Member Article

Expanding mortgage brokers expects to double turnover

A GROWING mortgage broker expects to double its turnover only two years after being launched.

Northern Standard Mortgages was established in 2021 by Vinny Wu, who had worked as a mortgage advisor and manager at a national mortgage company. He was later joined by friend and former colleague Fraser Greenwell, who is now also a director of the company.

Such has been the success of the brokers, that it is in the process of recruiting its seventh member of staff and expects to reach a team of 12 by the end of this year. To accommodate its growing team, Northern Standard Mortgages will move into a new larger office at Hoults Yard in April. It will be the company’s third office on the Yard, each being bigger as the team has expanded.

“Between us, our team has decades of experience in the industry. Fraser and I worked at the same national mortgage brokers for some years and had talked about setting up our own company, but then we had Brexit and Covid which delayed our plans,” said Vinny.

“The mortgage market wasn’t at its height when we launched in 2021, but we decided we’d go ahead anyway and we’ve never looked back,” he added.

The company quickly took on a clutch of new mortgage advisors and recorded a six-figure turnover in its first year of business. The company is well on course to double its turnover by the end of this financial year.

“I think people like the personal touch we can offer, as well as the depth of our experience. We’re always available to our valued clients and we work hard to offer them a personal service,” said Vinny, who is from Washington and completed a business and finance degree at the University of Sunderland.

The company offers a truly independent service, offering mortgage and insurance products from more than 90 UK-based lenders and providers.

Fraser said: “We work hard to understand the needs of our clients and we then spend some time researching and searching the market for the best product available for them. Obviously one thing we’re always looking at is what they can afford.”

“We have a huge range of clients, from 20-year-old first-time buyers to people who have large portfolios of properties that they want to grow – we have the expertise and experience to ensure that both of these, and anyone in between, will get the best possible product.”

Business comes from referrals from existing clients, and also recommendations from solicitors and estate agents they work with across the country. Most of their clients are from outside of the north east, a region in which they’d like to build their business.

Vinny said: “We’ve come a long way in a short time and we’re ambitious to keep growing. Our first office at Hoults Yard was for two people and we quickly moved into an office for four. Now we’re moving into a workspace for 12 and we’re already planning for further growth.

“Our clients are never just a number to us, they are people we want to get to know and who we have a genuine desire to help,” said Fraser who completed a computer design degree at Northumbria University while at the same time working at Lloyds Bank, who he joined at the age of 16.

Hoults Yard Manager Laura Goldston said: “Vinny and his team bring a valuable addition to our diverse community of clients. It’s always rewarding to see our clients flourish and we are thrilled to support their impressive growth by providing flexible solutions for their expanding needs.”

This was posted in Bdaily's Members' News section by Hoults Yard .