Meet the broker… Mortgage Medics

Meet Jonathan Smith of Mortgage Medics

Tell us about your business?

We are a Mortgage Brokerage based in Brighton & Hove as well as having advisers in London and across the South East.

Sam Murphy, our managing director, started the firm in 2007 and we are now a team of 10+ advisers

Where are you based and where do you operate geographically?

You’ll usually find me in our Hove office, or at home just a few miles away and we’ve recently launched an Office in London.

What are the main issues impacting your local market?

In the South East the common issue is how hard it is for first-time buyers to get on the ladder. It’s heartbreaking when you speak to potential first-time buyers who have a strong income above the national average and still can’t buy a property big enough to home their family.

So they are then torn between moving to a new area or renting indefinitely. There isn’t really a solution for this however at Mortgage Medics we have previously run ‘first-time buyer masterclasses’ to make sure prospective buyers know all of their options so they have the best chance possible. 

What challenges are you facing as a broker?

The market remains strong but lenders changing rates and criteria at a moment’s notice is a constant challenge.

It’s nearly impossible to take a half-day without looking at your emails in case we miss a rate change that could cost a client a few grand extra over the course of their next deal.

What are the main opportunities for brokers in your area and nationally?

The main area of untapped opportunity is probably protection in the rental market. I’ve heard the horrible phrase a few times recently that ‘the landlord would kick you out quicker than the bank would’. It’s sad but probably true.

The reality is that most homeowners don’t have exposure to the subject of Protection until they become homeowners and speak with a mortgage adviser, those in long-term rented are left incredibly vulnerable as they probably never have exposure to this important subject. It would be great if there was some sort of national campaign to raise awareness on the subject. 

What could lenders do to help further your business?

Lenders could all agree to let us know about rate changes with in advance (lenders like The Coventry Building Society have a service promise on rate changes).

Something else lenders could do would be to make their ‘Green’ products more appealing. Big names in the market are offering as little as 0.01% improvements to those mortgaging properties with an EPC of A or B.

It’s frustrating box-ticking and is not going to drive the change that is needed.

What sets you apart from the competition?

What I love about Mortgage Medics is that we really care. We understand that there is a person at the other end of every bit of business.

This drives us to do the right thing every time whether that means staying late to submit an application before a rate changes, making every effort to make sure a client understands their protection options or sometimes it even means telling a client when something isn’t right even if it means losing the business.

It’s a culture that has been installed from day one by the founders of Mortgage Medics and it seems to rub off on every new adviser we take on.

How should potential borrowers contact you?

Our website has a great enquiry form however we are also more than happy for you to pick up the phone and give us a quick call. If all our advisors are busy we’ll always get back to you within a few hours.