Celebrating 13 Years of Mortgage Light

 

13 years of helping clients buy new build properties

2024 marks 13 years since the Mortgage Light vision was realised by founder and director, Siobhan Holbrook.

Since its humble beginnings in 2011, the company has grown significantly from a 1-person business to a company that employs around 25 people. Siobhan’s business began in a small office in a local estate agency, and she quickly realised that her ability to understand the challenges that home-buyers faced, plus her experience from working in sales, enabled her to learn how to overcome objectives and the importance of relationships. She used these skills to cultivate connections with banks and building societies to get mortgage cases approved outside of policy, whilst helping her clients to understand the properties that suited their needs.

More than a decade later and the company has become a regionally recognised mortgage brokerage, whose reputation is trusted by lenders, developers, housing associations and returning customers alike. In fact, Mortgage Light has attracted over 1,153 4.9-star customer reviews, with 80% of clients returning for a remortgage.

Here, Siobhan answers some key questions on how Mortgage Light started and how the company helps people wanting to buy a new build property.

What sparked your interest in this industry and led you to set up Mortgage Light?

“Even in my earlier career as an estate agent, I really enjoyed helping people find their new home, whether being a family or moving out of home for the first time. At the time I thought the idea of home ownership was for the rich – or those really good at Monopoly! But building relationships with people and builders showed me how anybody can find a home. The only bit I needed to learn was mortgages, which I felt offered me more of a career; and this is the reason I took the plunge at 24.

I always presumed mortgages were complicated, however I realised it was just a case of understanding that it was another product tailored to the customer’s needs. In estate agency I enjoyed finding ‘the home’ for my customers. This feeling of satisfaction continued when I started in the mortgage world because I was helping people to actually buy the home. My sister has always said to me that she’s never known someone enjoy their job so much, but for me, working with all parties within the house buying process is an addiction for creating happiness for those looking to move!

I have always been passionate about home ownership and ensuring that everyone understands how to buy a home, no matter what their circumstances. The name Mortgage Light was created to reflect my company’s ethos; that we explain all mortgage terminology clearly and without complicated jargon, ultimately ensuring that the ability to buy a home is accessible for anyone and everyone.”

What would you say sets your company apart from your competitors?

“When I first started my business, I was acutely aware of the challenges small business owners had, compounded with imposter syndrome; I didn’t even know if Mortgage Light was going to be successful. However, I’ve always had a clear vision of the type of service I wanted to offer people. In the two years running up to becoming a mortgage adviser I developed the skills for structuring deals. This meant when clients came to me, not only was I able to look at a vast range of mortgage product offerings, I was also able to use a builder’s incentives to help them get a home which they may not have felt was possible. My experience allowed me to build confidence with my customer in buying off plan, which can be a daunting process. But by walking around plots with my client and understanding the builders’ specification I was able to help them to visualise their home.

Banks and building societies now come to Mortgage Light to ask us what is needed in the marketplace as currently they are changing criteria to make sure their sales targets are met. We’ve been instrumental in providing feedback on the type of mortgage products our clients need. Furthermore, because of our ability to get to know and understand our clients, we have been successful in placing cases outside of policy due to our reputation.”

What are the latest challenges that you hear customers experiencing and how do you think mortgage advisors can tackle them?

“At the moment it is evident clients are struggling with affordability. At Mortgage Light we take time to bespoke individual advice to our client. This could even mean recommending they look for another job if they’ve been in the same one for a while. This may seem a little radical, but in actual fact when we compare them against other people in the same position, we are able to highlight to them that others are getting paid more. We also give our clients confidence in approaching their employer to ask for pay rises – both these things tackle affordability issues and our advice is always appreciated by the client! Other solutions can be found within mortgage products which use family members to assist with affordability or to overcome issues around deposit. We also have a lender that will accept income from someone residing in the applicant’s home and paying ‘keep’.

A good mortgage advisor listens to the client and offers them several solutions and then guides them on the most viable option for them.”

When it comes to buying a new build, what advice can you offer to first time buyers looking for their first mortgage?

“Buying a new build is an extremely exciting process and it’s easy to get carried away! I believe it’s important when purchasing from a builder that you take time to understand the specification that you are getting from the builder. For instance, some back gardens don’t have turf as standard so it’s always best to take a step back and check if you’re not sure about something. In conjunction with this, builders have the ability to offer incentives. By structuring these, it could mean cheaper interest rates and subsequently lower monthly payments. This, coupled with lower running costs, means new build purchases are an extremely attractive proposition for buyers. I advise people to just take their time – not only to understand the home they’re buying, but also the site plan and its surroundings, and always take a moment to consider the deal which best suit your needs.”

How can mortgage advisors ensure that they protect their customers once they have secured a mortgage?

“It’s all about being transparent and giving clear and knowledgeable advice. For instance, once we’ve secured a mortgage offer for a client we will always talk to them about the benefits of protecting their investment, so life insurance, critical illness and income protection. But being a broker isn’t just about offering financial services; we support each home-buyer through the whole process, advising on things like how to keep their credit file in the best possible shape. We build strong bonds and our retention rate is really good – in fact 80% of our clients remortgage with us!”

Why would you recommend that buyers use a mortgage broker as opposed to a bank?

“Mortgage brokers have an understanding not only of the mortgage market but also the house buying process. They often have their finger on the pulse on what’s happening in the housing market and even if there’s an opportunity to negotiate. A competent broker is a valuable asset; they have a vested interest in looking after you properly and they should be there for all your mortgage needs for now and in the future. A mortgage advisor will tailor mortgage advice to suit your current situation and guide you for situations in the future, whereas a bank will treat you like a transaction and tell you about mortgage products from a screen.”

What do you think are the keys to being a successful mortgage broker?

“It’s always been important to me to ensure each and every client gets the best possible mortgage product with minimal stress and delay. I’ve trained all the brokers that work at my firm to overcome the word ‘no’ and help find a solution for customers. A client is never just another number. I feel strongly about getting to know each and every one; their motivations and their insecurities. My team take a genuine interest in getting to know each person and ensure the mortgage advice is tailored to their needs.”

Any final comments/advice to those looking to secure a mortgage to buy a new build property?

“It’s so important when buying a home that you enjoy the journey and don’t rush. When you find the new build house you’d like to buy, the feeling is amazing! A builder is a business and will want to sell to you, therefore the risk of the chain falling apart is small. In conjunction with this, if you have the opportunity of buying early enough, you get to bespoke the house to suit your taste with things like wall tiles and kitchen unit colours. You even get a home demo on how to use your house, which is especially useful for a first-time buyer as you don’t always know where the electric or gas metre is. The purchase price may be slightly more expensive than the second-hand market, however it’s worth considering that there are things that you won’t need to spend money on. For example, you won’t need to decorate and often you can structure a deal where appliances are already installed. The other big advantage of buying new is the running cost which tends to be lower, so that’s always going to be a bonus. Home buying can be a stressful process but when buying new it’s made a little bit easier. Many people find that once they’ve bought a new-build home, they’ll never go back to buying second-hand!”

For free mortgage advice, give our friendly team a call on 01908 597655.