Welcome back to Galway Chamber’s Business of the Week series. This week, we spoke to Pat Fleming (Pat Fleming Mortgages).
I grew up in Killiney, Dublin and having joined the bank was jettisoned off to Ballina in Mayo at 17. After that, it’s been the West of Ireland with a short time in the Midlands, until finally settling in Galway in 1999. My wife Ann was also a banker, and my two sons are both trainee Accountants in Dublin having completed College. So it has always been about money and figures in our house, and logically once I completed my banking career I gravitated to a similar business.
Tell us about your business and the services you offer your clients.
A specialist Mortgage and Life business with a professional and expert approach. I have patented Right First Time a unique information gathering and assessment technique for Mortgages. My work also involves wide ranging lifecycle financial solutions on family protection, income needs and retirement planning.
What is your background?
Spent 39 years employed in Banking before setting up my own business. Over those years became a Chartered Banker with a Degree in Financial Services, Qualified as a Financial Adviser, an Auctioneer and acquired a range of Investment Specialist practitioner awards.
What does Galway, as a city, offer your business?
Galway is a vibrant growing City with a young progressive population. Many graduates of our third level colleges remain in Galway. People are busy, and my business takes the hassle out of interfacing with the normal mortgage channels which can be frustrating. My Clients are Tradespeople, Medical Personnel, Retailers, Company Directors, Teachers, in fact anyone with a busy lifestyle who wants an open transparent route to their Mortgage with clear explanations and ultimately the best solution for them.
You’re a new member of Galway Chamber, why did you decide to join?
I had been involved with the Chamber through my previous Employer’s membership, and had no hesitation in joining once my business was set up. It’s incumbent I believe on every business owner to support the Chamber’s work by membership.
What is the biggest challenge facing the mortgage market in 2019, in your opinion?
There are 2 challenges – Housing Supply and Mortgage Rates. The current Government run shy of any perceived support of Developers as being too “Galway Tent” for their liking. There are strategies that should be explored to kick start investment. Current housing output both Public and Private is wholly inadequate to cope with demand.
Mortgage Rate margins being enjoyed by Irish Mortgage Providers are significantly higher than across Europe. The need to shore up vulnerable Mortgage Debt by higher margins is running thin 10 years on from the property crash.
Do you have just one crucial piece of advice you would give to somebody looking to apply for a mortgage?
Start the advice process 6 months from when your Mortgage may be required. There’s a lot to work on to get you mortgage ready.
Do you have just one crucial piece of advice you would give to somebody looking for a lifecycle solution?
People are living longer. Medical advances mean diseases are survivable in more instances. Having life cover was a good lifecycle decision. But now protecting your income and illness cover is the savvy choice for you and your family to be truly protected from what life can throw at you.
What is the best piece of advice you have been given, with regard to doing business?
No one owes you a living, earn it.
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