Attention: mortgage Advisers!

JoeK_3

Incomes are based on a number of factors such as employed, self employed, industry that the adviser works in, (estate agents, banks, mortgage brokerage etc.) but as well as this it will depend on how hard the adviser works, individual ability, desire, etc. plus how well they are trained.

Experience and training is a major factor of the ability to earn and how you target individuals.

For instance, my mortgage advisers have mortgage and remortgage appointments made for them, with back office facilities provided for them after they have sold. This system of having sales appointment being provided plus taking the admin tasks away from them after the sale, creates an increased opportunity for them to earn a lot more, as it allows more time and focus for the sales person.

My base line business plan for them is extremely simple, it's to write 2 cases a week, each case bringing in a minimum £1,000 commission income.

Generally, incomes can vary from £18,000 to £200,000+ per annum.

Hope this helps.

JoeK

homer_j_3

As JoeK says, its down to a number of factors. I think it would be safe to say that without charging fees, you are unlikely to reach the higher numbers quoted by him so fee charging should be added to what Joe has said, otherwise he has summed it up pretty well.

toonfish

I wish I could make £1000 a case, I'd be half way retired buy now. I would guess that £18-25K is about what most will earn in the first couple of years.

homer_j_3

I think the best advice to give to the OP is that where OTE's are quoted, there will be some formula behind the OTE.

Banks and Estate Agencies will often require you to write 10-20 mortgages per month and have a high % of ancillary sales of life cover etc to achieve the figures quoted.

Mortgage brokerages/networks etc will often rely on charging and will need you to complete on 4-8 mortgages per month again with a % of ancillary sales attached.

Where working in a bank or EA - they will provide plenty of footfall and opportunity for appointments and you will often have people booking the apps for you. Because of this you will find that the income that you are bringing in to the bank/ea is high and they take a huge % off the back of it.

Where working in a brokerage/network proposition on a self employed - fee charging basis, you will have to hunt for business and will do less sign ups for the money. You will as a result have a lesser % taken off the back of you.

The formula for this job would be:

Ability & Attitude X How hard you want to work = £

If you scale 1-10 for each of these factors then you will quickly learn that to earn more you need to be more towards 10 than 1.

After a few years, your client base will hopefully come back to remortgage so you can work a little less harder because you are not having to generate as much new business so your rewards will get better. HTH

DRAGON_3

Hi

Thanks for that people, I really appreciate the time you have taken to answer my questions. the reason why I'm asking is that I have recently passed Cemap 1 and will complete Cemap 2 and 3 very shortly, and hopefully will start applying for jobs in Birmingham. I would like to work for an institution for a couple of years and perhaps become self employed eventually. I'm a real hard worker and commitment is not a problem, I have a good job at the moment (not financial) and I think in as a mortgage Adviser Im in a better position to earn better money that I'm on now. :j

JoeK_3

I wish you every luck in your new career.

JoeK