4 minute read
Interview Women in the sector More women entering the mortgage sector
Has the mortgage industry finally become appealing to women?
The once male-dominated mortgage sector is undergoing a shakeup as a greater number of women apply for broker training, Just Mortgages’ recruitment boss Linsey Davies tells Simon Meadows
“The mortgage world used to be a bit of a boys’ club,” acknowledged Linsey Davies, head of talent acquisition and business support at national brokerage Just Mortgages. “But I don’t think that was unique to mortgages; I think it reflected the attitude of women working in society in general, and as that has changed, so has the mortgage world.” And so it would seem, according to figures from Just Mortgages, which show that for the first time there were more female than male applicants for its own broker academy – 60 per cent were women and 40 per cent, men.
Just Mortgages, which has brokers operating nationwide, reports that its five-times-a-year training academy is often oversubscribed, typically with more than 1,000 applicants competing for 20 available places. Until recently the majority of them were male, but the Colchester-based company has identified a change in the profile of its applicants, following a recruitment strategy that targeted those outside of the industry, sharing images on social media of a more inclusive working environment.
It seems to have struck a chord with women looking to start a new career in financial services. The number of successful female candidates increased by 180 per cent in 2021 and is on course to more than double again by the end of 2022.
“This is real change and, more importantly, it’s the new normal,” said Davies. “Women throughout our society are successful business leaders, homeowners, and professionals, and so why not mortgage and protection advisers as well? Women contribute different skills, experience, and attitudes, and I’m in no doubt that our equal inclusion going forward means that the whole mortgage market is far greater than its individual parts.”
She explained, “We’ve worked really hard to move the image of a mortgage broker away from [it being] ‘just a man’s job,’ like so many roles in financial services have been perceived to be. Five years ago, men made up 60 per cent of all Just Mortgages brokers, but it’s now closer to 50-50.”
In bygone days, a trip to see a mortgage broker likely involved meeting a man, quite possibly white and suited in pinstripe. It’s a clichéd image, of course, but then clichés often have some basis in truth. Today, eight of the top 20 performing brokers employed by Just Mortgages are women. Davies, while welcoming a greater female intake, also pointed to a team that’s racially diverse, too. “Some of our most successful brokers simply do not fit what you might have imagined the profile of a mortgage broker to be 20 years ago,” she reasoned. “Mortgage borrowers represent a massive cross-section of society, and it is fitting that so do those they go to for advice.”
Davies said there had been a conscious effort to foster an inclusive work culture.
“We work hard to create an environment within Just Mortgages where anyone can thrive and
Linsey Davies
success is defined by the quality of the person and nothing else,” she explained. “Staff know that they are judged on their passion, commitment, and the quality of their work, and nothing else. There are simply no barriers to stop anyone succeeding.” Does Davies think, though, that either men or women make better mortgage advisors? “No, absolutely not,” she replied. “I feel that it’s the right person for the right job in that particular office, whereby you know that team is going to support that individual.”
Having previously outsourced its recruitment at great cost, Just Mortgages brought it in-house and launched the academy five years ago, to attract new talent to the market and award positions within the company to the most successful participants. It aimed to provide an end-to-end training solution that reached far beyond obtaining a Certificate in Mortgage Advice and Practice (CeMap), the industry-standard qualification. Catering for both novice and more experienced talent, it enabled those who had already achieved CeMap1 to join at a later stage of the course to further their skills, such as developing an understanding of the sales process, building rapport with clients, and effective questioning to understand clients’ needs. In previous years, just three out of 10 applicants were women.
A greater presence of female brokers inspired new entrants coming into the market, Davies suggested.
“Women joining the mortgage world now have a number of role models throughout the sector and can see examples of women succeeding at each and every level, from individual brokers to CEOs,” she observed. “This removes any perception that opportunities are limited.”
Davies, who’s been with Just Mortgages for 27 years, clearly draws great satisfaction from her role.
“I love the job that I do,” she shared. “I love seeing new people come into the business, seeing them progress and knowing that we’ve supported them.” M I
