Mortgage franchise

running_man_3

I am looking at joining "Mortgagforce" as a franchisee. The fee is £10,000 ~ £15,000. For this I get a five year licence, some training and ongoing backup. I am new to mortgage advise and the industry. I'm not 100% sure of what I don't know - I don't know what I don't know. I am currently going through my CeMAP training and have my first exam next week. I have talked to existing franchisees and they suggest Mortgageforce are a good organisation and provide good support. I'm not sure if I am going to get good value for my franchise fee and if there are any alternatives. Can anyone help please.

MortgageMamma

I have got the feeling you are trying to run before you can walk. I can tell you from experience its extremely difficult going from freshly cemap qualified to a self employed whole of market self generating adviser. I did it, but I did ok (just about mind, I had a period of 18 months where I was a bit skint) and I had the advantage of 10 years industry experience and being partially fpc qualified. I also had lots of adviser friends who helped me out when I was stuck with something.

I think the best thing you could do is probably look for a position within a company where you are salaried until you get to grips with the basics and learn to advise properly (its an ongoing process). I can tell you now being freshly cemap qualified there is a HUGE amount you don't know, and most of it you will only learn by experience.

I don't know a lot about mortgageforce but I think paying anyone 15k for a franchise is not worth the money unless they are provding all your leads.

Why not get a paid job, adjust to the role, build up your contacts and then use that 15k 12-24 months down the line to set up your own busienss, with your own branding. It will give you something thats truly yours, allow you to work YOUR way and most of all give you the control over your branding and marketing.

I did, and I've never looked back.

Good luck whichever route you take.

MM

Rick62

I mentioned MortgageForce in your other thread because of the francises around they seem to have built up a strong brand fairly quickly and I know a chap locally who is with them and he seems very happy and his local marketing has been very good.

If you are newly qualified you really need to consider the training support, an FSA legal requirenment and more importantly a big gulf between passing the exams and actually knowing what you are doing.

Also in addition to the initial francise fee you need to look at the ongoing costs and restrictions. Are you limited to their own club or can you go genuinely whole of market and what ongoing fees and share of commission do they take?