Becoming a Mortgage Advisor - Any advice?

majikthise_2

Hello everyone,

It's been very interesting reading the other posts about CeMAP exams etc. I'd be grateful for some specific advice if you have a minute.

I did FPC1 about three years ago with a view to maybe becoming an IFA or mortgage advisor. However, FPC2 and 3 looked quite forbidding and my interest waned when I was offered a better job (I'm in kitchen sales).

Three years on, I've realised that it was really the property/mortgages side of things that interested me and I've started looking into doing the CeMAP exams. I'm prepared for the long hours etc and understand that working for a bank is a nightmare but a good way to learn the business in preparation for setting up for oneself. Ultimately, I'd like to set up as a mortgage broker/adviser working from home. Does this sound realistic?

I've seen adverts for work-from-home positions. Are these worth looking into - or are they really for experienced people only? Would I be best off working for estate agents initially?

Any replies gratefully received. Thanks.

dunstonh

I did FPC1 about three years ago with a view to maybe becoming an IFA or mortgage advisor. However, FPC2 and 3 looked quite forbidding and my interest waned when I was offered a better job (I'm in kitchen sales).

Kitchen sales a better job? lol. What was your criteria of better? Certainly easier and no training required.

Seriously though, if the thought of paperwork, training and liability to giving advice was a concern after just FPC1, then you need to think whether mortgages are the right thing for you. I dont know where CMAP sits in the scheme of things but I would put it higher than FPC1. You will spend more time doing paperwork than you will in front of clients.

Three years on, I've realised that it was really the property/mortgages side of things that interested me and I've started looking into doing the CeMAP exams. I'm prepared for the long hours etc and understand that working for a bank is a nightmare but a good way to learn the business in preparation for setting up for oneself.

Banks are best for this. You get to make all your mistakes on bank customers without having to worry about any personal liability. Their training does tend to be quite good as well. Once you know what you are doing, then you can leave the tied role and move to whole of market.

Ultimately, I'd like to set up as a mortgage broker/adviser working from home. Does this sound realistic?

Most new mortgage advisers leave the industry within a year. The reason being that they do not have the contacts or ability to get new clients. How would you get your business?

I've seen adverts for work-from-home positions. Are these worth looking into - or are they really for experienced people only?

Working from home is something that tends to work better for experienced advisers with client banks. You dont need the footfall of a branch/office in then. However, when starting out you dont have that client bank.

majikthise_2

dunstonh wrote: »

Kitchen sales a better job? lol. What was your criteria of better? Certainly easier and no training required.

Seriously though, if the thought of paperwork, training and liability to giving advice was a concern after just FPC1, then you need to think whether mortgages are the right thing for you. I dont know where CMAP sits in the scheme of things but I would put it higher than FPC1. You will spend more time doing paperwork than you will in front of clients.

I meant that I was offered a sales job which was better than the one I was doing previously. And I've no problem with paperwork, training and liability.

But anyway, thanks for the rest of your reply.

MortgageMamma

My advice to you would be that its not an easy job, but it is very rewarding and you know that they say, find a job you love and you will never work another day in your life. and its true. I get up at 6am start work at 8 and can still be working at midnight and have to remind myself to go to bed sometimes.

Its a great job, it has its highs and lows, and you have to take some hard knocks and be able to accept you can't win them all. but if you are a self starter with drive and ambition, and most importantly bouncebackability and self respect then you will do well

Good luck

MM

UK007BullDog

Definately do not go self employed right away as you need the training. Cemap is only a tiny part of the bigger picture. There is so much more to learn. Banks, Estate Agents and office based brokers are good.

I have started studying for my FPC's and will then probably specialise in something but dont know yet what as I have not yet made up my mind.

Nick~C_3

Hi Majikthise

I am new to financial services myself and I have started off working at an estate agents with a small team of experienced advisers who are there to offer advice if needed.

Because I am self employed I can manage my own time between the office, home and visiting clients, which is something which sounds important to you.

Regarding qualifications, I did the CII exams, specifically CF1 and CF6 which allows me to deal in mortgages, personal protection and general insurance. I found them pretty straight forward and I would recommend them.

If you have any questions regarding getting started then fire away.

My biggest challenge at the minute is getting leads / building a client base, but i'll get there!


Good Luck

Nick

Timeforachange_2

Hello
Like the original poster, I am seeking to become a mortgage advisor. However, there are so many courses out there I have no idea which one to embark on. The websites that seem to come up most often are New Leaf Training weekend training in London and the Herne Group evirtual course. What course do people recommend.

Thanks

MortgageMamma

The institute of financial services Certificate of Mortgage Advice and Practice

www.ifslearning.co.uk

Nick~C_3

I imagine most will suggest the qualifications which they did themselves. It way be worth asking the people you are likely to be working with what they did so they can go through it with you.

I did the Chartered Insurance Institutes, Certificate in Mortgage Advice.

http://www.cii.co.uk/mortgages/qualifications/certMA.aspx

There are 2 exams and the coursework is done at home at your own pace. I studied for 3 months for an hour or so most week-nights (actually not that much if I'm totally honest) and I found it ok.
The learning material plus exam costs about £150 per module.

If you wish to go into private health, pensions, investments, lifetime mortgages etc, then you can do additional exams for each at a later date.

There are few revision hints I can give if you go this route, so post back to let us know which you choose.


Nick

shameless-about-money

I did the residential Course with Professional Mortgages (Blackburn) and the tutor was fabulous. They run their courses all over the country - Sheffield, Coventry, Blackburn, London, etc.

I passed my CeMap 2 and CeMap 3 both pass with merit.

I do my next residential week on 23rd April with the CeMap 1 exam the week after.

I can highly recommend the Company I did my Course with.

I also bought the MP3 Revision from Archer Training, recommended by a Mortgage Adviser here. And bought the IFC Competence Development Tool

MortgageMamma

Also good to get your full certificate of financial planning (the old FPC) if you are that way inclined, then if you ever get fed up with mortgages you have something else to fall back on