Mortgage Adviser Trainee

magicarp

Hi everyone I have just had an interview for a trainee mortgage advisor and got through the first stage (there is another three to go).Can anyone give me any advice on why i should be looking at the mortgage industry for a career change.I have been in the building industry for over thirty years and I am looking for a change.When I was asked why I wanted to be an advisor I said money but looking at some of the threads and there seems little money in it.
Also if I get in I have to take the CeMAP course and exam has anyone got any bits and bobs to do with CeMAP that I can have a look at and give me an insight for my next interview.By the way I am 52 so this is going to be a big step for me .Is the mortgage advisors job a dog eat dog one.Any advice to get me through the next stage would be appreciated.:money: http://www.moneysavingexpert.com/img/ml-thumb-spin2.gif
:money:[EMAIL="pongowangle@breathe.com"]pongowangle@breathe.com[/EMAIL]

LisaT186

For the exam side of things take a look at: http://www.ifslearning.com/qualifications/courses/cemap.cfm

Why should you be in it? Who knows! I started out with a building and engineering degree and worked on site as a manager. Lost my job due to redundancy and became an estate agent. From there I got into mortgages and have never looked back I guess there is a link there somewhere - built them, sold them and financed them.

I never missed the cold, rain, mud, the dirty clothes and the long days when it was time for handover. I did miss being outside in the nice whether, the informality sometimes and not having to be nice to everyone!!

There is some money in the mortgage business, otherwise we wouldn't do it, it all depends how much you are happy with and what job satisfaction it would give you. You are always helping someone, either with the biggest purchase probably of their life, or helping them keep it affordable. It is fun, challenging and down right frustrating, but always good!

Hope the rest of the interviews go well and you make the right decision.

magicarp

thanks I got some good advice and a couple of things I may use in my next interview.Thanks again

Robert_Sterling

magicarp wrote:

Hi everyone I have just had an interview for a trainee mortgage advisor and got through the first stage (there are another three to go).
Can anyone give me any advice on why i should be looking at the mortgage industry for a career change?
I have been in the building industry for over thirty years and I am looking for a change.
When I was asked why I wanted to be an advisor I said money but looking at some of the threads and there seems little money in it.
Also if I get in I have to take the CeMAP course and exam has anyone got any bits and bobs to do with CeMAP that I can have a look at and give me an insight for my next interview?
By the way I am 52 so this is going to be a big step for me.
Is the mortgage advisors job a dog eat dog one?
Any advice to get me through the next stage would be appreciated. :money: http://www.moneysavingexpert.com/img/ml-thumb-spin2.gif
:money:[EMAIL="pongowangle@breathe.com"]pongowangle@breathe.com[/EMAIL]

It may not all be beer and skittles.

shameless-about-money

Hi Magicarp - glad you posted this - I am at interview 3 stage of 4 with two companies!!

I am also changing career after 23 years of being very successfully self-employed. I had to give up my profession due to problems with my hands solely caused by the job.

When I had the interview with the Area Sales Manager from one Company, he said that he was worried that I might not be sufficiently motivated by money and that by the next interview with the Director I had to have my "money-head" on. He said that they weren't interested in my making a career out of it but that I was sufficiently driven by money that I wanted to earn as much as possible for myself - therefore making more money for the Company.

Interview 3 looms ahead of me! Actually I am really looking forward to it.

Are you with a Company who do all your training and give you a basic salary + commission?

The Company I really want to work for are offering a good package, as far as I can see - I have already posted this on another thread but will repost here -

My package is going to be £14400 basic + £500 per month for car + £75 per month for mobile phone + all home phone line calls + laptop + pension + commission. In my interview they said that I would do £60K minimum the first year and it was expected £80K the second year. The top earners in their Company earn £150K per year.
My working hours will be 9pm to 9pm. I will be required to do two calls per day - given to me by the Company and vetted beforehand. The calls may be up to 75 miles radius from the Company Office although my work will be home-based.

I want the training so I am prepared to put in the work. They are paying for all of my training for CeMap 1,2 and 3, plus fulll support, supervision and compliance as required by the FSA.

After passing all the interviews I will have to do a two week full-time course and on the Friday of week 2 I will sit CeMap 1 and on passing they will sign my contract of employment immediately and pay me from that date. They then do CeMap 2 and 3 in the following 3 weeks, followed by the period of supervision and etc. Hope this helps.


I will keep watching this thread!

magicarp

Thanks for the insight into the interview stage your job sounds great.Will keep you informed about what happens to me.Thanks again.

magicarp

Thanks for your reply my second interview is looming next week and i would be grateful for some feedback on how you got on. I am a little bit nervous as my interview skills are very limited.Coming from a construction trade background where interviews mainly were when can you start and the last one attended was twenty five years ago you can understand my concerns.I feel ok at the moment but i know when the day comes i will be nervous.Have you progressed any since i last contacted e.g.did you do the third interview.Thanks.

shameless-about-money

Morning!

Yes, I did the third interview with both companies last week - am awaiting the date for interview 4!

This interview - with both - was with the Sales Director - it was a lot easier than the previous interviews with the Area Sales Managers, I can tell you!

Basically, the Sales Director -

1. Why did you come back for interview 3?
2. Why Mortgage Consultancy?
3. Why Us? (the Company)
4. Can you cope when you have driven 40 miles and there is no-one home?
5. Can you cope when you drive 50 miles and there is only one half of the
couple at home? (they require both parties to be present and to sign)
6. Why do you want to earn a lot of money?

I expected a thorough grilling and it wasn't anything like that!

They want commitment to making money, commitment to the Company and a determination to succeed. Plus the ability to pass the CeMap 1, 2 and 3.

Hope this helps. Do let me know how you get on!

toonfish

£60K minimum would equate to about 120 mortgages if I look at our averages. Bear in mind that the company will want a big rake off for your car and their costs & profits you will probably need to arrange 200+ mortgages in a year or 4 a week unless they are charging big fees.

Whether you can do this comes down solely to the quality of the leads but be aware with they eveidence so far you are signing up for some high pressure sales figures.

shameless-about-money

toonfish wrote:

£60K minimum would equate to about 120 mortgages if I look at our averages. Bear in mind that the company will want a big rake off for your car and their costs & profits you will probably need to arrange 200+ mortgages in a year or 4 a week unless they are charging big fees.

Whether you can do this comes down solely to the quality of the leads but be aware with they eveidence so far you are signing up for some high pressure sales figures.

Thank you for your input. Yes, I am aware that I need to be careful before signing any contract re minimum sales figures. Don't worry, I will be!

The Area Sales Manager said that they sign up 5 out of 10 clients.
The Sales Director said that they sign up 1 out of 3 clients.

I am only expected to do a maximum of 10 visits per week.

It will all be down to their training I guess.

Will keep you informed of progress.

magicarp

shameless-about-money wrote:

Morning!

Yes, I did the third interview with both companies last week - am awaiting the date for interview 4!

This interview - with both - was with the Sales Director - it was a lot easier than the previous interviews with the Area Sales Managers, I can tell you!

Basically, the Sales Director -

1. Why did you come back for interview 3?
2. Why Mortgage Consultancy?
3. Why Us? (the Company)
4. Can you cope when you have driven 40 miles and there is no-one home?
5. Can you cope when you drive 50 miles and there is only one half of the
couple at home? (they require both parties to be present and to sign)
6. Why do you want to earn a lot of money?

I expected a thorough grilling and it wasn't anything like that!

They want commitment to making money, commitment to the Company and a determination to succeed. Plus the ability to pass the CeMap 1, 2 and 3.

Hope this helps. Do let me know how you get on!

will keep you posted my interview is with the area manager