Rob is joined by Gary Das, the owner of Active Mortgage, author of The Self-Employed Mortgage Guide, winner of the Mortgage Strategy Award for Best Small Broker and host of the ‘Mortgage Pro Podcast’.
Gary has almost two decades of experience throughout every facet of mortgages and lending and talks in depth to Rob about the fundamentals of the business, as well as some invaluable strategies you can use in order to find the right finance for you, plus much more.
Sign Up For MSOPI Here: https://bit.ly/msopi-nomad
KEY TAKEAWAYS
Gary was building a successful business as a self-employed mortgage broker when the credit crunch hit. Instead of allowing himself to be swallowed by this, he chose to diversify, branching out into life insurance, critical illness and income protection. This diversification allowed him to grow a successful insurance broker company, employing a team of twelve.
After successfully diversifying, Gary took the unorthodox route of doing what he could to educate the market: writing a book and beginning a podcast. His Facebook group now counts over 600 mortgage brokers as members.
Your vision should always be slightly outside of the readily achievable in order to always keep you hungry, and to give you a constant challenge.
Depending on your strategy, Gary advises that taking a fixed rate mortgage over a variable or tracker, because the cost of borrowing is so low at the moment due to low interest rates.
Long term relationships are vital for mortgages, because it allows the investor and broker to learn each other’s requirements, their financial positions, and the speed and rhythm of how the other likes to work.
There are three types of general mortgage brokers. Independent brokers tend to have access to the entire industry and were previously known as having “access to whole of market”. Multi-tied brokers use a specific set of lenders. Tied brokers are generally employed by a specific bank.
When choosing your mortgage advisor or broker, make sure you spell out your proposed strategy from the outset. Gary likens general requests for mortgage brokers as asking if “anyone knows a good surgeon”. You need to be more specific, because each broker will work in different ways. Mortgage brokers should be viewed as specialists in their own field.
Criteria’s always seem to be on the change in the mortgage industry. Policies are always being introduced and then changed to fit current lending and investment trends. Gary doesn't foresee another credit crunch due to the mortgage market’s awareness of potential dangers, and the setting in place of protections.
Making any kind of risk assessment basis is as simple as drawing a line down the centre of a piece of paper and listing advantages and disadvantages, and whichever list is bigger when you’ve finished, should point you towards your decision.
BEST MOMENTS
‘I do stick to the philosophy that you should buy local’
‘I knew I needed a niche. I knew I needed to build a personal brand’
‘Step forward each day’
‘It’s about bringing the world to you’
‘Know your strategy. Know what you’re after. And then hunt down someone who has the skills that correlate to the strategy you want to follow’
‘Ignore the naysayers, because nine times out of ten they’ll be wrong’
‘You need to keep nurturing it, growing it’
VALUABLE RESOURCES
The Property Nomads WebsiteThe Property Nomads Podcast – iTunesThe Property Nomads - StitcherThe Mortgage Pro PodcastActive MortgageThe Self Employed Mortgage Guide
ABOUT THE HOST
Rob Smallbone, Rachael Taylor and Matt McSherry, the hosts of The Property Nomads Podcast, are on a global mission to guide your success. Success can happen in many ways, shapes and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?
Rob, Rachael & Matt just want to make a huge difference to people around the world. They are here to guide your success in property, business and life and to inspire you to achieve your goals, dreams and visions. They’ve travelled, explored, and invested. And they’re not planning on stopping these activities anytime soon.
Buckle up, sit tight and enjoy the ride that is life.
CONTACT METHOD
LinkedInFacebookInstagramTwitterYouTube
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast
