part time mortgage adviser

dunstonh

pippa123 wrote: »

Hi i know this thread is old.But id just like to ask would it be worth doing the cemap qualificaations now? Im looking at doing it while i work so that i can become a fulltime mortgage advisor when ive finished. Is it still worth doing with the credit crunch? Will it not be fine in like 2 years when peoples money isnt so tight?

Part time is problematic. Fees and costs are based on licence. You dont get a discount for being part time. If you have another job, what will you do if a mortgage deal you agreed that night needs to be submitted to the lender the next day but you are at your other job?

The most important thing for success remains the same. Clients. If you dont have clients or are not able to get clients then you will not succeed. It doesnt matter if you are part time or full time.

Tom_Kelly

I don’t think it is impossible to be a part time mortgage broker/adviser. After all, many financial advisers arrange the odd mortgage for a client and I would suggest they are offering part time mortgage advice. If you are of reasonable intelligence and willing to always put the needs of your client/customer before your own then you have the core skills. Whether it is practical to offer mortgage advice on a part time basis will depend upon individual circumstances.

Keeping up to date with current deals and rates is much easier nowadays as brokers rent research tools that are kept reasonably up to date by the provider. Lenders will also notify brokers of changes by e-mail. The best deals are usually only available from brokers and are not available on the high street and their research systems hold the details of these deals.

You would need to study and pass relevant examinations. CeMap is one such exam. You can expect costs in the region of £250-£400. Once you have the required examinations you will need to demonstrate that you can apply this knowledge. You would be supervised during this period and eventually signed off as competent by a qualified person. Once you are signed off as competent you would be allowed to deal directly with clients yourself. This period is usually 6 months to 12 months but can be longer.

You would need to join an existing firm to gain this level of supervision. As there are substantial annual costs and there is also a requirement for a sizable amount of record keeping it is unlikely that a firm would allow you to be part time.

minimike2

If you are remortgaing every two years then I suspect your advice standards would be poor. CeMAP doesnt teach you how to give suitable adivce.

_Andy_

Tom_Kelly wrote: »

The best deals are usually only available from brokers and are not available on the high street and their research systems hold the details of these deals.

I beg to differ.

pippa123

dunstonh wrote: »

Part time is problematic. Fees and costs are based on licence. You dont get a discount for being part time. If you have another job, what will you do if a mortgage deal you agreed that night needs to be submitted to the lender the next day but you are at your other job?

The most important thing for success remains the same. Clients. If you dont have clients or are not able to get clients then you will not succeed. It doesnt matter if you are part time or full time.

Hi i dont want to be a part time mortgadge advisor i want to be a fulltime one. I meant i would study part time to get ce map. I was asking if it would still be a good idea given the current times. I would also like to know wot the earnings would be realistically because they seem abit far feteched on many of the sites out there offering ce map.

dunstonh

I would also like to know wot the earnings would be realistically because they seem abit far feteched on many of the sites out there offering ce map.

The earnings typically are over stated. 20% of the advisers generate 80% of the business. That 20% will earn quite well. The top half of the 80% will turn in a good living. The rest struggle.

Over half of new advisers leave within 2 years of getting qualified. And that was in the good times.

Earnings will be based on your client turnover/footfall, area you live in, cross sell and if you can get links to an IFA and get referral business passed over to the IFA and share the remuneration (become an introducer).

pippa123

dunstonh wrote: »

The earnings typically are over stated. 20% of the advisers generate 80% of the business. That 20% will earn quite well. The top half of the 80% will turn in a good living. The rest struggle.

Over half of new advisers leave within 2 years of getting qualified. And that was in the good times.

Earnings will be based on your client turnover/footfall, area you live in, cross sell and if you can get links to an IFA and get referral business passed over to the IFA and share the remuneration (become an introducer).

Thanks for the advice and info so ar. so are you basically saying its not worth it to do it now?

feisty1

why a mortgage advisor & not a financial advisor?

koexelek

_Andy_ wrote: »

I beg to differ.

Me too. Perhaps a year ago, but not now

pippa123

Would it be worth doing now fulltime?