Mortgage Adviser Trainee

shameless-about-money

Have made progress!

Have signed up for two five-day courses for my CeMap 1 and CeMap 2 & 3

Doing CeMap 2&3 first 19-23 March and then CeMap 1 23-27 April.

I will get through this if it is the last thing that I do

Thanks for your help and advice, much appreciated!

saloo

Hi Shameless
I was a mortgage advisor for one of the bigger high street banks. They are all desperate for mortgage advisors, and if you come across as the right type of person they will snap you up, pay you £20K + and provide the training. I left this field to train to be a financial advisor. Be warned though, regardless of the bank/building society it is all about sales and targets, not whats best for the customer. That's why I got out of it.
Good luck with the exams.

Antj29

Well, i read this thread with a bit of a smurk.

Mortgage advising is a lovely job, however i have been doing it in various guises for about 10yrs now, i must admit it used to be a much more skillfull job, a job for networking and meeting people. a job where you had to use your brain to come up with the best advice. The best way to make a case viable for the lender to do, i also had a brief spell as a branch manager with my own mandate for lending, i used to be able to sign off up £1million in my own name, no questions asked. We used to be able to do so much more.

Then Europe got involved, and mortgages changed. Regulation has been a god send and was needed a long time back as MCCb was too lame. anyway i digress.

With the advent of Basel Accord and the need for consistent decision making, discretion has dissapeared in lending. Trigold and other sourcing systems have taken over, the whole market has changed. Mortgages are now one of the most boring things to do, and do not take any brain power and don't get me wrong i do mainly high net worth mortgages now, £1 milion plus usually For that reason mortgages will be an online completely with proabably no more than 5% done manually. So it is a dieing industry.

if you want to get in to the industry, there are 2 good paths still worth doing. Become an IFA or trainee IFA, as this is a lot more rounded and you can still do mortgage advice if you want by bridging. Also better chance to make some real money and lead on to other things.


or do as i have done and move into Compliance, although you will need a few years experianece first. Compliance is very well paid and you have to be an expert in your field to do it, it is enjoyable whilst stressful at the same time, and you have to use yopur brain a lot more. I am literally 3 weeks away from losign the mortgage advice part of my job as i am no a full time complaince Officer.


Steer clear of mortgages

Antj29

shameless-about-money wrote:

Have made progress!

Have signed up for two five-day courses for my CeMap 1 and CeMap 2 & 3

Doing CeMap 2&3 first 19-23 March and then CeMap 1 23-27 April.

I will get through this if it is the last thing that I do

Thanks for your help and advice, much appreciated!

PS how the hell can you do CEMAP 3 before doing cemap 1, you need the basic principles of 1 to do 3. You can 2 on its own. But do as i did and do 2 and 3 on the same ( exam that is). it is possible to rattle off cemap within 2 weeks, thats how i did it, head down and get stuck in, but then i did have industry knowledge back then.

shameless-about-money

Antj29 wrote:

PS how the hell can you do CEMAP 3 before doing cemap 1, you need the basic principles of 1 to do 3. You can 2 on its own. But do as i did and do 2 and 3 on the same ( exam that is). it is possible to rattle off cemap within 2 weeks, thats how i did it, head down and get stuck in, but then i did have industry knowledge back then.

A lot of the online information actually says to do 2 & 3 before 1 !!

However, it just happens to be the way the Course dates fall.

I have already done some of the CeMap 1 with an online course to get the basics, so I should be alright.

Thanks for your input

shameless-about-money

saloo wrote:

Hi Shameless
I was a mortgage advisor for one of the bigger high street banks. They are all desperate for mortgage advisors, and if you come across as the right type of person they will snap you up, pay you £20K + and provide the training. I left this field to train to be a financial advisor. Be warned though, regardless of the bank/building society it is all about sales and targets, not whats best for the customer. That's why I got out of it.
Good luck with the exams.

Well, nowadays they all want commitment shown by doing at least the CeMap 1. I got the opportunity to do all 3 within a few weeks so that is what I am going to do.

Sales jobs are always about making money for the Company, so what.

shameless-about-money

shameless-about-money wrote:

A lot of the online information actually says to do 2 & 3 before 1 !!

However, it just happens to be the way the Course dates fall.

I have already done some of the CeMap 1 with an online course to get the basics, so I should be alright.

I do have a brain in my head, have two professions under my belt already!!

The mortgage industry will suit me just fine.

Thanks for your input

Scoot

Hi all, having read this post, i notice that shameless remarks about the company Cartel.
I am planning attending an interview with them for trainee mortgage advisor, but wish to know if anyone can fill me in on if they are a good company to work for, or even know anything about them.
your input will be welcomed.

thanks in advance,
scoot

UK007BullDog

Well, all I can say is stay away from them.

At the end of the interviewing process, they asked those who failed to join them, for their contact details to do their mortgage. HELLO!!!!!!!

They only hire newbies to the industry as us oldies know their very very poor reputation and wont go near them with a bargepole.

But do go and check them out, just to get a taste what they are all about. The fact that they have a recruitment drive once a month or even more often shows that they have a very high turnover. And by their sales model you do not actually advise at all. Plus they give you a very large suitcase with a mobile phone connection, and once you are in the customers living room they get bullied into signing everything over and the mortgage docs get sent immediately to head office for processing so the customer has no chance to think about it and is tied in. The suitcase holds the laptop, scanner and printer. Its a one hit visit. Absolutely awful. Their main target are the very heavily indebted.

shameless-about-money

Scoot wrote:

Hi all, having read this post, i notice that shameless remarks about the company Cartel.
I am planning attending an interview with them for trainee mortgage advisor, but wish to know if anyone can fill me in on if they are a good company to work for, or even know anything about them.
your input will be welcomed.

thanks in advance,
scoot

About Cartel -

Interview????? You have got to be joking!!

You will be herded into a room - like sheep. There were 16 at mine.

You will be subject to a dragon of a woman who will stand at the front - with two companions sitting either side - as you stand one by one and talk about yourself. One girl was fully qualified CeMap who questioned the dragon about Cartel and their Sales strategy being forceful - the reply was "most certainly not, we do not pressure anyone into buying our product" and got very huffy about it!!!

She will talk for half an hour about the Cartel "model" which, incidentally is one product for mortgage reduction.

She tells you that they have had 200 people for "interview" in the last month and that only 1 person was "suitable" for their purposes.

You will then be herded out for coffee whilst they scrutinise your health and financial information questionnaires.

They will then tell you that no-one has been chosed for an interview and that you will be told the reasons why by email later.

It took me four weeks to find out that my "personality was not suitable" .

I have worked in private practice for nearly 24 years - relying on my personality for my income!! Up until I finished work on health grounds I still had ALL of my clientele, I only lost clientele when they passed.

Total sharks. You are wasting your time, energy and money in transport going to the interview at the Salford Quays.

Do yourself a favour and go for a decent Company instead.