mortgage career - question

myright

Hi guys,

in the past I have had some excellent advice from here in particular from Holly and others!

I have Just a quick question in regards to the industry in relation to the current economic climate....

Can money still be made in mortgage advising? I know it's not like it used to be. But with about a year experience, would be realistic to earn 25 - 30k a year? I mean that is my ideal salary.

An update in regards to my studies. I didn't follow it through as I found a different job and it got difficult for me to allocate any time towards studying for the cemap.

I have now managed to put a few a hours every other day for studying.

I will like to take this opportunity to thank you guys for the continued support and excellent advice that I and my friends have benefited from this forum.

myright

170 views and no responses. ...?

ACG

Ive only just seen this...

Ive been doing this 18 months now give or take. If your going self employed, i think you need to have a lot of money to throw at leads and/or advertising in order to make £25k or more in your second year (Unless you can get in with an estate agent). If your going down the employed route, then you should be able to do that from year one.

I suppose a lot depends on where you live, but i wont make £25k this year which is my second year. I wont be a million miles away but it wont be that much unless i get a few decent cases between now and august as ive already had 2 large clawbacks on commission.

The more experienced advisors on here may have different views, but i found it quite difficult. The other problem you will find is that with exams but no experience - finding a network to help you get going will be difficult.

lvm

I'm also going down the CeMAP route at the moment although not at all optimistic about job prospects.

As I've no experience in the financial industry, I'm inclined to take a pay drop and get into an entry level call centre/sales job.

myright

lvm wrote: »

I'm also going down the CeMAP route at the moment although not at all optimistic about job prospects.

As I've no experience in the financial industry, I'm inclined to take a pay drop and get into an entry level call centre/sales job.

I'm in the same boat mate. But for me a future 25k salary would be perfect for me. That's more than enough for me to want to continue with the studies and go down this line.

Thrugelmir

The road may be full of ups and downs along the way, but if you've the desire and application to make it work for you then go for it. Mortgage brokers will always have a role. Just become better than the average one.

kingstreet

Are you talking about a salary of £25k, or earnings of £25k?

There's a big difference!

In my "employee" days, I never had a salary of more than £15k, but earned more than that, based on production.

Now, I'm completely self-employed, so no salary, but I work considerable less hours for the same overall earnings, or earn more for the same hours.

vectistim

The other issue is the number of competitors and the number (and size) of mortgages needed in your local area. Were I to start again £25k mortgage based turnover would probably be possible, but would be quite hard work.

dunstonh

I'm in the same boat mate. But for me a future 25k salary would be perfect for me.

I am sure many mortgage advisers would feel the same but that is unrealistic.

Can money still be made in mortgage advising? I know it's not like it used to be. But with about a year experience, would be realistic to earn 25 - 30k a year? I mean that is my ideal salary.

Forget salary. Most would have little or no salary with most or all income dependent on business generated. I doubt there are many new mortgage advisers earning anywhere near that, let alone on a salary.

myright

Thanks for the feedback guys.

I must admit the prospects seem very bleak judging by what you guys have said. The idea for me to is work for a company an an employee and was hoping atleast 25k basic on the basis it's an hard industry to be working in. But by what you guys have said 20k doesnt seem bad now. ..... seems like theres alot of thinking for me to do as to if this is an industry worth me getting into. There are far less demanding jobs like I.T support that will easily hit that mark in terms of salary.

myright

ACG wrote: »

Ive only just seen this...

Ive been doing this 18 months now give or take. If your going self employed, i think you need to have a lot of money to throw at leads and/or advertising in order to make £25k or more in your second year (Unless you can get in with an estate agent). If your going down the employed route, then you should be able to do that from year one.

I suppose a lot depends on where you live, but i wont make £25k this year which is my second year. I wont be a million miles away but it wont be that much unless i get a few decent cases between now and august as ive already had 2 large clawbacks on commission.

The more experienced advisors on here may have different views, but i found it quite difficult. The other problem you will find is that with exams but no experience - finding a network to help you get going will be difficult.

thanks for your sharing your experience ACG. Can you enlighten me with what kind of commission clawbacks have you encountered?