How are Mortgage Advisers surviving?

Though the credit crunch transcends all areas, I am quite curious as to how Mortgage Advisers are coping particularly the self employed advisers.

I know quite a few in my area who have either shut offices and now trade from home. And some have completely closed business and doing other stuff.

Any Advisers on board or anyone know of any?

Even if some are still doing very well???? it might be good for them to share their experience
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Replies

  • silvercarsilvercar Forumite, Ambassador
    44.6K Posts
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
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    I know one that has gone bankrupt:( - a divorce at the same time as the downturn, so not all due to the recession.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, in my home and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected] (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • sarkin1sarkin1 Forumite
    283 Posts
    Part of the Furniture Combo Breaker
    There not is the simple answer

    I am looking at my third network in 12 months
    :cool:
  • PeelerfartPeelerfart Forumite
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    Wonder how long before the first pithy comment ?
    Space available for rent
  • sarkin1sarkin1 Forumite
    283 Posts
    Part of the Furniture Combo Breaker
    who are you refering to
    :cool:
  • PeelerfartPeelerfart Forumite
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    Someone yet to post sarkin1 . They'll be here
    Space available for rent
  • Like in any industry at the moment it looks like only the strongest will survive. The mortgage world has been swamped with poor/inexperienced/mercenary advisors for a long time now, so this cull is probably not a bad thing. I can appreciate that some good advisors have been forced out, but this is mainly because they didn't adapt quick enough and move into different markets.
    the last 12 months have been a nightmare to be honest, but to survive would be a personal achievement and put me in a position to reap the benefits when the market returns (if it ever does!!!!)
    regards :T
    I am a mortgage advisor:A
  • nw_mannw_man Forumite
    739 Posts
    Times are tough for mortgage brokers and the ones that I know of are either diversifying into non related products ( wills etc ) or finishing alltogether.

    I even know one who is getting into utilities as a second income stream to tide him over until things pick up.
  • happybrokerhappybroker Forumite
    1.3K Posts
    quite a few are doing the utilities thing but more as a means of getting to speak to people about mortgages and protection.

    It's a shame for the ethical adviser who has been strugglin along admirably and then their network goes down, these are the people I feel for just now....no fault of their own and future looking a bit bleak.

    The worst part of it is that the advisers who charge massive fees and prey on people who are having difficulties getting a mortgage (of which there are more than a few!) will probably survive unless the fsa gets to them first.
    Happily an ex mortgage broker!
  • dunstonhdunstonh Forumite
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    A number of morgage advisers have stepped up to be introducers to IFAs for investment class business as well as doing part of the PA role.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • naijapowernaijapower Forumite
    1.4K Posts
    I hear the network called Network Data have lost their FSA authorisation. My close mate is with this network and now has to move.
    He is thinking of packing up cos no mortgages is coming thru the door and he has to pay monthly fee of £100 even though no business is sold
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