Mortgage broker part time

scoops82

How many completed mortgages per month is classed as the average, about 2-3 a wee?

David_White

I'd expect that will come down to your setup as a one man band may do a different amount of business than someone working for a large organisation.

Also length of time in the role and where your business is coming from will be a factor.

To the Orginal Poster, I don't think anyone is telling you not to follow this career path just that it's not necessarily a role you can dip in and out of.

Personally I love helping people get a mortgage and would recommend the job to anyone that's up for it.

scoops82

Sorry to hijack thread but my question is most likely to be relevant t the OP and I have posted questions on the same career change before.


My broker is due to receive £504 in cash or benefits for the work he did on my re-mortgage.


What other benefits could this be?


Is 2 a month for a 1 man band realistic? So if in a network about £4,000 pm less say 40% for a newbie = £2400 less NI and TAX.


Apart form network fees are there any other costs to take into account?
If not in a network what are the costs are likely to be incurred?


Thanks
S

dunstonh

My broker is due to receive £504 in cash or benefits for the work he did on my re-mortgage.


What other benefits could this be?

If he is an employed adviser rather than self employed, then his employment package may well include sickness benefits and pension. He may not personally receive the £504. That goes to the employer. His package may be salaried or percentage based.

Is 2 a month for a 1 man band realistic? So if in a network about £4,000 pm less say 40% for a newbie = £2400 less NI and TAX.

Unless you are in central London, you are not going to see those sorts of figures. Your mortgage broker is getting £504 (or the employer is). Two of those is just over £1000. Not £4000

Apart form network fees are there any other costs to take into account?

PI insurance
Levies
Software

Some networks will bundle those things into their cost. Some unbundle.

If not in a network what are the costs are likely to be incurred?

Not an option if you have no experience or existing control functions.

scoops82

So as MA you can expect maybe 4 a month plus trying to sell other insurances?

David_White

=scoops82;70606741My broker is due to receive £504 in cash or benefits for the work he did on my re-mortgage.

What other benefits could this be?

Depending entirely on their setup they might only get around £100-£200 of that amount.

Dangerous69

The accountant in me still needs to know the profit margin per month, so please help by stating costs. What would be the software costs per month or is it a one off purchase? The reason I have looked into doing this in the first place was I have recently re-mortgaged and I notice the fee paid to the advisor was £700. On the day he came to see me I was his 5th appointment that day and he commented that the market was now really picking up and he was really busy. I have been in contact with a network and asked them for some advice on getting CAS and they said "there may be an option which would allow you to become Directly Authorised by the FCA and remain doing your work as an accountant". Lets say I do this and on average I do one mortgage a week and carried on full time in my current job - would that not be feasible. I don't want to take this up full time for a long time yet, I was just hoping I could learn the trade on a part time basis.

ACG

It is very difficult to give you the figures as it dpeends so much on your set up (network or DA), which network and turnover.

I would say if you are writing less than £30k a year, to budget around 15-20% of turnover. If you are writing between £30-40k then 10-15% - very ball park figures but it should give you an idea.

Then take off your tax, stationary, travelling, phone, internet etc.

scoops82

How much can a newbie be expected to write-in a year? Is about 2 cases a week about £50k a year?
How much would an experienced broker be able to write in a year ?

ACG

It depends on the size of the mortgage, if you charge fees and if so how much, whether you write insurance on the back of them and whether you can generate the appointments.