advice please

lawford83

Hi, I am looking into becoming a whole of market morgage adviser.
Please could anyone tell me what exams i would need and if i would have to register with other bodies ect.
Also ,how would a morgage advisor get or be able to view whole market products on the internet ect.
Are their any problems that you can see me having.
I am 36 and want a change of career.

Thanks for any replies in advance.

Robert_Sterling

Have a look here

And then here

What relevant work experience have you got?

herbiesjp

This thread might help:

http://forums.moneysavingexpert.com/showthread.html?t=207207

MortgageMamma

Hi Lawford 83

what do you do now? what has made you pick mortgage advice? is it something you are already linked to? Its a demanding job but very rewarding. has its frustrations when you first start off especially if you are self employed.

lawford83

i retired from playing cricket last september and need to find something that i want to do. I have around 40,000-50,000 free money that i can start a business with.
I also run 2 pasty franchises but have managers in place in both shops.

dunstonh

It's highly unlikely the FSA would allow you to start your own business with no prior experience. You are looking for two levels of authorisation here. One as an owner of a financial services company and one as mortgage authorisation. I don't think a network would touch you either (I know my network won't and that rules out the biggest in the UK).

I'm not sure 40-50k would be enough. To succeed at mortgage only business, you would have to have a retail outlet. That would eat up a chunk of your funds in your first year.

I don't want to put you off but I think you are trying to run before you can walk and I don't think the FSA will let you run on the basis you want.

lawford83

dunstonh,thanks for comments.
Are their any morgage franchises and any views.
I think their is one in chelmsford and sub prime,not sure if they are tied in to any one firm and is that one way to please the fsa.

I have around 400.000 equity in a couple of properties and cash of 50,000 and own two pasty franchises that make a profit .
I might have to look at staying in the pasty game...................
.

Robert_Sterling

One of your areas of expertise is cricket.
You would like to be a whole of market mortgage advisor.
Perhaps there is a young whole of market mortgage advisor who would like to swap and become a county cricket player.

My point here is that some positions need a lot of relevant knowledge and experience.

Miss_Penny_Pincher_2

Not much encouragement here for lawford83 - can't see any practical advice from any current mortgage advisers around training courses and gaining relevant work experience!

I don't want to sound cynical but it comes across as you all being possibly scared of the extra competition! Ridiculous, I know!!

dunstonh

Miss_Penny_Pincher wrote:

Not much encouragement here for lawford83 - can't see any practical advice from any current mortgage advisers around training courses and gaining relevant work experience!

I don't want to sound cynical but it comes across as you all being possibly scared of the extra competition! Ridiculous, I know!!

That is a ridiculous statement.

Financial advice is highly regulated. There are a number of hoops you have to jump through to get to the level of owning your own financial services company and giving whole of market advice. To jump to the end hoop without going through all the others is very difficult and not practical.

Whilst it is not impossible, the financial implications of what would be needed to do it are significant. The model being suggested by lawford would require industry experienced advisers. They are going to cost you money. A business unit is going to be required, otherwise how do you get your business? That is going to cost you money. The solvency requirements are going to earmark against some of your capital, reducing what you can spend. I am looking at retail outlets at the moment and the ideal one costs £32,500 a year lease. Rates are going be around £15,000 as well.

Mortgage business does not have a high profit margin on straight forward lending cases. It is very time consuming and very hard work for anyone starting out.

This is why the usual advice is to start with a bank or building society or see if you can get attached to an existing firm. Do a couple of years of that and then see if you can handle it before moving on upwards.

lawford83

Robert,given 8 weeks notice last september.
perhaps i should retire at 36,and not try and do something different.
I am prepared to do the exams and what is required,but really want to work for myself.
I did not realise how hard a business it is to get into?