Becoming a Mortgage Advisor / Broker

bike_saving_expert

re cemap i passed 1 after working in a mortgage intermediaries job for 2 months. after reading the text and buying 2 practice papers.

Im now on cemap 2 and due to sit on Thursday i passed (just) on the first practice test after just reading text.

I was working in a supermarket before that so not hard well i best wait for my result before going on.

I know i don't know everything but open to learn. I,m one of those assessing your docs.

scoops82

Thanks for all of your replies - so the bet solution is to try and get in with an Estate Agents and get the experience and then look a more professional outfit.


What are the networks you all mention?

minimike2

A network is essentially there to "make things easier" to set up shop and run the business.

In return for a monthly fee and a % of your commissions, they provide you with software, back office support (compliance checks), PI cover and if you are lucky some do personal development seminars. You also get the odd "exclusive" product.

The upside is that it makes things easier (well, that's the idea anyway) to run your business, but on the downside you will find some are either tied or multi-tied for protection (some of the insurance companies have financial stakes in some of the networks, as do some lenders), you lose a chunk of your income and you will be bound to their software. There is also a question of "ownership" of the client and trail commissions on GI if you were to ever leave the network to go to another, or go DA. Like I said before, most networks would not take you on as a new entrant to the industry.

Essentially there are pros and cons, as with anything in life, of either being with a network or not. If you want to explore this in the future then your best bet would be to speak to established brokers who are members of different networks to get a feel for them.

I would also recommend you look to subscribe to some of the industry press, as you can learn a lot about this kind of thing from the magazines, such as Mortgage Finance Gazette and Mortgage Introducer.