insight into the mortgage industry

LPH39

Hello all thank you for reading my post


I was an experienced Mortgage Advisor back in 2008, I left the profession due to the financial crisis, then I had a baby then I got seriously ill so could not return to work.


My child is going to school in September and I'm almost recovered from my illness so now I'm intending to go back to work. I've worked in Financial Services all my life and don't know any other roles, so it seemed obvious that I should return. However I have reservations, things got pretty tough back in 2008 and I've been out of the game that long I'd need somewhere to refresh my skills before going self employed again.

Can anyone give me any advice or insight as to how the industry is for advisers now please?


thanks


LPH

kingstreet

Probably more frustrating than it was five plus years ago.

If I was eighteen again, I'd train to be a plumber or electrician. Less stress, partially tax-free income and work when I want.

Bliss...

LPH39

what is more frustrating about it kingstreet? is it lenders doing better deals direct than through the brokers or changing underwriting criteria prior to completion and cancelling pre approved lending? I experienced much of both....

TrickyDicky101

kingstreet wrote: »

Probably more frustrating than it was five plus years ago.

If I was eighteen again, I'd train to be a plumber or electrician. Less stress, partially tax-free income and work when I want.

Bliss...

KingSparky or KingBog just doesn't have the same ring

betmunch

I think for getting clients the industry is in a lot better situation, ie there are more clients to see, in general more people are keen to take advice, partly due to the media scaremongering, partly from the FCA forcing them too, and often from being turned down once already.


However, there is a lot more admin to do per case. This will slow you down and frustrate you no end (in my opinion). That said whatever admin we have to do, it seems to be a lot worse for bank advisers, which again leads into the improvements above

betmunch

LPH39 wrote: »

what is more frustrating about it kingstreet? is it lenders doing better deals direct than through the brokers or changing underwriting criteria prior to completion and cancelling pre approved lending? I experienced much of both....

I haven't seen a great deal of dual pricing for ages, I wouldn't worry about that.


Also, you will find traditional direct only lenders are starting to look into using the intermediary market

ACG

I have only been a broker for 3 years, but it is pretty stressful and frustrating at times. Cases pass dip, fit criteria still get declined until you complain until it gets overturned...or doesnt (Im looking at you precise!!!!).

I love my job, I really do and I do quite well but it is stressful.

I have had to reduce my workload and alter a lot of things as I was borderline high blood pressure (im not overweight, do not smoke, rarely drink and go to the gym/play football a couple of times a week). Definitely worth thinking about.

kingstreet

There's about a third of the advisors there was in 2007, so any increase in business levels since then would make the rest of us feel a lot busier.

Life is now a lot more formulaic.

Get an enquiry.
Get a credit file.
Carry out ten different lender affordability calculations.
Carry out a source on Mortgage Brain.

Of the results on Mortgage Brain, which will lend the amount required?

Does client fit lender criteria or are there other criteria issues?

As I was saying the other day, of our 206 cases since MMR exactly one year earlier 206 went to offer.

It's now no longer acceptable to submit an application to a lender unless you are 100% certain that client fits that lender's criteria.

LPH39

It doesn't sound too horrendous - so you have to credit check your clients now before making recommendations or DIPS? I don't mind a bit of extra admin I will be working at a much slower pace than I used to now anyway due to health issues. I'm glad that dual pricing is a thing of the past it pretty much put me out of business. Which mortgage networks are still around. I've previously worked with Pink and Sesame for a short time but I expect a lot has changed?

LPH39

"I have had to reduce my workload and alter a lot of things as I was borderline high blood pressure (im not overweight, do not smoke, rarely drink and go to the gym/play football a couple of times a week). Definitely worth thinking about" ACG I learned the hard way its easy to get burnt out there is a lot of stress and worry involved in mortgages and a lot of things that can go wrong which is nothing wrong with the mortgage deal itself. I had the habit of absorbing my clients stress and worries, I really cared about the people I worked for and it made me very very ill eventually. I now have 4 major health problems all stress related, so do be careful and make sure you don't neglect yourself x

betmunch

LPH39 wrote: »

It doesn't sound too horrendous - so you have to credit check your clients now before making recommendations or DIPS? I don't mind a bit of extra admin I will be working at a much slower pace than I used to now anyway due to health issues. I'm glad that dual pricing is a thing of the past it pretty much put me out of business. Which mortgage networks are still around. I've previously worked with Pink and Sesame for a short time but I expect a lot has changed?

Theres still a bunch of networks about.


I would check with Which Network with regards to which is best for you.


Personally I would be looking for a Network that focuses on Mortgages rather than a network with IFA distractions.