Career as a Mortgage Advisor - a good idea???

dunstonh

You cant earn megabucks working for a bank. Also, dont let the bank style working environment let you think that the self employed route is anything like that.

I started in a bank and they are great for training and you get to make all your mistakes on customers whilst youare learning without any personal liability (and you will make mistakes).

After a couple of years of learning the role properly, then you can move into self employment and the better working environment without any sales targets or managers picking on the poor performers and paying for incentives for the top ones.

arkie

Marvin,
I dont why the other two arent approved, unless they are working under the companies umbrella status (like all bank mortgage advisers do)> Have a look around the money doesnt seem v good, an estate agent could be a good place to start.. gotot job centre plus and search for mortgage adviser in your area...
The FSA like people with no credit problems as the FSA think you could be put under undue pressure to pay your debts etc and might advise a client to g with one lender for a higher proc fee (commission from lender)

MARVIN_2

arkie wrote:

Marvin,
I dont why the other two arent approved, unless they are working under the companies umbrella status (like all bank mortgage advisers do)> Have a look around the money doesnt seem v good, an estate agent could be a good place to start.. gotot job centre plus and search for mortgage adviser in your area...

Yes I think you’re right. It seems like they just want to employ someone to carry responsibilities of others. Of course as a trainee advisor without any particular experience and practical knowledge’s I do not want to be officially liable. So do you think it is could be a case if I just refuse such kind of approval/registration with future employer lets say for the first year in industry or otherwise I couldn’t find a job?

Thank you.

andrewbrydon

Hi, it takes time......my scenario

Like most jobs I started as a 'trainee' with a bank/building society after 3 years with an Inurance company learning the ropes of F Services

Passed my CeMAP and FPCs
1st year in Bank
£19k Basic plus bonus' 1st year
£22k basic plus bonus 2nd and 3rd

Gained 3 years experience
Moved to London.Joined a broker firm

£30k basic plus bonus year 1
£35k basic plus bonus year 2
£40k basic plus bonus year 3

Became s/emp with Broker (still in London) with a GOOD client bank
OTE - £77k for this year but flexi time and tax advantages
Next year OTE £100k.

Good Luck

Andy

arkie

Marvin
my friend is a mortgage manager, its basically a different term for adviser, my friend 'manages their mortgage' its just a play on words, some people just like a job title after their name, (at my old place we had an adviser/broker/mortgage manager always wanting a pay rise, what the boss did was to give him a title of senior mortgage consultant and no pay rise, that guy is still at that company on poor money)
I agree with Andrewbrydon's post you can earn good money , I left my previous company on £42k and a car to set up on my own and I havent looked back (touch wood)

tenroom

I was a mortgage broker for nigh on ten years and I never made as much money from the game as I did when I struck out on my own. I specialised in sub-prime mortgages just after the BIG crash of the late 80s when there were untold borrowers on their last legs with the mainstream lenders.

Everybody and the dog was being repossessed and there were only a few sub-prime lenders willing to take them on. It was easy money. Bolted the fee onto the loan and took it as soon as I provided the mortgage offer - none of that "wait for completion" nonsense. Got most of my leads from slimey insurance salesmen who just wanted to sell those worthless endowment policies but hadn't a clue about how to do anything but a straighforward mortgage.

To be honest, it's unlikely that you'll make £100K doing straight mortgages unless you work for Charcol or one of the bigger estate agency brokers but if you do sub prime, you can do a coupla deals a month and walk away with more than £5K. As soon as greater numbers of people start falling behind with payments, there's going to be a glut of ripe business opportunities available but sadly, there'll probably be fewer lenders around to take on the debt. best get in now, get sweet with the big lenders so that when they start tightening up, they'll take biz from you while refusing to take it from your competition.

Alternatively, become an insolvency practitioner. No fuss . . . BIG dosh to be earned but it'll cost you to get registered and trained.

arkie

''Alternatively, become an insolvency practitioner. No fuss . . . BIG dosh to be earned but it'll cost you to get registered and trained.''

I use an IP, as another income stream, and it is now more difficult than ever to get people into an IVA, banks are putting all their debt through one debt collection agency and they wont settle for anything less than 70p in the £.

Still good money though (1k for an introduction)

tomthelondoner

UK007BullDog wrote: »

Another thing is that you have to be financially yourself (and for some companies your partner) completely lillywhite and spotless. No CCJ's, no defaults, no arrears, not in deep debt with loans and credit cards, no criminal record. You have to lay open your whole history of the last 10 years.

If you have any other questions just PM me.

HTH

Hi! I just have a question about the background checks - I was born in Poland and I have been living in the UK for a year and a half or so. I have sales experience and I am looking for a new role. There's a lot of Poles in the UK now therefore I thought that this might be my niche - get a CEMAP and target that part of the market. I realize that I will have to start working for someone else for the first few years to learn the ropes and to be able to go independent later. That brings the question - a few users mention the background checks - I have a clean past, but I have been living in the UK for only a year and a half. Are advisers credit checked as well or only independent brokers? Are they going to check my credit history in Poland? How? I don't think we even have credit reference bureau in Poland - there is no consumer bankruptcy, barely anyone has a credit card (debit card yes, but only few credit cards). Any idea on how it will work? Is there a minimum residency requirement? I don't think I need to add that as a Polish citizen I am free to live and work in any capacity in the UK for an indefinite period of time. I will appreciate any tips or hints!

Penelopa.Pitstop

There are credit reference agencies in Poland i.e. BIK but I doubt anyone would bother to check your credit history there. I was thinking about the same market niche ;-)

payless

Believe if you join a firm as a mortgage adviser ( not investments) its down to the firm to show they have conducted suitable checks.

Sounds a fair business plan, so long as you have community contacts AND the clients qualify for mortgages- I have not have problems placing mortgages for european clients, but most of mine have been professionals/ good deposit