Márquez apparently remarked some time ago the work of translator Gregory Rabassa was so good he preferred the English to the Spanish version of his book One Hundred Years of Solitude (though this may be a rumour, and even if true was perhaps more in the vein of an extravagant gesture of thanks to his translator).
Being a good intermediary has many correlations with being a good translator. You have to translate some pretty complex lender vocabulary/criteria, not to mention market quirks, break them down into understandable language and explain them to clients in plain English.
Then there are the raft of government initiatives and regulatory changes which need absorbing and interpreting so you remain compliant, your clients understand and make the most of any initiatives/support/incentives and clients don’t get too caught up in some of the more ‘colourful’ media headlines.
It’s not the job of the intermediary to advise on the property itself, the location or its value. But there is some responsibility in not only highlighting viable type/types of mortgage products but in also trying to help clients think more holistically about their overall financial responsibilities.
At this point it would be remiss of me not to touch on the three letters currently dominating the whole mortgage landscape. If recent statistics are anything to go by, homebuyers’ perception of MMR appear to have been lost in translation somewhere down the line.
An often under-valued aspect of the advice process is correctly translating a sometimes complex and misunderstood element of the market, ensuring clients have access to the right information and insight in a language they understand on which to base their decision.
It’s clear the MMR principles of making mortgage lending more responsible and stable are admirable ones, as are the vast majority of intermediaries efforts at interpreting them.
The fact is MMR-related or not, there are a growing number of potential and existing clients who would benefit from strong, professional holistic financial advice. And becoming the translator of choice will inevitably result in healthier volumes and referral levels for your business.
Andy Gray is managing director of mortgages at Barclays
