"A small local firm often has their name above the door and more often than not goes that extra mile to help their clients over a big national firm"
Following Paul Lewis of BBC Money Box saying in The i that "the way to get the best possible deal is to go to one of the big, national, independent mortgage brokers – don’t find a mortgage broker over the local cab shop in the high street", PR platform, Newspage, asked brokers for their thoughts.
Jamie Lennox, director at Dimora Mortgages: "Paul’s comments reek of someone who's extremely out of touch with the mortgage process and you would have to question when the last time was that he actually went through the mortgage process. Yet somehow he's given a platform to say this kind of thing. We see countless clients come to us who tried big national firms but received poor service or weren't able to be serviced at all as their circumstances weren't vanilla with a capital V. A small local firm often has their name above the door and more often than not goes that extra mile to help their clients over a big national firm, which is often a soulless sausage factory."
Scott Taylor-Barr, financial adviser at Carl Summers Financial Services: "I’m a self-employed mortgage adviser, with over 25 years' financial service experience. I’m supported by one of the UK’s largest networks, which itself has won multiple awards. I’m diploma-qualified and part of the London Institute of Banking & Finance's certified mortgage adviser scheme. I sit on the board of our trade body, the Association of Mortgage Intermediaries, and so give my opinion in meetings with our regulators and even HM Treasury. My assistance is sought by lenders and insurers to help train their staff and develop new products. I help to mentor new mortgage brokers. How exactly is being an employee of a “big national firm” suddenly going to make me a better adviser and give better advice to my clients?"
Paul Neal, mortgage and equity release specialist at Missing Element Mortgage Services: "Small independent brokers are the lifeblood of this industry, giving borrowers access to many more products than a lot of the bigger brokers. Why would a client want to go to a faceless company, rather than having a hands-on and personal approach that they get from a smaller brokerage? Also, why would you want to fund the next Range Rover of some fat cat CEO rather than help put food on the table of a small broker?"
Rhys Schofield, managing director at Peak Money: "Paul Lewis has got it dead wrong here. Why on earth is this dinosaur of a pundit not advising people to go online, search for a broker near them and talk to whoever has the best reviews and can actually evidence that they give a damn about looking after their clients, because I can tell you now that a lot of the corporates do not? This small broker has won four awards for being the best at what we do in the county, finalists for 14 other national awards with over 500 all 5-star Google reviews across our offices."
Gary Boakes, director at Verve Financial: "Having previously worked for one of the largest UK mortgage brokers in the UK, I can honestly say the service and quality varies massively from individual broker to broker. The majority are newly qualified and taught how to hard sell, and with limited panels and large fees you may not be getting a true value-for-money service. I can’t say that all independent brokers are the same and unfortunately our industry will always have its sharks, but the majority will take their time and listen to the customers and provide them with a quality service and give them a mortgage that suits their circumstances. For someone so high profile to say something like that is going to sow doubt in consumers' minds and affect many smaller businesses that will be battling to survive this year. It's painfully out of touch."
Craig Fish, founder and director at Lodestone Mortgages & Protection: "I'm incensed with anger. Paul and the BBC need holding to account for the unsubstantiated comments he has made. He is worse than Martin Lewis. There's something about that surname and incompetent journalism. Small brokers are far more inclined to offer a better service and likely find a better deal than one of these 'factory' outlets, that employ straight-from-school advisers with no 'real' knowledge of the market. Why do most 'local' brokers cut their teeth in a large firm first and then set up on their own? Because they know they can offer a much better service. Most 'large' corporates have a smaller panel of lenders than brokers who are part of a network, and we get access to exclusive products. I've brokered for over 20 years and never had a complaint. We often take on clients who have been let down by the incompetence at large firms."
Imran Hussain, director at Harmony Financial Services: "Having worked for a large national broker, they were not independent in any way, shape or form. The best advisers are typically those who run small agile firms and continue to advise clients, and care for them. For the large corporates, it's almost always a numbers game and all about meeting sales targets. So really what's better? Being a mere number for a corporate firm or speaking and dealing with a local business in your own hometown or city? I know which I'd go for."
Justin Moy, managing director at EHF Mortgages: "Mortgage advisers choose to work in a number of ways. Some will choose to work in a small or larger company to share resources, many choose to work on their own when they have a lot of experience, and a base of clients to work with. It's a shame that a commentator such as Paul Lewis has tried to suggest that those that work in the larger companies have more experience and products. So brokers with two months' experience in a larger firm are better placed than a self-employed individual with 20+yrs experience? Most brokers have the same broad range of lenders and products, too. Though the larger corporates will always have a place, why not support the professionals who work in the industry, including the many small businesses that make such a difference?"
Austyn Johnson, founder at Mortgages For Actors: "Ha ha ha. I needed a laugh after the 10-12 hour day, 6-day weeks I do with exceptionally complex clients with multiple incomes who have already been fobbed off by a broker from a big national firm and who now trusts a proper one. Believe me, their 'best deal' is the one with the highest commission, not the lowest cost. What a joke."
Benjamin Blyth, director at Houz Mortgages: "I've never heard of Paul Lewis. We brokers don't turn to the likes of the BBC for commentary on our industry. Most journalists are not qualified to have an opinion on it, let alone a loud voice. Talking of not being qualified, there is a big, national estate agent with a mortgage broker arm to the business that allows advice to be given by people not fully qualified, as long as there is someone nearby with full qualification, similar to how a 17-year-old might be allowed to pull a pint in your local. Meanwhile, I'm a local mortgage broker with many recognised qualifications, eight years of experience in mortgages as a broker and lender, and a Master's degree from the industry. So choose your adviser wisely and, as mortgage affordability is tough, make sure you don't waste £16.99 on bad books."
Mike Staton, director at Staton Mortgages: "Paul Lewis is a psychologist. If I need assistance with my mental state, I’ll be sure to contact him. If I want financial advice, I’ll go and see a professional in that field. Having worked for a big corporate broker, with only 23 lenders on its panel, allowing lesser qualified brokers to give advice and taking huge commission cuts to keep their shareholders happy, I’ll have to disagree with his unqualified recommendation. I also had to Google his name as I’ve never even heard of him."
Fanny Snaith, owner at Fanny Snaith - Certified Money Coach: "Oh Paul, how misguided you are and how rude. I know many small mortgage brokers who have brilliant insight and access to the same information as the "big national, independent brokers". In fact, I have received better offers and a more personal approach from a smaller independent firm. But then you have told us to ditch the ISA. Err, who was saving in cash ISAs anyway? You also now admit to not being an investor. What a missed opportunity. It seems that your lack of trust stems back to your teenage years and has affected your views on personal finance pretty widely. Maybe you could benefit from working with a money coach?"
Gareth Davies, director at South Coast Mortgage Services: "Well we all needed a chuckle this weekend. I think Paul’s still on the Xmas sherry. There’s so much wrong with that statement it’s hard to know where to begin. It’s so inaccurate it almost doesn’t justify a response. Large nationals have their place, but often it’s not when someone is in need of bespoke, tailored and quality advice. There’s a reason that any broker worth their salt will leave one as soon as they realise what proper advice and service means. Listen to this at your peril."
Mark Hosker, mortgage adviser at Cyborg Finance: "Unfortunately, Paul Lewis did not expand on his opinion. Paul often offers valuable consumer advice, but without his reasoning for this statement, the broker community cannot set him (and those who listen to him) on the right path. The best broker is one that delivers on your needs and circumstances. The size of the mortgage firm is an irrelevance."
Natalie Hines, founder at Premier One Mortgages: "Paul Lewis is talking about something he clearly has no knowledge or qualifications to comment about. It’s not about how large the company is that you work for, it’s about your experience and passion to help your clients. As a small independent broker, 100% of my business is referrals so whether I work above a cab shop or any other shop it would have no bearance on the mortgage advice I provide."
Lewis Shaw, owner and mortgage broker at Riverside Mortgages: "I've forgotten more about mortgages than Paul Lewis will ever know, and I can confidently say he's talking nonsense. Moreover, it's downright dangerous. Paul Lewis talking mortgages is like asking me how a vaccine is made. I recently met a client who'd already spoken to a call-centre brokerage and had the wrong advice completely. As it is, he's over the moon he found me and I've prevented him from making a disastrous financial decision. The media must stop unqualified, inexperienced people from having airtime. Paul: sit down, shut up, stay in your lane and let the experts crack on. It's safer."
Graham Taylor, managing director at Hudson Rose: "The comments made by Paul are disappointing, as he is a journalist with the opportunity to reach a great number of people. He doesn’t expand on his statement but it would appear that he is fearful that smaller firms are somehow less professional or technically competent, both of which are untrue. Reviews of small firms are plentiful and personal recommendation is a good indicator of the capability of a business. Location doesn’t come into it. Let’s not forget some of the biggest scandals in the UK have come from large, national financial services firms."
Steven Morris, advising director at Advantage Financial Solutions: "As a 'Lilliput' broker ourselves, we have access to over 100 lenders whereas some national firms, think estate agency brands, often have a fraction of that. Ours include many niche and exclusive lenders, e.g. NatWest International, Mpowered Residential, which we need as our business is built on helping customers unceremoniously binned by the national firms, just for daring to have the slightest complication to their circumstances. Despite us having only a fraction of their customer base, we have far more online customer reviews and our ratings all start with a 5. National brokers' online reviews mostly read like inmate feedback about their prison canteen. Paul Lewis: in future, I would recommend you actually research/use national and small firms to compare. Hopefully, you won't have to embarrass yourself in the press again."
Kylie-Ann Gatecliffe, director at KAG Financial: "It’s not often I’m lost for words, but the comments made here are so far from reality it has left me pretty stunned. I have been advising 14 years and have done the corporate thing for a big mortgage firm. I have also had my own firm for the past five years with a small team of eight. The amount of clients we get coming to us after they have used these “large firms” is more than I could ever manage to count. Many have been told they can’t get a mortgage at all, then within two weeks of meeting us they have a mortgage offer. Others have been given advice that doesn’t align with their needs, and the lack of communication is often a concern, due to the “conveyer belt” workload these advisers are dealing with. The BBC should be shaking their heads for allowing someone so far from reality on air."
Hannah Bashford, director at Model Financial Solutions Limited: "It's very damaging in life to belittle your competitors to promote yourself and not a strategy I would suggest. Paul's comments are damaging and it saddens me that he would feel that it's appropriate to make them. Luckily, there are not many that think this way and most brokers are happy to help each other instead of trying to bring them down. The pandemic has made us all nationwide advisers whether we are in our living rooms or a big office in the city. The introduction and acceptance of technology to reach clients has enabled that and should be embraced. A large broker firm is no more qualified than a 'broker on the high street above a cab shop' therefore the foundation of his comments are completely unfounded."
Anil Mistry, director and mortgage broker at RNR Mortgage Solutions: "It is concerning that Paul Lewis has made such a bold claim without providing any concrete evidence to support it. Large independent brokerages operate on a "conveyer belt system" and prioritise quantity over quality when it comes to client service. However, this is not always the case for small brokers. Small independent brokerages also have access to a wide range of lenders and often provide a higher level of service to clients. These smaller firms have more time to consider each client's unique circumstances, improving their chances of securing a mortgage offer from the right lender. This is exemplified by some of our clients, who have gone to larger brokerages only to be rejected, yet were later successfully offered a mortgage with our help. It is always worth checking the reputation and service of a brokerage before making a decison."
Lee Johnson, director at Willow Private Finance: "I guess everyone is entitled to an opinion. My view is that defining value for consumers and the expertise that can be provided simply by a headline revenue figure and market share demonstrates an ignorance about the complexities of the industry. You cannot commoditise advice, it's not Amazon and doesn't necessarily improve with scale. The larger the scale, the more uniform the practices, and the less nuance can be tolerated. Big firms are fine for cookie-cutter solutions for vanilla cases, maybe, but specialist, expert advice bespoke to the individual is something that isn't so easy to scale. The reality faced by most firms is that the latter will be required far more frequently in the months and years ahead. Let's see how market share and revenue stack up then."
Ian Hewett, founder at The Bearded Mortgage Broker: "What a ridiculous thing to say. Using Lewis's logic, do not use the local store, only supermarkets. Or don't use independent journalists, only ones that work for massive corporations that may not have your best interest at heart. I repeat, what a ridiculous thing to say. What is it about people with the surname 'Lewis' and stupid comments?"
Tom Bradley, founder at Thomas Bradley Mortgage & Protection: "Ironically, I left a major corporate due to high fees, having to recommend from a limited panel of lenders and having to ‘sell’ poor quality services. Corporates are great places for new advisers building skills, but once they know what they’re doing they don’t hang around. That says a lot about the true quality of larger firms."
Steve Humphrey, director at The Mortgage Pod: "Everyone is entitled to their own opinion, however in this case, Paul's opinion is just wrong. "Big, national, independent" surely aren't words that belong together. "Big, national or independent" are more fitting. In my own experience, people have to choose between the following: a national corporate with a limited panel of lenders and loaded insurance premiums that truly believe intermediary exclusives are exclusive to them only, and that people can get access to the best deals due to the level of business they write with 500 advisers. Or a local independent firm that's accountable for their every action and that is highly likely to be part of a network of 1000 plus advisers with access to 100 plus lenders and far greater flexibility on where to place business."
