Case study: How we tailor our service to our clients' specific needs

Rather than list all the things that should be done, I will run through what a normal client journey looks like with Mortgages For Actors.

When a new client comes to us, the first thing we do is offer a phone call or Zoom meeting.

This means that should they be a little introverted, they can choose how they want to present themselves.

Sometimes it is too much to be on screen when not at work, and although we prefer as much face to face contact as possible, we know it is not always easy for everyone.

A relaxed conversation

After we have properly introduced ourselves, our company and our responsibilities and commitments to our client, we carry out our fact-find, but not in the question-and-answer style – we have a relaxed and comfortable conversation.

We ask questions about who they are, what they do and what their aspirations are. When it comes to their work, we expand on that and ask about the long-term prospects and how things like injury should be considered, especially so if they are on a contract or solely self-employed.

We talk about the process, the documents needed and then offer to help with the dreaded HM Revenue & Customs website or even contact their accountants to provide any self-employment documents.

This is because people in the entertainment industry often have variable incomes, so they have particular needs when it comes to being able to prove income.

Variable income does not mean no income, but it does mean that lenders, who often like to see the last three months of bank statements, need to be shown how to understand certain people and their circumstances.

If you treat your clients like a commission, you won't do well.

We also talk about the reasons we will be recommending protection to go with their mortgage. They work hand in hand, and not talking about them together is not giving clients the service they need.

For example, if they stepped off the stage and broke something, they would be unable to work for a while, possibly lose their contract and maybe even dent their reputation. Worse still, if they could never work again, what would they do? Income protection is essential.

Then we ask them to send a few documents over to us for our research and we explain what the research stage means.

We also explain why their income presents a harder task than just asking a lender to lend. It often entails a lot more research and contact with the decision-makers at lenders.

After we bid them farewell we then research mortgage, protection, home insurance, solicitors and utilities.

Approaching the lender

Lenders we approach will always need at least a soft credit search to be able to accept a case, and after that the client will often need to be explained to the lender.

The underwriter/business development manager will need to understand how this particular client gets paid and how they are maybe not the standard self-employed worker.

For example, are they paid once, in November? Netflix series actors sometimes are.

Some actors make 90 per cent of their income over the Christmas period, so it is essential we talk to the lenders and help them see how the income will arrive to service the loan.

Once we have the right lender and confirmation of understanding we put these recommendations into a well-laid-out email or Word document before we arrange to speak with the client again.

Sending the client house hunting

When we get a chance to have another chat with them, we start off by asking if they have any questions or queries from our last chat; often they have some worries or questions that need to be talked about.

Sometimes things will pop up, or they have been talking to parents or the man down the pub and now have some reservations.

We then present our findings and highlight all the main points. We show them how we got to our conclusion and what the mortgage would look like if they borrowed the full amount.

Sometimes people need a second opinion and do not have anyone to fall back on.

We then give them the decision in principle so they can go out house shopping, and once we know where they are aiming to buy, we offer to help them by suggesting a few estate agents or sourcing systems they could approach. 

This way they can be confident we have not just tapped some figures into a lender's system and did what anyone else can do. We show them our workings.

We then offer to come on any viewings if they need the company, or offer our mobile numbers to make sure they have a contact instantly if they need to share a property link or have a video call about a property they like. Sometimes people need a second opinion and do not have anyone to fall back on.

Once they have decided on a property, we see if they would like any help with the offering process. If they do, we help them negotiate with the estate agent to get the best price for the property, or we let them do it themselves if they have requested it.

We like to stay behind them all the way, and although this can be the fun part, it can also be a bit daunting for some.

Once the offer is accepted, we help them gather any docs the estate agent has asked for to be able to finalise the offer and get the property off-market. This way we can keep the estate agent off their back and relieve as much stress as possible.

A final meeting

Then, due to the huge step about to be made, we offer a face-to-face meeting, be it Scotland, London or our own home towns.  

Some do not take this up, some prefer a quick call or Zoom meeting, but first-time buyers are usually very pleased to be able to physically meet you and voice any worries or share any ups or downs about the property.

Once we meet, we now know the specifics, so we go over the mortgage costs, the solicitor quote and the protection that has been designed for them.

If anything needs tweaking we can do it there and then, as well as sign any paperwork that needs a physical signature. After this, we explain one more time what is going to happen next and then head back.

We leave knowing they are 100 per cent sure what is about to happen and they also know all of their protection options.

We put the protection in and lock it ready to go when exchange is set, and get the mortgage in and chase it through to offer, where we then send a copy to the client and arrange a quick Zoom call to go over it with them.

Once that is done, we check the solicitor has received the offer and ask them to keep us in the loop (and chase regularly if not).

We call/text/Whatsapp the client every now and then to check they are OK with the legal requirements and make sure they know they have a place to come if they need it.

Once the client and their solicitor has set an exchange date, we call and let the client know its now time to set off the protection and quickly remind them what the covers are for – especially the income protection, as we need them to know that they are going to be secure should something happen in their work.

These then go live. 

The mortgage exchanges and completes.

After completion

After the house purchase has completed we pay for them to have their will finalised as well as making sure all the insurance trusts are in place.

We like to make sure they have this all tied up so they have no worries about the future. A lot of us do not think we need to create a will yet, but it is very important, especially when you become a homeowner. We stress this and then make sure they at least have the option.

Usually we get them a card and a little moving in gift, as well as the highly coveted M4A fridge magnet.

We never go to extravagant lengths on this though, as we do not want the client to feel like they need to thank us, it's all on their terms.

We then ask if they have anyone else we can help, as well as if they would be able to post a "shout out" on social media. We appreciate this as we mostly work from happy client referrals, and any confidence that we can build helps greatly. 

We stay in touch with reviews, check-ins and social media.

In short, we want to make sure our clients are not treated, or feel like, just another buyer, another number and paycheque.

We want each person to feel like they have been guided through the difficult process with someone who not only knows what they are doing, but also understands them and their income, their passion, and cares for the outcome and long-term prospects of their personal client. 

Our clients are assigned an adviser on day one, and this adviser looks after their interests now and in the future.

They become the family contact, the friendly person they can call on at any time and share with their friends in the knowledge they will not be embarrassed further down the line.

If you treat your clients like a commission, you will not do well. Referral business is the best introduction.

This care and attentiveness should be paramount to anyone in the mortgage industry. People can get complacent and forget how big a deal and how important this is for clients looking to buy.

It is not like a car that you can get a small bank loan for, it is the biggest purchase that most people will make in their lives and it is where their family will grow up.

It may even be the place they die, so let's do it right first time.

Austyn Johnson is founder of Mortgages For Actors