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.
For this week, Mortgage Introducer interviewed Andrew Watson (pictured top), senior mortgage and protection adviser at Echo Finance, who has spent nearly three decades in financial services and more than two decades on the frontline of independent broking. From getting his start at Prudential in 1997 to securing his CeMAP at HSBC before going independent in 2004, Watson has seen the sector transform at pace – and says the biggest shift has been the technology that now underpins everything from sourcing to lender applications, helping advisers deliver better outcomes in less time.
But with subdued growth, elevated interest rates and heightened geopolitical risk still weighing on borrowers – and lenders repricing quickly as swap rates move – he believes brokers’ guidance has never been more valuable, and that lenders need to listen more closely to the advisers dealing with clients’ realities every day.
Full name: Andrew Watson
Job title: Senior Mortgage & Protection Adviser
Company: Echo Finance
Years in the industry: 29
Location: Gravesend, Kent
How and when did you become a mortgage broker?
I started my financial services career back in 1997 with Prudential, where I gained my full Financial Planning Certificate and first cut my teeth offering Prudential Bank’s mortgage products. Following stints with Britannic Assurance and NatWest Bank, I joined HSBC in 2002, gained my CeMAP qualification, and that’s where my mortgage career really kick-started. By 2004, I had become an independent mortgage broker, and today, some 22 years later, I’m thrilled to be a senior mortgage and protection adviser at Echo Finance.
In your opinion, what has been the most positive development in broking?
Without a doubt, the technological advances in lender applications, plus sourcing and research tools such as Iress and iPipeline, have made the job of brokers so much less time-consuming and, in turn, have resulted in much better outcomes for clients. Combined with the benefit of probably the best CRM system I’ve ever had available to me at Echo, I feel I have all the tools I need to be a successful adviser in the ever-changing industry we work in.
What challenges do you see currently facing the industry, and what solutions would you propose?
The current global economic position of subdued growth, alongside high interest rates and geopolitical risks, is putting huge pressure on clients looking for mortgage advice. It’s also affecting our ability as brokers to secure deals for them, with lenders reacting to the highest swap rates in more than a year and pulling rates with little or no notice. This has, for sure, made our roles much more complex, but at the same time, our professional guidance has become even more invaluable and relevant.
As an industry, I think it is important that lenders seek input from brokers on the frontline, and not only their own business analysts, who are, in effect, closing the market down and taking property ownership out of reach for many clients.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
Having been fortunate enough to enjoy a 22-year career as an independent mortgage broker, I’ve been blessed to help people from all walks of life achieve their dreams of property ownership, whether that be a studio flat or a £2 million mansion. All of these have come with different types of challenges, but probably my most memorable experiences have been helping adults on benefits-only income gain the independence of getting their own first home and being able to live independently.
As an industry, I think we need to do more to help vulnerable clients achieve their dreams. As a father to a blind and highly disabled daughter, I’m hugely passionate about helping those without a voice.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
Whilst you obviously need the professional qualifications to give mortgage advice, the best advice I would give to aspiring brokers and those new to the industry is: be yourself, listen to what clients are looking for, don’t blind them with science, and pride yourself on giving the best advice for each individual situation, specific to that client. As part of our commitment to helping new brokers, Echo Finance works alongside Mortgage Train Academy, who help new advisers become successful.
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 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, Dave Hill of The Money Partnership, and Neil Mulhern of Echo Finance.
Are you a mortgage broker interested in being featured? Email the author with your details.