Broker in Focus is a dedicated series that highlights the unique journeys of mortgage brokers, providing them with a platform to share their experiences, insights, and expertise. Through compelling personal stories and professional reflections, each featured broker recounts the key moments that have shaped their careers, delves into the challenges and opportunities facing the industry today, and shares the valuable wisdom they have gained along the way.
Mortgage Introducer caught up with Stuart Mosley (pictured top), director and adviser at SJ Financial Solutions, who has spent more than three decades navigating the highs and lows of the UK mortgage market. From his early days as a tied adviser at National and Provincial Building Society to building his own brokerage from the ground up and in the aftermath of the 2008 financial crisis, Mosley has seen it all. Here, he reflects on the transformative power of technology, the dangers of unregulated social media advice, and the lessons that have shaped his career.
Full name: Stuart Mosley
Job title: Director / Adviser
Company: SJ Financial Solutions
Number of years in the industry: 33
Location: Birmingham
How and when did you become a mortgage broker?
I started out as a mortgage adviser for National and Provincial Building Society in 1993 and was a tied adviser to their own products. I moved to Halifax Property Services in 1996 and, from memory, had a panel of about 12 lenders, I think.
Moving on, I became a whole-of-market broker in 2002 for a brokerage based in Birmingham, was made redundant in 2005, and it was either getting a job or setting up on my own — and so I did exactly that. SJ Mortgage Solutions was born, and incorporated as a limited company in 2006.
In your opinion, what has been the most positive development in broking?
IT. I remember the days of having a large folder with lender rates and criteria in it, and receiving lender updates via illegible handwritten faxes. But now… only last week, we received a mortgage offer in less than 30 minutes, from completing the fact find and sourcing the most suitable lender and product, to starting the application and receiving the mortgage offer.
What challenges do you see currently facing the industry?
Maybe I’m just showing my age, but I think there must be some accountability for social media advice. I see lots of amateurs trying to give home-buying advice, as well as qualified advisers, and both make me shudder.
Only last week, I saw a video of a so-called home-buying expert suggesting that a would-be property mogul should buy their first buy-to-let property as a residential property with a 5% deposit, rent it out, buy another, rent it out, and repeat — and when someone commented about tax, the answer was: “Don’t worry about it, make sure the rent is as close to the mortgage payment as possible and you won’t pay any.”
There was also the comment recently: “If you buy in a limited company name, you won’t pay SDLT as the company owns the property, not a person.” Both of these examples obviously have huge consequences.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
When I first set up, it was pre-2008 — the market was busy, criteria was flexible, and I remember wondering why I hadn’t done this sooner. I had an admin team, bought a new Audi convertible, lovely offices.
I remember four lenders getting together and taking me and about 20 other brokers — and our partners — to Las Vegas, fully expensed for three nights, five-star, and then 2008 happened. My partner paid the redundancies, the car went back, the office went, and I remember one month arranging just one mortgage. That was a lesson learnt.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
Have two mobile numbers — keep one for personal use and one for business. I have only ever had one number, and no matter where I am, it rings. I am too far down the line now to change it.
The other thing I would say is to ensure you do a proper job for a client. Don’t just think “whoopee, a mortgage” — make sure you have discussed all the fees and the process, covered the protection side in detail, and talked about home insurance and the importance of it.
Some people are scared to raise it, but over the years, sadly, many clients have said “thank you” for advising them to take out cover, as they have needed it. Taking a call from a client that starts with “did we take out critical illness cover?” is never great, and even worse when you have to tell them “you didn’t take any cover out.”
Broker in Focus is a weekly Mortgage Introducer feature, spotlighting mortgage brokers from diverse backgrounds and locations across the UK. Among those recently featured are Andrew Watson of Echo Finance, Tracie Selley of Approved Mortgage Solutions, Craig Chavez of Three Keys Mortgages, Bryan Brett of Just Mortgages, Joanne Pay of Elysian Trust Financial, Geraldine Williams of Bubble Financial, Lauren Wilson of Portway Finance, Jamie Alexander of Alexander Southwell Mortgages, and Dave Hill of The Money Partnership.
Are you a mortgage broker interested in being featured? Email the author with your details.
