Mortgage Adviser-Problem, Please Help!!!

andrewlondon_2

Hi I am new to these forum. I have a worrying problem and was wondering if anyone at all could help.


I have just been made redundant from my mortgage company. I was there for 2 years as a mortgage broker.



I am looking for new roles and have seen some in a building society and esate agent.

Unfortunatley I have one major problem. That is, that my credit rating over the past 9 months has gone from excellent to very bad.

This is due to a number of reasons , I do have several outstaning credit cards, one loan, an overdraft, lots of defaults and a credit score, that is the lowest credit score! I am behind by several months on all credit accounts.

I am extremley worried now, as I do a good job and love mortgages, and helping people but my credit rating will ensure that no-one takes me on.

I am really scared about my future career now.

koexelek

Assuming this is not a wind up......;)

... I think you will struggle, as if you are going into anything FSA regulated, normally a personal credit score on yourself will be required.
I am sure then , they will take the attitude that if you can't manage your own finances, how can you advise other people ?
I know the two things don't necessarily go together, put that is no doubt the way employers would look at it.

Wutang_2

koexelek wrote: »

Assuming this is not a wind up......;)

... I think you will struggle, as if you are going into anything FSA regulated, normally a personal credit score on yourself will be required.
I am sure then , they will take the attitude that if you can't manage your own finances, how can you advise other people ?
I know the two things don't necessarily go together, put that is no doubt the way employers would look at it.

Why would this be a wind up? Currently all sorts of financial hardships are occurring to those within the financial sector as well as smug people and the patronising classes.

If you apply for a role now and state from the outset there have been financial difficulties due to changing times and circumstances, at least you will have a chance.

I have an ancient default but all my employer was looking for was CCJs or missed mortgage payments.

dwsjarcmcd

Sorry about your redundancy.

I am also sorry to say that I think your chances of being employed by a bank or building society are slim. This is not just because of your credit history, which I think would rule you out on its own but also because most Lenders are contracting their mortgage advisory staff (although there will always be exceptions)

I think you may need to look at a career change.

betmunch

I would say go for it, make sure you declare all your credit issues to your future employers and they can make a judgement on whether or not to hire you.

You can still advise on mortgages even if you are bankrupt so a few defaults will not stop you.

You must be completely up front with the credit issues you have as they company may be required to monitor you more frequently

Cheers

koexelek

Wutang wrote: »

Why would this be a wind up?
Currently all sorts of financial hardships are occurring to those within the financial sector as well as smug people and the patronising classes.

I know only too well how hard it is to be a mortgage broker in the current market.

part of me wondered if this post was someone posing as a broker making a laugh of our current circumstances in a roundabout way.

To be fair though, I do know some broker friends of mine who have got themselves in a right mess financially in recent times though.

Whatever the situation, it will make getting another job harder though. If the employee is in a desperate situation themselves, a potential employer might also be worried they will cut corners to earn money

ILW

Can you not set up self employed?

koexelek

ILW wrote: »

Can you not set up self employed?

FSA will require a credit check as part of the application

Conrad

Andrew, sorry about your news, but I think you need to bite the bullet and recognise you won't be able to be in any kind of regulated role. The FSA will not allow someone that themselves has struggled with money to be in a position of giving advice to others needing to navigate thier way through financial life.

I hear car leasing is a growing business?

Conrad

Koexelek

I also know some brokers in dire straights, but if I were to put on my lecturing hat I would have to say that they are those that nelong to what I would term the hairgel, ransid aftershave, BMW M3, shiny buckle brigade, if you get me!

I was often framed as a doom monster, 3 years ago by those groups of brokers that formed buying clubs to purchase all those new build 'below market value' appartments. They tended to be the hairgel, in;it crowd.

Robert_Sterling_3

What are we to deduce from that in relation to the position the OP newby finds himself in.