently working on her own mortgage and is finding it no easy task. “I’ve chased three product transfers and am currently battling with a lender trying to get a remortgage through,” Smith shared. “They won’t allow you to go through the Intermediary channel. The experience of going direct is appalling, slow and extremely disjointed. I spoke to three different people who all repeated the same questions. An experienced broker would never recommend going direct, ever, or leaving it to a lender to remind you. Following this journey, next time I will be paying a broker.”
Meanwhile, mortgage adviser Luke Senior (pictured above, inset) suggests he could do better when it comes to researching his own borrowing. “I’ve not been overly thorough in terms of shopping around for the best deal,” Senior confided. “I’ve tended to reserve a new deal with my existing provider at an early stage, so I’d not go on SVR. I’ve found that for the most part my current provider has been close to what I’d get elsewhere so have tended to stay put.”
Broker Helen MacKenzie (pictured above, inset), from MacKenzie Mortgages, is a further example of how advisers don’t always put themselves first. “Our mortgage is always the last on the list as I’m so busy thinking of our clients first, and want to ensure they get the best rate deal,” said MacKenzie. “As we have a joint mortgage, my husband needs to be provided with the correct advice and that’s even more of a reason to ensure that our own mortgage is treated as importantly, and in plenty of time, as our clients.”
Sheena Campbell (pictured above, inset), from Campbell Financial, understands how brokers’ own mortgages can prove a challenge. “I totally get how easy it is to put yourself last when you’re focused on looking after clients and the business,” Campbell said. “Life admin can easily slide to the bottom of the list. That said, when it comes to my own mortgage, I’ve always made time to review things at the earliest opportunity. I keep a close eye on when my deal is due for renewal and it's always on my radar as the date approaches. One of the benefits of being a broker is that we often get a heads-up when rate changes are coming, sometimes even a day or two in advance. For my last renewal, I was lucky to have that time to act and secure a competitive deal before rates increased.”
