Mortgage advisor - competent status???

tibrelle

I have my CeMAP, and have extensive experience in sales, as well as packaging mortgages for a broker, I have also mirrored mortgage advisors whilst they have been out on appointments on several occassions.

I am now looking at two options; applying for a job in a high street bank, or setting up as mortgage broker (through a network/appointed rep).

I know from looking at job advertisements that competency status is highly preferred but is it a necessity??? Is it a legal requirement??? Will FSA or potential employers have a way of checking??? And are there any repercussions if I have not achieved competency status and begin advising.

Any thoughts or advice would be much appreciated.

Many thanks

VIGILANT22

This is a consumer website.....if you post on http://www.cherryplc.co.uk/
you will receive plenty feedback from those in the industry

happybroker

competent adviser status means that any prospective employer won't have to baby you when you first start. IMHO a bank would be your best starting point.

without a client bank you will die a quick but very painful death unless you have obscene amounts of cash to throw at buying in the business.

Have a look at the cherry forum, there's loads of really helpfull people on there but expect to get a bit of negative feedback about coming into the job at all!

dunstonh

I am now looking at two options; applying for a job in a high street bank, or setting up as mortgage broker (through a network/appointed rep).

If you havent held competent adviser status then its unlikely any decent network will let you set up as a mortgage broker. You would have to be attached to a firm.

I know from looking at job advertisements that competency status is highly preferred but is it a necessity??? Is it a legal requirement??? Will FSA or potential employers have a way of checking??? And are there any repercussions if I have not achieved competency status and begin advising.

Its not required but many wont be interested in you without it. It will form part of any reference made to your current firm and you will find it near impossible to set yourself up by yourself without it and at least 12 months experience.

Mirror the above comments that "doing time" with a bank in the early years is often the best way.

tibrelle

Thanks for your views guys