Thinking of joining a Mortgage Network

MortgageMamma

Well Homer J me and you have learned the hard way in some respects and we have come through it mate. You are happy where you are and earning a good living and making plans with your new wife. I took a leap and started my own company and its holding its own and I'm happy and training the hubby to administer. We've been through some pretty rotten stuff between us in the past 18 months and its funny looking back to how we were when we first started out isnt it!

I think we are well qualified to advise on cowboys, experience, contracts and the things that the networks and employers dont tell you! I dont know about you but it makes me wince when I hear of newly qualified advisers heading for the same traps we ended up in - but its difficult to stop them doing so without literally bullying them! Thats the thing in this industry, we all sell, and some of the less reputable companies who take on these advisers and let them lose certainly know how to sell themselves dont they.

homer_j_3

certainly do..

Cute_'n'_Quirky

pipee wrote: »

I have recently completed CeMAP and have been talking to a mortgage network about joining them as a sole trader. They are prepared to take me on despite having no previous experience and mentor me etc.

It all seems a bit to good to be true, they will train me and approve me etc. and support me through the whole process at no cost/risk to me and even give me a virtual stake in the business which I can realise if they are sold or float

They pay what seem like good procuration rates (0.35% ish) and their fees don't sound that bad Protection Insurance (£270 per month) and a supervision charge £250 per month (which are waived for the first 3 months)

Anyone here working for a network and can give me some pointers?

This might sound like the blind leading the blind but are you really sure of what you are doing?

I know you want to get out there and work and learn and earn but not for you to lose out

It sounds a bit of a shonky deal to me, sorry and all that.

pipee

JoeK wrote: »

Why is it that people come on here, ask for advice, receive advice from people who have first hand experience and then blatantly ingnore all the advice that they have asked for.

JoeK

I haven't ignored the advice, I have taken it all on board, but sometimes in life you have to take risks and make your own decisions. The Network claim to offer all the advice/support I need so why can't I take a few risks. I am prepared to put the work in and learn the hardway. Just because it doesn't suit some people doesn't mean I can't succeed. I don't want to work for a bank being tied to selling their products when I know full well that there are better products out there, I want to be able to enjoy what I do.

pipee

MortgageMamma wrote: »

Well Homer J me and you have learned the hard way in some respects and we have come through it mate. You are happy where you are and earning a good living and making plans with your new wife. I took a leap and started my own company and its holding its own and I'm happy and training the hubby to administer. We've been through some pretty rotten stuff between us in the past 18 months and its funny looking back to how we were when we first started out isnt it!

I think we are well qualified to advise on cowboys, experience, contracts and the things that the networks and employers dont tell you! I dont know about you but it makes me wince when I hear of newly qualified advisers heading for the same traps we ended up in - but its difficult to stop them doing so without literally bullying them! Thats the thing in this industry, we all sell, and some of the less reputable companies who take on these advisers and let them lose certainly know how to sell themselves dont they.

What are your experiences?

MortgageMamma

I will PM you with them when I get five minutes as I can not be as frank as I would like on here - really busy today though so could be tonight