Mortgage Advisor career

bunnymtg

Hi there,

I had worked as a finance administrator for a mortgage advisor before having my daughter a year ago. I was self employed and have no desire to work back there as its a long commute.

I desperately want to complete my CeMAP training and work within an office or perhaps even an estate agents offering mortgage services.

Please do not judge. I don't have a very squeaky clean credit report. I have one default with Halifax which I am about to start to try and get it removed as I believe it was made up of unfair charges. Going back around 3 years ago.

I also have a missed payment on my Very account which was a complete slip up (just had my daughter and rough times) I paid it as soon as I realised. I wrote to them but they wouldn't take it off my credit file. I immediately closed my account with them. After being with them 4 years and not missing one payment.

That's the bad part on my credit report. I know credit scores don't count for anything but on my Noddle file its very poor!

I have 2 credit cards and contract phone which I've never missed a payment.

Anyway I wanted to find out. Do I have to register with the FCA? Will I have to do a credit check? Will my very poor credit score jeopardise this? I don't want to spend all my hard earned money training only to not be able to practise!

Thank you in advance

Rachel x

ACG

The default and late payment will not prevent you from becoming an advisor, I know people with far worse histories who have become brokers.

I would recommend passing your CeMap first, it should be a piece of cake to someone who has worked in the industry before. It will also put you in a better position in interviews that you are fully qualified.

The easiest part is the exams, the hardest part is finding someone to take you on and get you up to CAS, but only a manager or business owner can do that. Many smaller businesses do not like doing it (I have someone joining me at the end of the month and the work I have to do to get her signed off is crazy, but as I know her, I know it will be worth it in the long run).

You do not need to register with the FCA. Find a company to take you on and follow their lead.

David_White

Agree with ACG on the above.

Just my personal opinion, but I'd opt for a job at a High St bank rather than an Estate Agent.

bunnymtg

Thanks ACG. You have been really helpful and relived me of some anxiety. As you mentioned, the exams should be a piece of cake and I am hoping this too! As an administrator doing all the leg work you do feel like you get to know the industry and its regulations inside and out!

I'm glad you've got a worth while staff member too!They're few and far between these days!If I was "taken on" elsewhere in a self employed role, do you think I would have a harder time or would it make no difference?

Thanks David. Out of interest why do you think a bank would be better (I have heard someone mention this before). In an ideal world I think I would want to go ito an office setting either with other advisors or IFAs.

Thank you both,
Rachel

ACG

A harder time in what way?
I have worked for a bank and for another broker and now I have set up on my own and expanding. Personally I prefer being my own boss, but I say that as I am not very good at being told what to do. I preferred working with other brokers than in a bank as you are treated more like an adult.

In banks it just felt like you were treated like a child in an environment which was over kill to ensure they did not get a complaint they could not defend, which is fine but there becomes a time where it is too much.

bunnymtg

Also would I have to do the 'fit and proper' application/test? This would concern me due to my default.

bunnymtg

ACG wrote: »

A harder time in what way?
I have worked for a bank and for another broker and now I have set up on my own and expanding. Personally I prefer being my own boss, but I say that as I am not very good at being told what to do. I preferred working with other brokers than in a bank as you are treated more like an adult.

In banks it just felt like you were treated like a child in an environment which was over kill to ensure they did not get a complaint they could not defend, which is fine but there becomes a time where it is too much.

A harder time with regards to being taken on with my adverse history I guess is what I mean.

You sound like me, I am not great working with other people unless I get on with them which I suppose is like most people!
I could imagine it would get like that with a bank. I am not sure a bank really appeals to me. I like to have the freedom of the whole of the lender market!

ACG

Its unlikely you would unless you are setting up your own business. If you become an advisor within an existing firm (either directly authorised or under a network) they have to satisfy their own checks but it would not be with the FCA. But even if you did, providing you are honest about the default and its a 1 off blip wih a valid reason I do not see the FCa getting too strung up on it.

I have seen ex bankrupts as advisors so a 1 off default will be fine and the late payment is deifnitley not an issue, I have 2 late payments on a credit card. I am not sure I agree with them but its not worth the phone calls to get them removed as they are not an issue.

ACG

Rachelw wrote: »

A harder time with regards to being taken on with my adverse history I guess is what I mean.

You sound like me, I am not great working with other people unless I get on with them which I suppose is like most people!

Dont worry about the default. It will not be a problem unless you find a really fussy company.

I like working with people, I do not like working on my own as it becomes lonely at times. To be honest that is the main reason as to why I am trying to expand and take on a few more people as I can not imagine working on my own for the next 30 years. All those works christmas do's as billy no mates.

David_White

This is all anecdotal and from my own personal experience, but Estate Agents tend to be quite hardcore when it comes to sales targets and pushy tactics with clients. Plus with some you'll work long hours for little reward.

High St banks have had their wrists slapped throughout the last few years so have a far more "treating customer friendly" approach.

Wake_up_call

For someone who has recently qualified, it would certainly be easier to get a job at a bank or building society.

Due to MMR, they need CeMAP qualified people more than ever and the job is now easier than it used to be.

I did it for five years and made a success of it during the worst recession we have ever seen. It was sales heavily-focused back then and profit was put before people. The job seems nicer now.

I'm looking to go back into it after five years doing PR/Journalism work. My former colleagues now work in a friendlier environment where there is no sales culture and get paid more money. If I could turn back the clock I would never have left.