CeMAP 1

minimike2

1. Zero is better than a loss, which you WILL make entering the mortgage market now.

2. Why would you target a Polish market when most of the Polish workers in this country are returning to Poland due to now being able to earn more money at home than here, due to the recession?

Believe it or not, I am actually giving you some damn good advice here. Polish target audience or not (financial and business suicide anyway), you still have to write your suitability letters in English.

I would not be impressed to receive something that said "do you has a" etc.

Having CeMAP 2.... I see no relevance. (Have they changed the rules on this? You always had to do CeMAP1 before you could register for 2/3 when I did mine).

If you want to start a business that will fail from the word go, then be my guest. You clearly have not researched your market, the market in general, or where the role of the mortgage broker is headed. This will all lead to a swift faliure.

I really am not trying to be mean, I am being realistic. Try getting a job with a bank (if you can, mortgage adviser jobs in banks will be like gold dust at the moment), where you will get a salary and some training. If the call for brokers comes back, then re-visit your idea.

TEDDYRUKSPIN

I believe alot of people here are missing the point! The person only asked for study material! Ha.... Not an english lesson.

You should never discourage anyone to do what they believe is right! It would seem to some that at this moment of time entering the mortgage market is not right, but how do you know if this person will not making money?

Minimike has provided some good advice above! Why would you restrict you clientele base to just polish workers? Alot of them have now done the so called 'runner', and half of them now not returning.

Anyway, good luck! Ebay is your answer!

Minimike! It is now advised that people who are studying for Cemap should take and complete Cemap2 and Cemap 3 first and then Cemap1. Strange but true.

lcharm

TEDDYRUKSPIN wrote: »

I believe alot of people here are missing the point! The person only asked for study material! Ha.... Not an english lesson.

You should never discourage anyone to do what they believe is right! It would seem to some that at this moment of time entering the mortgage market is not right, but how do you know if this person will not making money?

Minimike has provided some good advice above! Why would you restrict you clientele base to just polish workers? Alot of them have now done the so called 'runner', and half of them now not returning.

Anyway, good luck! Ebay is your answer!

Minimike! It is now advised that people who are studying for Cemap should take and complete Cemap2 and Cemap 3 first and then Cemap1. Strange but true.

First useful comment on this board. Don't stress about what the other posts they just find it satisfying to knock people.

I'm on my CeMAP/CeFA 1 ATM. To be honest unless you do a course which is what I'm doing you will find it difficult although it is doable without. Just read the book cover to cover (Unit 2 is very badly laid out) and Ebay has some sample papers and study guides. (IFS charge a £17 for sample papers) but you need to do as many mocks as possible as it give you an idea of the spread of questions. (I failed last week and I'm doing my resit this week)

In answer to other peoples comments people still need mortgages and expecially remortgages which is where the market is during this downturn. PLUS due to poor mortgage advice, people end up with mortgages without getting protection so there is a big market out there to sell protection too.

dunstonh

but how do you know if this person will not making money?

In the good days, half of new advisers failed to survive two years. Most left in debt or a worse financial state than they started with. There is currently a fraction of the business being transacted at this time. There are far too many mortgage advisers chasing too little business.

It has to be just about the worst period (since the last one ) to be be looking at becoming a mortgage adviser. That said, if you come through this one then you will be stronger for it.

Conrad

lcharm wrote: »

there is a big market out there to sell protection too.

Many of us start out with this attitude, that is until the clawbacks start rolling in after 3 years.

If I could go back in time I would not have chosen this path. It's a thankless task fraught with worry. As an example I've been tooing and froing with a £1.1m commercial mortgage for 2 months, one minute its about to be declined, the next it's back on, then there's always the concern the client will walk away the longer it drags on, plus all the regulation (on RMCs) and risk of being sued, where the indemnity insurance almost certainly one wont pay out as they will find a reason to deny their liability so the broker ends up footing the bill (could be hundreds of thousands in liability for a protection plan).

There are so many interesting worthwhile paths out there. PS, if you want to buy my 10 year old business with freehold shop premises, I'll consider your offer:cool: In a good year the business makes a lot of money.

lcharm

That's the reason why the mortgage adviser route is only a temp thing for me and ultimately I want to be a financial adviser dealing in pensions and investments

dunstonh

Many of us start out with this attitude, that is until the clawbacks start rolling in after 3 years.

In the last house price crash/recession, I know someone that lost his house because he suffered a spate of clawbacks and they were exceeding his income. Insurances are often the first things to be cut back on in bad times.

Conrad

I think the reason some of us get a little spikey with would be new commers is the fact one minute they are a hairdresser, the next they call themselves an advser, which is preposterous. There is so much more to the job than simply comparing rates and fees, and so many ways an 'adviser' can damage a persons wealth, ways which would not occur to them.

I'd like to see far more regulation to make the barrier to entry a good deal higher so as to weed out the MANY cowboys

lcharm

That's why Mortgage advisers need to become FSA approved persons like IFA's and tied/multi-tied Financial advisers are.

I'm not just ANYONE btw, I'm probably far more educated than a lot of mortgage advisers put together and I come from a science background so I'm highly analytical and ethical. I also have business to business sales experience and I've been (as a hobby) always interested in finance and equity trading.

minimike2

Wow Conrad, you and me on the same wavelength two posts in a row.

Whatever next!