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

Tony Gimple
Tony Gimple 16 Jan 2017

HMOs do make great commercial sense, but do the area research first!

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OJoyce
OJoyce 30 Dec 2016

We can only hope this will bring the results we all want and strive for.

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Reality
Reality 21 Dec 2016

The changes to land tax were a shock to many when it was first announced by the Chancellor in 2015?s Autumn Statement. However, once the changes came into place and the full details were digested, it?s...

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akbar ali dayala
akbar ali dayala 20 Dec 2016

I am a landlord and director of an online letting agents at the moment we charge tenants minimal fees and landlord also meaning we can get best deals for tenants all around if the ban comes in it...

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milessgabriel
milessgabriel 05 Dec 2016

Useful article

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Spencer Fortag
Spencer Fortag 30 Nov 2016

I am glad that someone listened to me!

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Tony Gimple
Tony Gimple 27 Nov 2016

It's not just the lack of estate agency advice that's costing landlords money; most are getting seriously bad advice from their accountants resulting in tax bills far higher than they need to be. Likewise,...

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Sally Walmsley
Sally Walmsley 18 Nov 2016

The RLA stands by its sell-off statistics. While we welcome the feedback from Mr Jagota and are delighted to hear how well things are going for landlords in the north east, we would like to make it clear...

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Sheryl87
Sheryl87 18 Nov 2016

The high employment levels and the vibrant economy has led to ever-increasing demand for rental properties, especially from professionals relocations from other cities. This has led to more experts teaming...

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Sheryl87
Sheryl87 18 Nov 2016

Renting out your house can be risky business. It's good to think about residential landlords insurance. Standard cover includes buildings cover and cover for loss of rent following damage to a property...

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AmberMorris
AmberMorris 09 Nov 2016

Fear of ghosts, really?? Ok, I get the fear of bats in the attic and mice and rats running under your nose - those are easy to deal with pest issues which are really unpleasant and can turn you off. But...

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AmberMorris
AmberMorris 08 Nov 2016

In my experience, It has always been a matter of discussion between the landlord and the tenant. There are cases when it's clear who's responsible for the pest control costs. I see a lot of people in forums...

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