Martins View On Using Mortgage Brokers...

Wannabeanadvisor

Hi

I’m just looking for some advice from IFA. I’m currently thinking of a career change and decided to take the IFA route. I have researched into qualification I need i.e CEMAP.

Does anyone have any tips or advice on how to approach brokerage once I have completed my CEMAP training?

Also how does the money aspect work if was to work for a brokerage ie. Basic Salary + Comm etc….

dunstonh

I’m just looking for some advice from IFA. I’m currently thinking of a career change and decided to take the IFA route. I have researched into qualification I need i.e CEMAP.

CeMap isn't required to be an IFA. It is for mortgage advisers.

To go straight to IFA is actually quite hard and going to get harder in a few years. You need CFP and most IFA firms will be looking for experience. This will either be in the form of being a tied agent and achieving competent adviser status first or being a mortgage adviser for a period.

The most common route is do time with a bank or building society as they pay for the lot, you get clients and you only have a limited product range to learn. On the downside, you get to work in a high pressure sales driven environment and the products are usually poor and expensive. But you can use that to your advantage later in your career.

Does anyone have any tips or advice on how to approach brokerage once I have completed my CEMAP training?

It sounds like you arent looking at being an IFA but a mortgage adviser. If that is the case, you have to ask what you are bringing to the brokerage. Do you have a client base? Do you have a means to get clients? These are the most important things that an existing firm will want to know. It is also the single biggest reason for failure in this industry.

Also how does the money aspect work if was to work for a brokerage ie. Basic Salary + Comm etc….

There is no basic salary with most firms. It will be based on your commission and fees. The firm will want to take an amount of this as well. This can be as much as 70%. Mortgage advisers dont tend to earn much in early years. £15k-£20k if you are lucky. The longer established advisers may see that move to around £50k but that is not the norm. IFAs tend to earn in excess of £100k but thats down to investment business rather than mortgages. Tied agents are closer to £24k. However, you should really forget all that because you are probably looking at £10-15k without a client bank or being reliant on a shop introduction.

I suggest you also do some research into what you actually want to do and how you are going to achieve it.

Wannabeanadvisor

Thanks for the advice, think may need to think about my career change in a bit more detail (young family, mortgage etc....) I'm guessing I'll need to take a lot of exams and hours behind me before I see the money advertised by agency!!!

NeilQuinn

Blimey - I've only just seen this section of the forum.....this thread's been going for a year at least!

I don't normally charge fees but now & again, I have to because as somebody's already said, we have to actually make a profit otherwise we'll be stuck in the Bankruptcy forum! Don't forget....sometimes we'll do a shedload of work on a mortgage that doesn't actually complete for a myriad of reasons. We will earn not a penny from it. I've had cases that I've worked on for 3 months, including several night-time visits only for it all to collapse because somebody at the top of the chain decides they're not moving after all. This stuff never gets reported when they're discussing the earnings of a financial adviser.

sashacat

I've used London and Country at least 8 times for various properties as have friends and family and have always found them very professional and quick. On one occasion they even got me a mortgage and told me they would not get commision on it but told me to ring the company direct and gave me a product code....and I got this mortgage. They are brilliant

debbiemck

HI, I and my brother and other 2 sisters have been left my mothers house in her will, i want to buy the house and pay off my siblings, would a mortgage broker be the safest bet to deal with, if so who would be the the best and easiest to use. Im not to sure what to do.

debbiemck

Does anyone know anything about probate as i have to apply for probate concering my mothers house left in her will.

macca

Found me a mortgage with the Clydesdale which knocked £600 off my monthly payment and is offset too, quick, easy and not at all pushy, will definitely use them again.
Macca

payless

Think people readimng this thread should look at http://forums.moneysavingexpert.com/showthread.html?t=880695 .. likely a temp situation though

cruising_2

I'm currently remortgaging and following this sites recommendations, approached L&C.

Getting the various offers to start was quick and we were pleased with the service so decided to go with a deal through L&C for a mortgage with Abbey.

The service received from the moment the mortgage application started has been unbelievably poor from L&C who seem to have forgotten how to use a telephone to communicate with their clients. The sales staff at the start are good but their staff to process the appications are useless. Most contact they have made with me has been on email and text messages even after i requested they call me to discuss matters. In addition, Abbey through causing so much demand with it's latest offers cannot handle the volumes it's receiving and is simply adding more fuel to the fire in terms of the length of time it is taking the whole application to be proccessed.

My mortgage application started mid March and here i am beginning of May and am still waiting for the final mortgage offer.

So be warned using L&C and mortgages with Abbey. Wished i stayed with my current provider now.