Advice Needed - Please CEMAP & CAS

sammy3115

Hello all..

Im looking for some advice,

I have 8 years banking experience ( management) prior to having my children, now i would like to get back into it, I have a good amount of mortgage leads, and instead of referring them onto brokers that i know, i would like to deal with them myself.

Ive been on IFS website and will register for ceMap, which is fine but im concerned about the CAS - are there companies out there willing to take advisors on working from home to get their CAS if they oversee all cases? if so which ones?

I cant seem to find anything online other than Newleaf ( its a training company who you would do cemap with then they would supervise you until you get CAS)

Networks will not touch you without experience, I know this sounds like a clich! but i would like to become self employed with this as i have the leads and the contacts, and want to know the fastest and most straight forward way i can do this.

All genuine replies appreciated

Thanks

ACG

I had this trouble about 2 years ago when i managed to get going.
Your in a better position though as you have the leads.

Do you know any mortgage advisors? Can you not ask them if you can work with them on a self employed basis? They will want a cut of any commission but that will cover their time supervising you and their compliance costs etc.

I would imagine Mortgage/Financial advisors will be more than happy to take you on if you have a client bank to work with.

holly_hobby

Do you have any actual mortgage placement and/or uw experience at all ?

Holly

sammy3115

ACG - Thats not a bad idea, i could try to find someone local to supervise and take a cut initially.. So how are you finding it, good career choice?

holly hobby - Im afraid no hands on experience, worked along side MA back in the days, but have a fair bit of knowledge about them?

holly_hobby

Knowing the basics, and how cases are viewed by underwriters, will make you more attractive as a newbe, and should also help with CeMAP understanding.

Im currently in compliance (but have a mge background), so ACG is your best oracle on s/e placement, if you don't want or need to initially gain hands on experience as an employed adviser.

Wish you well in your new career ....

Holly x

sammy3115

Also with regards to joining a network, your under their umbrella as such with regards to being covered and they provide the software etc, do you have an idea what costs are involved? vs costs involved going solo?

would you advise joining a network or not?

Thanks

ACG

I initially worked for a financial advisor under a network. It didnt quite work out for a few reasons. The network was fine, no issues with them at all.

Because it didnt quite work with my employer i took the leap to a new network and opened up my own company. I have not looked back since.

The new network is a lot smaller, both had their pros and cons.

I like the idea of a network. The new network i am with are small enough so that if im struggling with a case they will go off and speak to one of their other brokers and give you some direction on where to place a case. Both networks also had annual events to meet up share ideas, meet lenders etc.

But i think before you can go directly to a network you need to work within another firm until you obtain CAS. Some networks will help place you within one of their firms, others will just turn you away.

I can honestly say i love my job.

EDIT:
With regards to costs, my network took their cut and that included all software fees etc.

sammy3115

Thanks ACG & Holly - Thats a given me a goof realistic insight...

Well i am starting my CeMap next week, then i will try to find someone who will take me under their wing until i achieve my CAS, how long does this realistically take 6 months?

Do i need to register with the FCA now or after my ceMap? is there anyone else i need to register with.

Can i ask roughly what % do the networks take out of your commission?

Finally can anyone recommend the best mortgage networks out there?

I just want to fully do my research before i dive in

TIA

Dave_the_Ginger_Cat

ACG wrote: »

I can honestly say i love my job.

How delightfully refreshing

Dave_Ham

Some additional considerations for you:

If you are self employed you will require data protection license (cheap and easy) and a consumer credit license (weightier document and quite expensive) the CCL also takes a good 4-6 weeks

Networks are so different in the way they approach new starters/business and you may find a smaller one will give you more time and love than one of the bigger machines. As a startup I would confidently say a network or employee is your best first steps.

Where do your existing leads come from and what part of the country are you in?

I ask about the leads, as if you say you have loads of friends that ask you for mortgage advice, this is weaker than you have 3 internet sites specifically talking about mortgages (just an example off top of my head)

sammy3115

Thanks for the points Dave.

I have been looking into the Licenses this morning.

With regards to the leads, we have an estate agent ( north west) in the family, and 80% of the leads would come from there, but this needs to be started up, when leads previously came through i referred them onto broker i known a few years from the Bank. There are busy and quite periods and it will take a bit of work to help them grow, but longterm it should hopefully stand strong with some work.

To recap, this is what i would need to do

- Complete cemap
- Register with FCA
- Obtain DLP & CCL
- Apply to networks / employer hoping to get taken and complete
CAS ( proven to be quite difficult)
- Finally become self employed under a network

After speaking to a couple of networks there fee's ranges from 15-25% does this sound right?

Is there anything i have missed out? obviously not going to be as easy as it looks?

TIA