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

UK007BullDog

Not sure here but would like to answer the questions from the last 2 posters.

The Poles are starting to leave. Some lenders employed Poles in a few city branches to deal with the influx of them coming here.

As a lot of them are paid cash in hand and with todays type of market it would be very unwise to just concentrate on them as they are so niche and very few will get a mortgage here as they will have to have lived here at least 6 - 12 months etc.

As for a Pole to become an adviser the lenders do a 6 to 10 year background check and financial check and they will then continue as and when they feel fit to do so. It might work against you if you have been in the country just for a short time.

In this current climate I dont think it is a good time to become an adviser. What do the others think?

HelpWhereIcan

I don't actually think that there is ever a bad time to become an adviser. The role is one that will have a demand due to a contracting market and stricter lending criteria; one where there are fewer and fewer qualified candidates available and one that the FSA is starting to 'force' down a more professional route.

That said, now is an extremely bad time to take a self employed role within a firm if you have no client bank, experience or warchest to call on.

New comers to the industry should be looking to get their training in a bank and learn the job in a safe environment. Ignore the c*ap and spin that some put on potential earnings in the early years.

Like any career you have to put in the work to get the rewards and inexperienced advisers will soon lose out in a market where a 'normal' case can be difficult to place.

This can be the best paid part time job in the world, but for many it is the worst paid full time job. No easy routes, no easy money.

I have a naturalised Brit born a Ukranian. He has been a very good customer for me and has referred me to a number of Eastern Europeans who, in turn, have proven to be good customers.

The Poles, Lithuanians etc are here to stay. Maybe not in their current numbers, but they are here to stay. If you have a way into the market that others don't - why not use it? Just do not rely on building a whole business based on it.

Maybe approach an established firm who can give you the resources and experience you need to exploit the market you have spotted. You could always negotiate a contract that rewards you more for self generated business than business from leads provided.

minimike2

TEDDYRUKSPIN wrote: »

In true reality, they are not even truely fully independent as the portfolio of banks and building societies they can recommend is far fewer than you think. Most recommend which company gives them the better commission.

This post is digusting and clearly comes from someone with NO knowledge of the industry.

NeilQuinn

minimike2 wrote: »

This post is digusting and clearly comes from someone with NO knowledge of the industry.

Absolutely. Most lenders pay roughly the same amount of commission. We earn more on Buy to Let business & Adverse Credit mortgages but there's no difference between the majority of lenders with whom we place mainstream business....Abbey, Halifax, Nationwide etc.

minimike2

I place business based on whats right for the client. I dont have an effing clue what the commission is until I read it on the KFI.

It doesnt matter if its Abbey, Halifax, Cheshire, West Brom, Progressive, First Nat......if its the best deal that client fits on its the one they get. And "far fewer than you think" - You can count the lenders that most advisers cant deal with on one hand.

Im appauled by this posters comments to be honest. Sure there are some rougue advisers out there, but they will get cought out one day. To tar us all with that brush is outrageous.

Cowboy.

Hey I've had an offer to become a Trainee Mortgage Broker but before I give an answer, I'd really like to know if this is a rewarding field? I am not looking for a quick buck and will work hard but don't want to end up being in the wrong field.

I've heard it can involve long hours, but how often does this happen? Did it get in the way of your social life?

Whats the work environment like?

dunstonh

Hey I've had an offer to become a Trainee Mortgage Broker but before I give an answer, I'd really like to know if this is a rewarding field? I am not looking for a quick buck and will work hard but don't want to end up being in the wrong field.

It's not a great time to be starting out. In the good years, half of new advisers left within two years (usually in debt) as they couldnt make a go of it. Now lending is far harder to get, you would be starting with a pretty big handicap.

Looking forward, you can only really expect things to get better. However, in 2012, you have the retail distribution review affecting IFAs and many older or lower qualified IFAs are looking to drop their IFA status and become mortgage and protection advisers. As an employer, an IFA bringing me their client bank (renewals/trail) and wanting to be a mortgage adviser is far more attractive to me than a new recruit or someone with just a few years experience and nothing to bring with him/her.

I've heard it can involve long hours, but how often does this happen?

If you are doing home visits then expect weekday nights to be used up with home appointments.

Did it get in the way of your social life?

In the early days for me it did with sometimes 4 nights a week on home visits. You could have an appointment at 10 am and another at 3pm and another at 7pm and get back home at 11pm.

Personally, I stopped doing mortgages. I didnt like the workload for little reward and it bored me to be honest.

Whats the work environment like?

Depends on where you work and the business model that is in place.

koexelek

in the present climate, a career selling Betamax video tapes door to door might be a better option that mortgage broking :rotfl::eek:

payless

I am seriously thinking about taking this as an opportunity to retrain outside of FS industry. I have a unconditional offer of a degree place starting in Sept 09- ( might split my time across the 2 )

Its a strange one- I don't need to leave as I am still survioring even in this climate , but giving it up is easier when things are not great.

Conrad

Don't make the common mistake of thinking you will be sucessful because you will go out of your way to find the best deals.
1) People can search for themselves online
2) Direct only deals will often be better
3) People will slurp up all your free advice and then not have a moments guilt going direct
4) The easier the case is to place in terms of criteria, the less likely that person needs a broker
5) You will be face a lot of no hopers
6) People expect everything for free and dont grasp the time has a cost notion - unless negotiating thier own wages of course
7) You need to be very quick on your feet - think 'The Apprentice' - people don't just buy from you because you give a good honest service, it's much more subtle than that
8) If you do not charge fees you will need to sell a lot of insurance and people will cancel your policy (after your months of underwriting hassle and dozens of calls to the GP to get the policy on risk) - when they find a cheap online deal, and selling insurance has a very bad image (why I don't do much of it)

9) Worst of all every case is precipitous - will it go through - will the applicant chnage thier mind - will the house value up - will thier existing lender suddenly come up with a new deal etc etc etc etc. This can leave you a nervous wreck and it THE main reason most people do not survive. Sure other occupations have stress, but they always get paid which counter balances the stress.

When I worked at a corporate, the avergare NTU (not taken up) rate was 40%, although every broker will ALWAYS claim thiers is only 10% for some unfathonable reason. Therefore expect 40% of those late late night calls to result in no payment - not nice. Many of those cases will devour vast amounts of time and hassle and then one day the client will glibbly pull out without a monets thought for the fact you didnt get to tuck your children into bed those nights you wasted with them.

Late nights, never ending stress, no status and to top it all a recession.


BTW - I will sell my profitable business hopefuly in the next 2 or 3 years where I NEVER work evenings. I have a high street shop so people come to me - I am not a salesman and I dont have to sell any insurance to make a living. In a good year you will make £150,000 net profit, in a bad year £60,000 without selling insurance - more if you sell it I suppose.