Conversation With . . .
A Mortgage Adviser
Photo provided by Anish Patel
He is a specialist in his field, knowledgeable when it comes to mortgages and the competitive products that are packaged before buyers make the ultimate final decision. He has sound advice and makes your experience of purchasing your dream home flow with ease and a memorable one too. He also comes with an abundance of comprehensive expertise of the market. This month, in Conversation with Anish Patel, a mortgage adviser talks about mortgages, current market and the pandemic.
Why mortgage advising?
I started working for an adviser as his protégé, he taught me everything I know and it was my responsibility to ensure that all his tasks were carried out to a high standard. From speaking to clients, researching a suitable mortgage lender for the clients, submitting the mortgage application, and providing regular updates for the client for their mortgage application.
Helping people obtain their dream home inspired and motivated me to help clients and be there with them during their homebuyer journey.
How long have you been a mortgage adviser for?
Since 2013, but I have been in the industry longer than that, I started at admin level with no experience to keenly learning the skills, which included submitting applications, talking to clients, advisers – learning from them and asking questions. I got my big break when one of the advisers was leaving the company, he saw the potential in me and offered me a paraplanning role at his new firm. I learnt about mortgages and protection, which was the majority of the business, around 60 – 70%, I also learnt about investments and pensions, which I have the qualifications for, but my speciality is in dealing with mortgages and protection.
And do you require qualifications to be a mortgage advisor or is this something you have gained through your experience over the years?
CeMAP (Certificate in Mortgage Advice and Practice). This is a level 3 qualification that is recognised and approved by the mortgages industry.
How do you contribute to the community on a profession and a personal level?
I was fortunate enough to get advice from an adviser and understood the entire process when I bought my first home. Similarly, I always tell my clients to ask as many questions as they can on all aspects of their mortgage process, because I want them to have no questions left unanswered since this is going to be the one of the biggest transactions of their lives. If they do not understand something, I encourage them to repeatedly ask me questions to understand their entire mortgage process. Most of my clientele is existing client referrals.
I use a lot of social media to share my knowledge on mortgages. If you see my social media videos, they are no longer than a minute. The content is short and straight to the point. This is my way to contribute to the community.
What is the property market like in the current pandemic?
From my personal experience it is as busy as ever, many clients are looking to purchase properties, some clients wish to re-mortgage their property and then there are first time buyers.
In your experience what type of properties are people looking for?
In one word “Everything”, my clients are of a diverse age range, from first time buyers, home movers to property investors. My spectrum ranges from girlfriend and boyfriend to newly married couples to husband and wife with kids. It really depends on their lifestyle and where they are in their journey in life. Majority of my mortgages are for first time buyers who are looking to purchase flats and houses in London. Then there are clients with families living in London looking to move out of London and due to the current pandemic, they do not see the need to be in London all the time and they decide to move out of London as they can buy a larger property and have more space as house are priced lower outside of London.
For someone looking to buy a property what advice would you give them?
The first piece of advice I would give, regardless of the pandemic or not, is to find out how much you can borrow before looking for a property. If you do not know how much you can borrow and you make an offer on the property on your dream home and end up being disappointed when you cannot buy it due to the restrictions of your deposit or mortgage loan available. It could also work in reverse where you could get a higher mortgage loan than once thought and you could potentially afford a property which you deemed outside your price range.
How much deposit would you require?
In the current market on a standard residential purchase is 10% and a buy to let property is between 20-25%.
How much is the early repayment penalty?
Depends on mortgage lender to mortgage lender, it can vary on average of 1 to 5%, depending on the type of product you take.
What are the challenges you face in your day-to-day professional life?
I always try to encourage clients to have a contingency plan/fund in place. You never know what could happen especially in the current world we live in. Loss of jobs, redundancy or unable to work due to accident or sickness.
The contingency funds are there as a safety net to be able to be used for emergencies like this which are outside of your control.
Stepping away from the serious talk, how has the pandemic affected you personally?
I have not been affected by it as much, being a self-employed advisor for so long I have not really had many work colleagues. I set up my own company in July last year and I have always worked from home, so its not affected me personally, the only change is my wife is also working from home and its like having a work colleague!
I miss the social aspect, not being able to visit friends and family and spending some quality time with them but arrange zoom calls to catch up and as many would do have quiz nights.
Has the pandemic affected your Mental health?
The high-pressured job and being in demand, when people want mortgages and my way of releasing the stress was working out in the gym, I was very regimental and religiously went 4 times a week after dropping my daughter to nursery. My morning routine would be going to the gym, get home, shower, eat, and get down to work. I really miss that a lot. I work out at home which helps me release any stress however, its still not the same as going to the gym!
How do you unwind from busy day at work?
I love watching the football, and every time I look at fixtures I tell my wife Neha, these are the matches on this week I am going to watch and put them in your calendar! She hates it!
Other than that we watch a Netflix series together. Evenings are extremely limited, since our daughter wakes up at around 6-6:30am and by the time the day ends we are in bed by 10.30pm at the latest as we are completely shattered!
Which football team do you support?
Tottenham Hotspur, I am a season ticket holder. I miss going to the matches. I was one of the lucky ones to get a ticket to the Arsenal match when they only allowed 2000 fans in the stadium during the pandemic. When I walked into the stadium and the atmosphere reminded me of why I love the game, it is a different experience.
If you were not a mortgage adviser, what would you be doing?
All I have known is how to be a mortgage adviser. I have never known anything different. It brings me joy when I see others happy after they purchase their property. For me to be part of that journey is priceless! This is one of the reasons why I take so much pride in what I do. It’s not just an everyday job for me. I’m making peoples dream a reality and just knowing I’ve made a little difference in their life means the world to me.
How can one contact you?
I am on most social media platforms:
Facebook: Anish Patel
Linkedin: Anish Patel