Broker in Focus: Simon Allen, Searchlight Finance

"One of the clients threatened to kill me, so I decided a career move"

Broker in Focus: Simon Allen, Searchlight Finance

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.

In this edition, Mortgage Introducer spoke with Simon Allen (pictured), director and owner of Searchlight Finance, whose transition into broking wasn’t just a career choice; it was a necessity driven by market forces — and, in a dramatic twist, a personal safety concern.

Full name: Simon Allen

Job title: Director/Owner

Company: Searchlight Finance

Number of years in the industry: 16

Location: Cheshire

How and when did you become a mortgage broker?

It started 16 years ago, after the bridging company which I was running the operations for struggled with funding lines due to the credit crunch. It also didn’t help that one of the clients threatened to kill me, so I decided a career move might be in my interest. I’d been involved in property finance for several years before this in banking, and I became quite unique in that I had been a funder, banker and landlord, so I had covered finance for investors and developers from multiple angles.

In your opinion, what has been the most positive development in broking?

Technology — improved sourcing systems, CRM systems that integrate with lenders, the Land Registry, the EPC register, and credit agencies — has been the most positive development in broking. Mortgage criteria software has also played a significant role. All of these advancements reduce the time spent on paperwork, allowing brokers to spend more time getting to know their clients.

What challenges do you see currently facing the industry?

Succession. A lot of mortgage events feel like shops offering a pensioner’s discount — the average age of brokers needs to decrease, and more school leavers need to enter the industry. While the situation has improved, broking still needs to be actively promoted as a career.

Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?

Don’t take ‘no’ for an answer if you believe in a deal. We received an enquiry for a £2 million portfolio BTL loan to cover an unexpected tax bill resulting from a tax scheme the client had entered into — one that HMRC didn’t approve of. We spoke to several lenders who initially expressed interest, but one by one, their underwriters declined the application.

The scheme wasn’t property-related, but the client had received advice from qualified tax advisers. While we had an offer from a specialist lender, it was approximately £40,000 per year more expensive than we believed was necessary. Determined to find a better solution, we leveraged our contacts higher up in the chain of command and persuaded a lender — who had previously declined the deal — to reconsider. After that, the process became one of the simplest portfolio mortgages we’ve ever completed.

The key lesson? Be known as an expert in your field and build strong relationships with lenders’ decision-makers at industry events. You never know when having their mobile number will come in handy.

Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?

A mortgage isn’t just about finding the best five-year fixed rate — there’s a person behind it. Get to know them, their strategy, who they interact with, and how you can help them achieve their goals while making the process easier for them. Do your own research on products, invest in software that adds value, and don’t be afraid to turn business down.

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 Charn Gandham of Chancery Consultants, Ifthikar Mohamed of WIS Mortgages, Lee Trett of Echo Finance, Keith Humphreys of Pinpoint Commercial Finance, Nick Hayes of Pia Financial Solutions, Alan Kent of Viable Mortgages, Chetan Jethwa of Vistaara Financial Solutions, Kane Powell of Heron Financial, Richard Jennings of Richard Jennings Mortgage Services, and Barry Wise of The Mortgage Pod.  

Are you a mortgage broker interested in being featured? Email the author with your details.