In the Spotlight with Darren Pescod

In the Spotlight with Darren Pescod

In The Spotlight

We caught up with Darren Pescod, MD of The Mortgage Broker

1. Why did you set up The Mortgage Broker?

I set up The Mortgage Broker after having been in the finance industry for most of my life. I started work as a teenager at the Prudential, collecting premiums on the door, then moved into the stock markets from 1995 – 2001. I then joined my family’s IFA business and in 2002, I decided that I wanted to go out on my own and concentrate on mortgages. My biggest driver was that I had always wanted to start, run and grow my own business, believing that with exceptional customer service (which was something I had experienced whilst living in South Africa and what I felt was missing in the UK) would make the difference in growing a successful business.

2. What does The Mortgage Broker offer IFAs and landlords/investors?  

We offer expert advice in the minefield of the BTL market, with expert knowledge on the various investment choices a landlord may have eg an HMO / multi let / student let or standard investment purchase and growing of a portfolio. With the lender knowledge and relationships we have, we can be confident that we can find the best value lender for the investor, as there are many quirky bits of criteria that a landlord may miss.  Within all of this advice, we also offer our award winning customer service meaning the investor (and IFA) are kept up to speed with the process of their application (now everyone says they do this, but we have 1,000’s of customer tstimonials to back up service up) and with just one complaint in over 10,000 mortgages completed. The last complaint being in 2005, so we have a 99.9% customer satisfaction record – unheard of in customer services.

For IFA’s – We also pay them a referral commission, so they get something rather than letting their client go to a competitor, with the risk that this brings of losing the client to another IFA and therefore potentially losing all the business the IFA has written in the past.
 
3. What makes The Mortgage Broker different from competitors?

(a) Knowledge – we meet with lenders on a weekly basis at our head office, where the advisers spend quality time going over the niches that each lender has.  It is these niches and criteria differences between lenders that allows us to offer solutions to the majority of clients, where they may have been let down by a previous broker or their own bank / building society. (b) Customer service (as mentioned above) 1,000’s of testimonials and a 99% customer service record. When clients deal with us, they speak to two people only, their mortgage adviser and their dedicated administrator.  Clients have direct contact to the two people dedicated to looking after them and their application.


4. What do you see as the major challenges for the property market in 2017?

The buy-to-let market will be tough again with the increase in stamp duty and the increased rental calculations that lenders are using. This market is likely to decrease significantly for these reasons. The residential market will stay at similar levels to the past year, due to the interest rates remaining low. A levelling of house prices, or a marginal decrease in house prices would be welcome.

5. What do you love and hate about the property market?

Love helping people, love receiving client testimonials to show we are doing the job the way it should be done, love providing solutions to people who have been let down, as this provides job satisfaction. Hate the historic cyclical nature of property prices, as it is a future concern for the business effecting everything that we do.

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Latest Comments

jason hadzikostas
jason hadzikostas 28 Jun 2017

The most important thing is a budget. Students have to manage their spendings in food, house maintenance, books and many other things. According to me, student Studios are the perfect option for them as...

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SecomTech
SecomTech 22 Jun 2017

AT Last...This was discussed years ago and there was a move towards landlords registering their bad tenants on a database..(can't remember where) It seems a logical step though our leaders will probably...

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Bertrand
Bertrand 02 Jun 2017

How about the Welsh Govt introducing a scheme to protect landlords against "rogue" tenants who are then taken to court for criminal damage to the properties they trash. Pretty unlikely I suspect and politically...

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AmberMorris
AmberMorris 25 May 2017

"Please don't pick a novelty tune-playing doorbell. They're not 'fun'. They're stupid." Laughed a lot to this. It's actually true, though.

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Oliver Conway
Oliver Conway 18 May 2017

Making a neat inventory is a good idea, but if the seller is not willing to provide it, can the buyer demand it?

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Bertrand
Bertrand 17 May 2017

First step to nationalisation of the private rented sector IMHO. Nanny state poking their noses into things yet again. I object, as a decent landlord, sometimes having to deal with some pretty awful tenants,...

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Izzy
Izzy 16 May 2017

This is such a great a post. I love the detail you've gone into. It's a very useful article for helping those who are looking at deciding which sector they would like to go into! When I first started investing...

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paul burnham
paul burnham 30 Apr 2017

Jeremy Corbyn's pledge that a Labour government would build 500,000 new council houses must electrify the general election campaign. Reliance on markets and the profit motive has brought huge housing-related...

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CommercialTrust
CommercialTrust 28 Apr 2017

Sadiq Khan?s announcement of an online database of landlords and letting agents who have been convicted of housing offences, appears on face value to be a variation of the already implemented Database

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warren
warren 26 Apr 2017

You're very welcome Mary! Glad you enjoyed them :)

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Mary Ward
Mary Ward 26 Apr 2017

Thank you for the wonderful ideas. First impressions can make or break a deal. It's sadly that many homeowners drop the kerb to create an off-street parking space.

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Tony Gimple
Tony Gimple 14 Apr 2017

I'm not at all surprised that so many landlords are still confused about what the tax changes really mean and how it will affect them. In particular, the blind rush to incorporation is leaving landlords...

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