Newbie Mortgage Advisor

Thinkinman

Hi MSE,

Upon looking for answers I stumbled across this wonderful site and was wondering if anyone can point me in the right direction as I am totally lost :(and have lost faith in myself to cut a long story short I passed my CeMAP 1.2.3 a couple of years ago as I wanted to join the lucrative world of mortgage brokerage. I spent a lot of money doing the course and was thrilled to pass the exams. I than had a very hard time finding a job as trainee mortgage advisor, most employers wanted someone with proven mortgage sales experience, although I went for quite a few interviews, some of them being high St estate agencies, none were willing to take a chance. I really felt downbeat at that time, than a friend of a friend gave me contact of a company who provide mortgage advice. I went to see them and it turned out they only offer self employed position where I would work under their FSA umbrella and they take cut off all commission made. I naively took the plunge spending even more money and after 3 to 4 months had not made any money at all and the support was non-existent. This company has since gone down and been struck off by the FSA. I have since gone on to do different jobs but what I really want to do is get involved in my chosen sector-which is mortgages/ financial services. Now that the financial tides have settled down a bit and mortgages seem to be making a comeback, does anyone know how I progress with my dream, I just want to shadow a fully registered mortgage advisor to achieve full status and learn the ropes. Any Bank or financial institution willing to give me a chance I would grab it with both hands, or maybe recruitment firms who I can register with, I am based in East London/ Essex area. Any help/ direction would be very much appreciated.

dunstonh

I wanted to join the lucrative world of mortgage brokerage.

That world must be in another universe

they only offer self employed position where I would work under their FSA umbrella and they take cut off all commission made.

Logically, that would be the only option other than the banks.

spending even more money and after 3 to 4 months had not made any money at all

an all too familiar story.

Now that the financial tides have settled down a bit and mortgages seem to be making a comeback

My perception is that brokers are failing just as quickly as any other period over the last 2 years. Looking forward, the glut of financial advisers dropping to mortgage/insurance only is going to harm new recruits. A potential employer will have a choice of someone with no clients, no track record, no renewals/trail or an existing adviser with track record, clients and renewal/trails as well introductions from them as well.

Thinkinman

thank you for the reply dunstonh. It appears from your comments that things are going bad to worse and there is no hope in sight yet:( i was pretty optimistic after reading in the papers that due to an influx of people changing career path from financial sector there is now a shortfall in this sector and opportunities are opening up especially in the Mortgage business. I know media is not a true reflection of whats going on in the real world but it sure has confused me. I suppos i'll just have to let my CeMap papers gather dust for a little while longer.:mad:

GMS

Try calling mortgage networks to see if they have any firms who would take on trainee advisers. Ring local firms too and ask the question direct.

Would you look at a role doing admin or similar in order to gain a feel for the job? Would you offer some time on a voluntary basis?

Experience is vital. CeMAP is the industry standard qualification but in reality it needs backing up with practical knowledge as a minimum. Competent Adviser Staus would be your next step.

Dont give up if it is what you want to do. Stick with it but be prepared to make sacrifices.

Good luck

Loanranger

Are you prepared to relocate?

Here's a vacancy with the Coventry:

http://www.coventrybuildingsociety.co.uk/careers/adverts/MSA_DirectSales_080411.pdf

Thinkinman

Thank you for your invaluable advice GMS.
Relocation will not be an option as I have family settled here but this job would have been perfect within reasonable distance.

Loanranger

Thinkinman wrote: »

Thank you for your invaluable advice GMS.
Relocation will not be an option as I have family settled here but this job would have been perfect within reasonable distance.

Are you looking directly on all the banks/building societies' websites ?
Don't rely on agencies and online jobs boards. Go direct.
Sorry it's not suitable for you in terms of location but demonstrates that there's hope for you.

lhitchen

I qualified back in November 08 and I am now with the 4th company working as a self employed advisor. I have made very little money and tried hard to find a salaried role but they are few and far between.I have recieved very little support or leads. I have registered with recruitment agencies which is a waste of time. They only have self employed roles available. Try Reeds Rains or Countrywide as they are both recruiting. A warning though as they are high pressure and you are shown the door very quickly if you dont perform! Which is very hard in this climate. I am looking for any part time work just so I can have some regular income and broking also until hopefully the industry improves.

koexelek

dunstonh wrote: »

That world must be in another universe

Indeed.

April Fool's day was Friday

Nothing lucrative about mortgage broking these days