MortgagesApr 26 2017

Diary of an adviser: Stephanie Daley

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Diary of an adviser: Stephanie Daley

Monday

I arrive at the office on Monday morning ready to dive into a list of clients who had reviewed properties and made offers over the weekend. My day always kicks off with a team meeting to discuss the market, lender updates and criteria that can change almost daily. 

At the start of the week I like to put in a call to my administrator Sabrina to discuss all my ongoing applications. This includes deciding if any more documentation is required or if I need to speak to an underwriter to give further clarification on anything.

Monday afternoons are usually about ensuring all my submitted applications are running smoothly, while also catching up with new clients who have found a property and want to go ahead with an application.

As the day draws to an end I will likely get a few calls or emails from colleagues about the evening’s netball game. My company's netball team has been running for a few years and it is a great excuse to catch up with the ladies from other teams around the business. It also helps burn off some of the calories from the daily office treats.

Tuesday

The day starts with a phone call from Sabrina to advise me that a client’s property has been valued £100,000 less than expected and the maximum loan has been reduced by £50,000. Unfortunately, post Brexit these conversations are becoming more common as it seems surveyors are being more cautious.

As this is a let-to-buy transaction it impacts the onward property purchase, but luckily I am able to find a solution the client is happy with – it costs him slightly more per month, but still allows him to keep his current property and purchase a new residential property. Due to the PRA rules that came into effect from 1 January, let-to-buy transactions are not as easy as they used to be as most rental values in London do not stack up to meet the usual high street lenders’ criteria. This means clients may not be able to release as much equity as they ideally want to. Luckily we have access to niche lenders who can offer a solution.

I find that no matter how many times a client has bought and sold property, the process always bring out a curious mix of excitement and stress, which makes for an interesting combination from a broker’s point of view. 

Wednesday

It is presentation day. Every month I stand in front of 50 to 100 estate agent negotiators to update them on what is happening with the mortgage market and how we can benefit their clients. No matter how many times I do it, I always get a little nervous before public speaking, especially when there is a Q&A session. Today, I am able to take every question in my stride. 

The afternoon holds a proactive team call-out to clients we met within the past six months. It never ceases to amaze me how clients’ circumstances can change from one week to the next, so it is vital for us to keep in touch with people and keep them informed.

By the time I get home I just wanted to chill out, but my housemate had booked us in for a spin class so off I go to the gym. 

Thursday

As there are now only two working days left until the weekend I spend the morning chasing clients for missing documents. We often only get 24 hours’ notice that a lender is going to increase rates and I try to ensure we can get the best products locked in before the rate is pulled. I spend a couple more hours speaking to clients who are in the midst of their property search; I give them an update on products and find out if their circumstance have changed since we last spoke.

In the evening I go out for dinner with a colleague to celebrate their promotion.

Friday

Fridays are always a bit manic as I make sure all my applications are accurately submitted by the end of the day and my inbox is clear. I get a couple of calls from estate agents chasing surveys and I explain the standard timescales of a mortgage application. 

I have a couple of friends from home visiting for the weekend so I spend the evening stocking up the fridge and catching up over drinks. 

Stephanie Daley is a senior adviser of Alexander Hall