This week the adviser works on a video proposal, wonders whether World Cup fever is catching in the office and ponders some tricky BTL issues
Monday
It is fair to say I am not a morning person. After numerous macchiatos and a good half an hour of procrastination, I head out of the door to the office, which is about a 10-minute walk from my flat.
I begin the week by looking at what came in over the weekend. One email in particular catches my eye.
The client has converted some commercial units into residential flats, but kept them under one freehold. After wrangling for about six weeks on this case, the underwriters felt that there was a strong chance another takeaway might move in, and the case has been declined as a result. The client is not happy and neither am I.
My first order of business: secure a new lender ASAP.
Tuesday
Today, I turn my attention to some of the broader aspects of running a business. Having had a good response to consistent blogging and social media activity so far, I am now looking to produce informative videos surrounding the mortgage process.
I set out to develop a script that compliance can check through, before pulling in a combination of screen captures, stock video, animated infographics and slides, and commissioning a professional voiceover.
The objective is to present the questions I get asked on a daily basis, and to give an insight into how a lender works and how they assess risk, affordability and documentation.
Wednesday
Admin rules the agenda today. I work heavily in the buy-to-let market, and new regulation has piled up considerably over the past year.
The latest in regards to portfolio landlords, those with three or more other properties, is proving particularly troublesome.
Lenders have simply not trained staff quickly enough or in sufficient numbers to handle these cases. Some lenders take two weeks to look at submitted documentation, which is totally unacceptable, especially if there's a risk the case might be declined after months of waiting.
To make matters worse, lenders frequently spring to the top of the sourcing software with attractive new rates, and within days are swamped with applications they cannot handle.
The answer is to manage expectations at the front end; using business development managers to get a real insight into a lender appetite and packaging requirements; and to stay close, chasing regularly and actively pushing the case onwards.
Thursday
I am greeted in the office with talk of the World Cup. I am not a huge football fan, but I do relish the opportunity to break the routine, and wallow in some national self-loathing when we inevitably crash out earlier than expected.
The debate is whether we should install a TV in the office or relocate elsewhere to watch the matches. I sit this debate out and resolve to simply go with the flow.
Instead, I turn my attention to other matters, including a conference I wish to attend. Hosted by a mortgage club, it is an excellent chance to network and meet some senior lender representatives.
Friday
Earlier in the week, I was advised by a client that an exchange deadline was looming.
Having been told by the lender that an offer was days away last week, I start to worry. Tasks are not getting completed, messages are not being received, departments are not responding and the phone lines don’t even connect to a queue, they simply ring out.
Today the deadline is 3pm. If the vendors’ solicitors do not see an offer by then, the client loses the property.
After about three hours on the phone we are finally connected. We get things escalated, items checked off, confirmation that the case is being underwritten, and an offer is drafted. The email lands at 4pm, fortunately in time to save the purchase.
Satisfied, I shut my laptop and head to the pub.
Stuart Phillips is a mortgage broker at Aalto Mortgages
If you would like to write a week in your life as a financial adviser, please contact Ima Jackson-Obot at ima.jacksonobot@ft.com
