Young hot shots from Plymouth create £25m mortgage business

Client: Three Sixty Mortgages, Plymouth

Coverage: Double page spread in Plymouth Herald November 2018

A Plymouth mortgage brokerage run by two young business hot shots is planning to arrange a jaw-dropping £25million in loans next year. ThreeSixty Mortgages has been a startling success since it was launched in 2016 by David Aggiss, still aged just 38.

The property investment specialist was joined by Help To Buy expert Tom Boulden, aged 30, this year and between them they are growing the firm with a vision to have up to 25 brokers working for them in the foreseeable future.

They have arranged about £12million in loans during 2018 and are planning on more than doubling that amount.

“It’s exciting times,” said Mr Aggiss, who has just recruited an experienced case manager and is planning to add staff in 2019. “The sky’s the limit,” he added. “We want maybe five or six brokers straight away and then 20 to 25 would be nice. We are looking at lending £25million a year, I did about £12million last year on my own.”

Mr Aggiss said ThreeSixty’s success is predicated on targeting “niche markets”. His background in property investment has given him a leg-up into this lucrative sector. “That’s people trying to expand their portfolio,” he explained.

Mr Boulden is an expert in the busy new-build area, particularly helping first-time-buyers get onto the property ladder. “We are also in talks with a few local developers, to get on their panel as a lender for them,” he said. ThreeSixty, which is based in Studio 5-11 in Millbay Road, is authorised by the Financial Conduct Authority.

“We sit down with clients and look at what they are trying to do and find the best lender that fits their criteria,” said Mr Aggiss.

“The adverts are always about rate, but in the real world that’s not always the case, particularly in the niche markets.” He said ThreeSixty’s ability to source funding for people who have given up hope of finding a lender has been key to the firm’s growth.

“There is a perception some people can’t get a mortgage or buy a home, but in reality there is a lender for everybody,” he said.

“There are new lenders coming out all the time, and lenders that widen their offer or going into new markets.” He gave the example of loans for new serviced accommodation – Airbnb type lets. “There are four or five that have come into that just this year,” he said. “But a lot of them are non-high street.”

Mr Boulden said young people searching for their first home are particularly despondent when it comes to finding a mortgagor – but needn’t be. “If they speak to a broker like us they can get a mortgage,” he said.

ThreeSixty has formed a strong network of business supporters in the city, being regulars at Plymouth’s Professional Investment Group gatherings, and receiving referrals from tax advisors, accountants and lawyers, including neighbours Bright Solicitors.

The business saved one investor, with multiple properties, £300 a month and freed up £60,000 in capital by re-mortgaging. And Mr Aggiss and Mr Boulden are not fazed by any potential slow down in the property market caused by Brexit. “People will still need buildings,” Mr Aggiss said. “They will need a roof over their heads.”