starting to become a mortgage adviser

john-d_4

hi everyone,
im confused as to which path to take on becoming a mortgage adviser. i have read other posts on here which seems to have made my decision no easier. Should i take it upon myself and do my CeMAP 1,2 AND 3 exams and hope i can get a job with no sales experience or do i try and get my foot on the job ladder first and start at the very bottom. It seems a hard decision either way as financialy i am currently the only income in our household. I know i can study at home for the exams which helps but starting a new career at the bottom is very ofputting, perhaps i just need a kick in the right direction but any advice would be very welcome,
thanks john-d

homer_j_3

Unless you have a lot of money sat behind you, I would look to get cemap 1 and then go look to apply for some jobs in a bank or building society. The cemap 1 will help you get in the door and you will get a lot of support whilst continuing to receive an income.

Going it alone without any industry experience is very very difficult. You cannot learn how to be a mortgage adviser just through doing the exams. Its like your driving test - the lessons teach you how to pass the test and give you the basic skills - it takes you a while to fully master it.

So I think your decision should be down to a financial one, could you live on an irregular income with the risk that you may not get anything. Could you live on a low regular income until you get to grips fully with the job?

john-d_4

thanks for the advice. i have no money behind me but also when you say about being on a low income whilst i am learning, it depends on what you class as low.

homer_j_3

depending where you are - I would expect circa £15k- £18k with cemap 1 - with all 3, circa £18k - £21k. It may not be low income to some but your earnings should be 35-50k pa when you have a year or two behind you so is low to where you will hopefully be.

*EssEncE*

I personally started revising for my CeMAP before I started my career in the Financial Services Industry (this was only 18 months back mind, haha, i'm still a novice)

Although I can't say it helped me much, since I started on CeMAP 1 which is more Laws & Regulation, and confused the hell out of me :rotfl:

But after finally getting my foot in the door, everything started to make sence, and CeMAP 2 and 3 were kind of straight forward.

I work for a Network and we deal with the whole of the market, which is ideal for a guy like me.

Working for a Bank has its cons, in that your only learning their products, but it will probably be the easiest way to enter the industry and the support and training they offer is meant to be good. Although I personally couldnt vouch for that.

I feel I've learnt a lot in 18 months but know and appreciate there's much, much more to learn. All in good time.

homer_j pretty much spot on when it comes to probable salaries. If I were you i'd pop on a few recruitment websites and have a nosey.

Good luck :beer:

john-d_4

see, those kind of salaries arent low to me,i left school and just ended up staying with my part-time job for a while, then it became full-time, then it became 10 years later. ive got my family and now i seriously need to think about their future and a minimum wage job at 10k per year isnt going to get me anywhere. ive always been told that i pick things up quick and have always been comfortable working with numbers.im not chasing the big money, 20k is double what im on now,40k is just a figure that at the moment is well out of my reach in my mind.i like a challenge and like helping people and feel the harder i work the better job satisfaction ill get.im in the midlands but i will take all the advice and will definately look on some recruitment sites.
thanks:beer:

Zoetoes

I left a previous job in marketing after 7 years to study CeMAP full time at home. Did all 3 exams in 4 weeks and expected to walk into a job somewhere. Wasnt to be though and I waited another 2 months until my current employer gave me a chance as a Trainee Mortgage Adviser. Started in July 06 and had passed their 3 week mortgage academy in no time and was advising by October.

Our targets were achievable in 2006 with a lending target of £700k per month which was increased to £1m a month in 2007. Feel that I've got the footing into the industry that I needed - really just a case of getting someone to give me a chance. I've got enough confidence in my own ability that whatever's put in front of me I will achieve.

A year has now passed and I've got itchy feet already. The branch isnt hitting the bonus despite me hitting my targets and I know I can earn far more elsewhere. Now I need to convince a whole of market firm that I'm capable of succeeding on the next step up the ladder. Met with one local firm last week but something didnt feel right in the interview so I've decided not to pursue it.

Reckon I could probably walk into another tied adviser position as Abbey are recruiting locally and paying upto £26k but I know it would be a mistake going to another lender as its not the route I want to take.

Ian

dunstonh

see, those kind of salaries arent low to me

They are awfully low for the industry. I,like at least 3 other firms in my town wont consider taking on advisers who aren't earning at least 100k a year for investments and 50k for mortgages. Indeed, a director of one of the other firms is highly derogatory towards the low earners branding them inefficient, lazy and usually desperate and more trouble than they are worth.

Obviously people need to start somewhere but if you are happy earning 10k-15k a year then you are better off with a bank because at least you will get a pension and benefits out of it. Your career path will be stunted and probably wont last long if you think that 10-15k is acceptable.

If you look to move on to other firms they will find the 10k-15k earnings track record undesirable. If you want to start your own firm then you need to be at a minimum of £35k realistically. That is what you need to be aiming for as a mortgage adviser.

JoeK_3

I agree with dunstonh.

The job of a mortgage adviser is far to difficult to be earning £15,000 pa but you have to start somewhere. If you are considering a career change and would be happy with the income that you have posted, then you should consider applying to banks and building societies.

They would give you the stability that you require at this moment in time and the time to learn the job of a mortgage adviser.

JoeK

SteveSilva

Hi guys

I'm new to this site but can see there are people who know what they are talking about.
I'm currently a lettings negotiator for an independent firm but am hoping to take the cemap courses, I was hoping I may get some advise on a few things.

1) If I was to pass the courses, how realistic would it be to set up an advising firm in my branch, my employers are quite supportive and the director is FSA licensed so has wide range of knowledge but wants me to take care of the mortgage side. I know it sounds alot to build up from scratch but I am hard working and determined.

2) Another worry is that a freind of mine works for a CEmap training provider and she says the courses are becoming in much demand these last couple of years. This possibily means there maybe an influx of newly qualified advisors in the market.

Any advise, I'd appreciate it.


Cheers.

dunstonh

2) Another worry is that a freind of mine works for a CEmap training provider and she says the courses are becoming in much demand these last couple of years. This possibily means there maybe an influx of newly qualified advisors in the market.

There is an increase in quantity but a lack of quality. Over half of those new recruits leave the industry in the first 2 years. There is a bit of a perception that the role is easy and you can make a lot of money. A good adviser can but its takes years, a bit of luck and having access to clients. The early years can be a struggle.

You also have a lot of IFAs giving up mortgage business as the real money is in investment class business. They often recruit mortgage advisers to do the mortgage business but take a cut of what they do. So there is capacity but you need to go into the role with your eyes open.

1) If I was to pass the courses, how realistic would it be to set up an advising firm in my branch, my employers are quite supportive and the director is FSA licensed so has wide range of knowledge but wants me to take care of the mortgage side. I know it sounds alot to build up from scratch but I am hard working and determined.

You would need the experienced individuals and supervisor to be part of the company as an inexperienced adviser cannot do it alone. However, its possible