Meet… Jonathan Fowler, founder and managing director at Fowler Smith Mortgages & Protection.
Tell us a bit about your business.
Fowler Smith Mortgages & Protection was created in 2021, and we officially launched in February 2022. It was started by myself and my co-director, Charlie Smith.
The business was started with a number of intentions – not only to add value to everybody we communicate with, which is our overall mission, but we also wanted to create an environment for advisers and administrators to have a clear path of progression within the firm.
Charlie and I started the business as a pair, and shortly thereafter brought on our first team member. Now, we’re a team of nine and have plans to expand our premises to cater for further expansion.
Since our inception, we’ve won awards such as ‘Best Newcomer Firm 2024’ within our network, and SME News deemed us ‘Most Trusted Mortgage Broker 2024 – Essex’, along with being shortlisted for others.
Advice-wise, we’re a well-rounded brokerage. We have advisers in the firm that cater for all types of clients – whether they’re first-time buyers looking to get on the ladder, or a high-net-worth (HNW) individual with exceptionally complex requirements.
When we started the business, the majority of our mortgage applications were specialist buy-to-let cases, whereas now, thanks to Charlie who acts as our sales director, we’re very well balanced with regulated and non-regulated transactions.
Alongside that, we’re very focused on protecting clients for all eventualities.
Where are you based and where do you operate geographically?
Our head office is based in Colchester City Centre, on the High Street. Although, interestingly, our clients are dotted around the country – whether it’s in the Capital, the Midlands, the North – we extend to every corner of the UK.
We have quite a significant number of our clients based overseas – which naturally comes hand-in-hand with having strong knowledge in complex and specialist advice areas.
What are the main issues impacting your local market?
Naturally, since the Stamp Duty changes, I feel that investors are going to potentially avoid buying as much property in Colchester, along with other areas around London, and potentially look to make purchases further afield where property is often cheaper and the Stamp Duty is easier to swallow.
The concern this creates for me is that Colchester is a city with a university, a hospital and an army barracks. Many students, doctors, nurses and the like rely on being able to move in to affordable accommodation, such as an en-suite room in a house in multiple occupancy (HMO), in order to secure a career in such establishments, or carry out their studies.
If investors are not buying locally due to the average house price being a little higher and then having additional Stamp Duty to pay; then these professionals and students are likely to struggle to get accommodation, which then causes a knock-on effect. I think the Government sometimes fails to consider the bigger picture!
What challenges are you facing as a broker?
The main issue we see as a firm is the volatility in rates. Gladly, we can facilitate speed, and our client feedback will attest to this, but it is difficult to keep up with especially when some lenders pull rates with very minimal notice.
I think it’s fair to say that all of us in our firm look back fondly at the days when interest rates would update perhaps a couple of times a month, rather than there being a never-ending cycle of increase/decrease.
Even more so when information is shared by news publications in a blanket fashion, which can cause clients some anxiety.
What are the main opportunities for brokers in your area and nationally?
Brokers as a whole have an opportunity now to solidify a strong reputation in the industry.
Social media has never been so popular. Anyone can create a podcast. The audience is there, and willing to listen.
So, in my opinion, brokers have a huge opportunity to access more people, share valuable insight and become known as the go-to individual that clients trust.
It wasn’t possible years ago. I hear it regularly that some brokers who started in the industry decades ago are winding up now – I get it, why work if you don’t need to in such a volatile market?
Space is being made for those willing to occupy it. It truly is limitless in the current day and age.
What could lenders do to help further your business?
Lenders need to realise that the properties individuals are buying aren’t as ‘cut and dry’ as they were before. We see so many alternative constructions these days, and lenders always need to adapt and become willing to accept new things.
Especially in the investment space, investors want to diversify their portfolios, with HMOs, multi-unit freehold blocks (MUFBs), corporate lets, student accommodation, short-term lets and those on lengthy social housing leases.
However, some lenders are still only willing to accept a very standard 12 month AST.
Investors are getting creative, and if some lenders bend a little and open up their appetite, they’ll not only get more incoming business for them, but it’ll also make the market more fluid. More activity is always great to see!
I’d also love for lenders to stop needing to know the split between investors and owner occupiers in a new build development.
Demand is demand, in my opinion!
What sets you apart from the competition?
The truth is, what sets us apart is one thing specifically. Not just our knowledge, our exceptional client-care, our desire to succeed – but our persistence.
A client could come to us after being told ‘no’, or ‘it’s not possible’ or ‘I don’t think there are any lenders that will do it’ by other brokers – and we will continue and continue and continue to find a solution. Which we often do, I’m pleased to say.
If we think an underwriter is looking at something in a wrong way – we won’t just accept it, we request a conversation so we can put our point across. And if we are sure that we are right, we will remain persistent in order to get the outcome that’s right for the client.
Our team love to get the result for a client. Genuinely. Persistence is one of our internal values, and we live it every single day.
So the difference between us and the competition, is that we won’t, and don’t, give up until we find a solution or at the very least give a clear way forwards for the client.
It also helps us in a professional capacity, too – the more we search, and research, and have further conversations – we find more avenues, more lenders, more ways that things can be done, which ultimately benefits future clients, too!
When my co-director, Charlie, speaks to our business relationships – he mentions something that’s very true. Fowler Smith has only existed in a difficult market. It’s actually something we are incredibly proud of.
We keep going, building our knowledge and expertise, to continue to be the best version of ourselves and evidence that to our amazing clients.
How should potential borrowers contact you?
Either via our website, www.fowlersmith.co.uk, by phone on 01206 635 550 or by email on [email protected].
