'Diversify in 2025 – and don't turn down work'

When Paul Timmins left school he wanted to be a police officer, and while that ambition eluded him, it led to another profession that required the problem solving skills to which he aspired – mortgage broker.

Having successfully established himself in that adviser role, Timmins (pictured) eventually switched over to lending, where today he is business development manager for specialist lender Affirmative Finance.

With his wealth of industry experience, now on both sides of the fence, he knows what it takes to survive and thrive in the business. Diversification is key, he believes – and don’t ever turn down work.

Back when Timmins was starting his working life, little did he realise that the mortgage business was the path he would take.

“At 17, I was exploring going into the police,” he told Mortgage Introducer. “There was a recruitment freeze with the force to which I was applying, right around the financial crash of 2008, and that didn't go anywhere.

“I needed a job, so I thought, ‘well, OK, I'll work for a company that's affiliated with the police, because it can't do me any harm.’ So, I started working in an admin role for Police Mutual, which was essentially a life insurance company that ended up diversifying into the military as well and set up a mortgage team - that’s where I cut my teeth. I became an adviser and I didn't look back.”

Timmins continued: “I enjoyed the problem solving that was core to the role. Your broker is a problem solver - someone to cut through the noise and be able to tell you what the right solution is to get to your desired outcome.”

Read more: Specialist mortgages demand more time, brokers say

The qualities of a good broker

In his career, Timmins has taken on managerial roles, including setting up Quick Mortgages, a whole of market brokerage in Birmingham. He made the move to Affirmative Finance last year, and is clear about what makes a first class broker.

“I think the best brokers are those who very rarely say no to scenarios that they're presented with,” Timmins said. “Don't turn down any cases - be willing and open to being diverse in the types of transactions that you're able to handle. So whether it be specialist finance, whether it be adverse, whether it be pushing the boundaries of the types of income that you're using to attain the levels of borrowing that clients require, the more transactions you're willing to deal with, whether you've got experience or not, having that ability and willingness to be able to find solutions for new transactions, is what makes the best brokers.

“If you want to survive in the current climate, you've got to be willing to look to types of finance and types of products that you perhaps aren't that comfortable or that familiar with.”

He continued: “In 2025, it's probably as or more important than ever to be able to offer those types of services because client retention is going to be the lifeblood of the industry. To make it as a successful broker, you're going to need to be able to not only acquire new clients, but retain them as well.

“You can no longer be picky. Deal with the cases as they're presented to you and handle as much as you can, because that's where your referrals are going to come from. Word of mouth is as valuable as ever, if not more valuable, and that is the biggest and best way to grow a business with reliable clients who are going to weather any sort of financial storms - those repeat clients, those referral clients, they're the most valuable clients that you can get.”

Timmins added: “The minute you start saying, ‘no, I can't offer that service,’ that's when they go back on Google or wherever they found you and find the next broker who can, and then you may have lost not only that transaction, but also lost all of the other associated transactions, potential referrals and future business. So, I think it's vital to be able to offer as wide a range of services and products as possible.”

Diversification is, therefore, a top tip for brokers in the year ahead.

 “It can be a challenge in a world where networks have never added so much value to brokers from a support perspective,” Timmins said. “If you're working from a restricted panel, immediately you're on the back foot - there are brokers out there who aren't. It's about not only being willing to offer the biggest and the best service and the widest range of products, it’s about having access to them as well.”

Essentially, brokers have to be able to listen and empathise, Timmins suggests - listening more than they talk.

“I think that is vital in this industry,” he said. “Put yourself in a client’s position and say, ‘OK, I'm on the sidelines, but this is how I see it and this is how I would want to resolve this scenario.’”

Timmins may not have ended up on the detective trail, but he has no regrets that he didn’t pursue a police career.

“In hindsight, it was not the job for me,” he reflected. “The pressures of the job and the shift work just aren't conducive to maintaining a healthy long term relationship with somebody, in my opinion. So looking back, I’m  quite thankful that it worked out the way it did.”