Mortgage Broker part time

Dangerous69

Hi all, I'm after some much needed advice and thank you in advance for any constructive responses.


I am a 47 year old certified chartered accountant and I earn a decent salary. I am considering doing my Cemap exams as I am considering a slight change of direction in my career. Here is the plan:


Pass Cemap exams
Get CAS through FCA
Sell mortgages part time whilst continuing in my present employment.
In about 6-8 years time, work for myself selling mortgages and offering accountancy & tax services.


The experienced mortgage brokers out there will probably be able to point out flaws and pitfalls within my plan - all comments are welcome.


I would like to know if it is financially viable to sell say 8 mortgage products a month as I assume there are many associated costs.


Do I have to be part of a network and is it through the networks where I get access to mortgage products?


Can I subscribe to a certain software that gives me access to the mortgage market without subscribing to a network?


I'm in the early stages of researching this and early impressions are that it won't be easy.


Any advice is appreciated

ChrisJ1988

I really dont understand why anyone needs a mortgage adviser or broker these days with the internet. They tell you that they get better "deals" but in my experience I have managed to find the best "deals" on my own. I only expect more and more people to go it alone thus rendering the broker business out of business.

Maybe get into offshore tax havens as i hear that is big business with all the celebs and governments officials

kloana

ChrisJ1988 wrote: »

I really dont understand why anyone needs a mortgage adviser or broker these days with the internet. They tell you that they get better "deals" but in my experience I have managed to find the best "deals" on my own. I only expect more and more people to go it alone thus rendering the broker business out of business.

Maybe get into offshore tax havens as i hear that is big business with all the celebs and governments officials

They can be invaluable for people whose mortgage application case is even slightly complex. Or if they have blemishes (minor to serious) on their credit files. Even for those who have a permanent, stable job, a good income and a top credit history, they can still help you to save time and remove hassle.

ACG

ChrisJ1988 wrote: »

I really dont understand why anyone needs a mortgage adviser or broker these days with the internet. They tell you that they get better "deals" but in my experience I have managed to find the best "deals" on my own. I only expect more and more people to go it alone thus rendering the broker business out of business.

Maybe get into offshore tax havens as i hear that is big business with all the celebs and governments officials

If you see a Mortgage broker as a price comparison service then yes, stick to the internet. But with around 70% of Mortgages being submitted via brokers which has increased over the last few years, you are in the minority.

Mortgage brokers are not a price comparison service. Yes it is our job to find you a good deal, but you would be surprised at how few people go for the cheapest deal available once you explain the other options to them in more detail.

Even the most straight forward of applications can have problems. But we also offer support and guidance if there are issues with the lender, the credit checks, the agents, the vendors and/or solicitors.

I am under no illusions that not everyone will want or need a broker and I have no issues with that what so ever, but my clients are not limited to those with adverse or unusual circumstances.

Obviously I am biased based on my job