60 Seconds with.....Simon Tyler
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You ran the mortgage broking business at Chase De Vere for 27 years until the recession hit. Will brokers still be around in another 27 years?
As long as there’s more than one lender in the market there will be choice and where there’s choice there’s a need for advice. When we began Chase De Vere 27 years ago there were just under 250 building societies and dozens of banks and insurance companies. Liquidity being what it was, the trick was finding a lender which had cash at the same time as you needed a loan as most societies offered similar terms.
Now we have 52 societies and maybe 50 other lenders in the market. There are still thousands of product choices - if you can find a liquid lender. The market may have changed but the need for good advice has not and will not in the future.
What makes TMM different from the thousands of other brokerages in the market?
The heritage we bring from our time together creating the brand at Chase and my reputation in the market with lenders and journalists - I’m told - means we can punch above our weight. The average experience of our brokers in giving face-to-face advice is 19 years. That’s hard to beat with a team of 14. Add to that a history of almost zero customer complaints in all those combined years of advice and you have a special proposition.
What’s the ‘WYSIWYG’ approach about?
It stands for what you see is what you get. Life’s too short to build up a reputation on a framework of exaggeration and untruths. I have met too many people who have told me how successful they are before discovering little of their story is true. I have developed a reputation for telling it as it is. If things are good I will let you know. If they are bad I will also let you know. Some people are a little alarmed when faced with blunt honesty but I find it saves time.
Has dual pricing and product rationing had an effect on your return to market?
Dual pricing has been around for years, usually in our favour. The less liquid market means we have to work harder to get results but luckily there are fewer competitors. We are currently seeing twice the demand for mortgage products compared with Q1 2009, and with no more supply that makes our services even more important to clients.
What is the biggest challenge facing mortgage brokers?
As always, managing the expectations of clients.
