Mortgages for the first rung of the property ladder

You get a mortgage! And you get a mortgage!

ANIL MISTRY

Everybody gets a mortgage!

One of the downsides of being self-employed is that it’s harder to get on the property ladder. RNR Mortgages disagree. Founder Anil Mistry told us why mortgages are now

more accessible to business owners than ever WORDS BY TOM YOUNG

If you’re self-employed, the mere concept of getting a mortgage can feel like a pipe dream. Assembling two to three years of steady revenue is not a certainty for new businesses and can be pretty deflating for anyone also wishing to buy a house.

Anil Mistry wants to end that worry. Founded in 2021, based on over a decade of experience, RNR Mortgages specialise in mortgages for self-employed people and first-time buyers, making the process as stressfree as possible.

The key advantage of a mortgage broker over going direct to a bank is that the broker has access to many lenders with different criteria, while the bank only has their own. A broker will help you find the right lender for your circumstances.

“If a client’s business had been hit by Covid, resulting in big profit jumps over a three-year period, a bank might not take them on, whereas I know which lenders are more inclined. In that situation, it’s worth going to meet with the client, discussing the situation and figuring out what’s going to work for them.”

Owners of limited company businesses might be on lower basic salaries (eg, £10k), taking the majority of their personal income from dividends (eg, £20k) – some banks might have an issue with this, but Anil knows which lenders will look at the salary plus net profits of the limited company. These could be net profits that have been retained within the company and not been taken by the individual.

“If you’d only taken a £20k dividend, but your business has made £100k profit, we can go to a lender that’s going to use your salary and net profit and show them that to get you in your dream house. Self-employed limited company owners often don’t know that’s an option.”

The other common issue is thinking: ‘I’ve only got one year’s accounts – I can’t get a mortgage.’

“Yes, you can. You might take a hit on the interest rate, but if the lender’s happy with the sustainability of your business, you can still get the mortgage. It’s just about finding the right lender to get you in the property you want.”

“The personal touch is very important,” says Anil. “While I might do an initial assessment over the phone, I always like to meet with people face-to-face. It helps to develop trust, which is very important when you’re arranging a massive debt for a client.”

This is the key thing with mortgage brokers – the information is available from many sources, but if you don’t know what you’re looking for, finding a broker that can explain everything clearly is essential.

“I’m trying to get the message across in simple terms. We’ve been producing 90-second videos for social media that give a snapshot of the key information and are far more digestible than a fifteen-minute monologue.”

Consultations with Anil are available via rnr-mortgages.co.uk and he can be found on social media @anil.mistry.rnrmortgages.

IT’S JUST ABOUT FINDING THE RIGHT LENDER TO GET YOU IN THE PROPERTY YOU WANT

FRASER STRETTON PROPERTY GROUP

Creating Wealth

Through Property

Meeting the team at the third birthday celebrations of Fraser Stretton Property Group, Kerry Smith discovers a lot about this Midlands agency, what they’re like as an employer, and what they’re doing for Leicester

The team at multi-award-winning Leicesterbased Fraser Stretton Property Group marked their third year in business in June. They celebrated the milestone with an invitation-only event for close business partners and friends and I was fortunate enough to be invited along.

Trying to collar co-directors Jaz and Narinder for an interview would have been futile right now. Besides, it was great getting to know the team, their interesting backgrounds, and why they chose to work for the husband and wife co-founders. Their response was unanimous: ‘They’re an inspiration, they’re changing the industry, I’ve never worked for anyone else like them before’.

The general consensus amongst the team was that their current employers have motivated their passion for property more than any other employer throughout their careers. One team member commented: “I’ve worked for lots of estate agencies, but none like Jaz and Narinder’s. They’re different and they’re changing the perceptions of the industry.”

What was very clear to see first-hand, was how influential this dynamic duo is amongst their fellow business leaders. This is no mean feat when you consider that the company has only been in business for three years.

The following day – in between having an interview on the cost-of-living crisis and the housing market with BBC East Midlands Today and fielding numerous calls from clients – Narinder speaks to me about the company’s recruitment process.

“We bring people into the business who we believe will raise the bar,” he says. “They can’t just be a bum on a seat, they have got to make a difference. When you’re a start-up, you attract a certain type of staff member and the reason for that is when your business is new, nobody knows who you are. As we began to evolve and become more successful, we noticed a different type of applicant wanting to join us.

“We’re now a multi-award-winning company, which puts us in a good position to attract new team members who have good existing experience and career development, which means we save one year’s worth of basic training. This, in turn, is helping us to give a great account of ourselves and be at the forefront of the property sales and lettings market.”

Fraser Stretton Property Group started life as The Lettings Business in 2019 before adding ‘Sales’ to its name a year later. They’ve become well-known in the Midlands not just for lettings and sales but also for land buying, property development, and consultancy services. This then resulted in a natural evolution of the several companies that Jaz and Narinder were directors of and a subsequent rebrand to bring them all together, seeing the Fraser Stretton Property Group come into being. Complete with six brands to represent each department of the business: sales, lettings, prestige homes, land and development, new homes, and auction, Fraser Stretton will be able to really double down to each client’s specific needs.

The rapid growth of the company of course began with Jaz and Narinder, who set up the business in their living

As we began to evolve and become more successful, we noticed a different type of applicant wanting to join us

“We don’t just say ‘thanks for the keys’” – not just another agent, the independent experts take a holistic approach, learning about their clients and understanding their journey

room. I’ve interviewed them both many times over these three short years – this time, I remind Narinder of where they began, asking how they experienced the giant leap from home to high street.

“Collectively, if Jaz and I were given a pound for every time we’ve been asked how we work together as a couple, we’d be millionaires. Our answer is two-fold. We both have different strengths, and we both have the same goal: to be successful for our two daughters. We do it for them.

“We’ve set up the right foundations for the business and it wouldn’t be the success it is today if it was just one of us running it. The true power is Jaz – she’s the brains of the operation – bringing in clear structure and processes, while I network, liaise and win business. When it comes to the team we have now, we’re able to challenge and coach them to grasp opportunities. If they grow, we grow.”

They’re ‘not just another agent’. Fraser Stretton Property Group takes a holistic approach with clients and landlords. “We don’t just say ‘thanks for the keys’,” Narinder tells me. The team takes them on a journey, understands what their plan is and then goes on to execute it to ensure that each client’s specific needs are met. One landlord with one property came to Jaz and Narinder for property management help as they were struggling with their existing agent and 18 months later, the same landlord now has a portfolio of seven properties. This is how the property group helps clients to create wealth through property. The group then ensures their landlords are compliant with the law and consults them on capital growth and marketing.

As new-build sales specialists, they also work closely with many developers to help them source land and financing, following up by helping them market and sell their properties. This is a particular strength of the company as they pride themselves on being able to sell off-plan properties, which results in smoother cash flow for their clients.

At the birthday celebrations, a very close friend of the company, Jenny Cross, CEO of Cross Productions, made an impromptu speech: “I just have to say that we’re so proud to work with you. You’re creating job opportunities, supporting the local economy, and you’ve become the glue that holds much of the business community together.”

The property group continues to make a mark in the local and national business stratosphere. As Patrons of the East Midlands Chamber and partners of its Generation Next network, they’re helping to develop tomorrow’s leaders. But it doesn’t stop there. Currently, Narinder is helping a local charity by setting up one of their properties as a care facility, while Jaz is helping to convert London properties into apartments worth over £27m.

Together, they’re helping to put Leicester on the map by working with foreign investors who are looking to develop in the UK. Narinder said: “We’re keen to attract our foreign investors to Leicester. We want to change their mindset and show them there is a different world outside of London.”

Narinder’s statement leaves me wondering about the next level of growth they’ll be able to share with us at their fourth birthday celebrations.

“Watch this space.”

Property listings and information about the group’s other departments can be found at fraserstretton.co.uk.