Mortgage broker part time

amnblog

I've have gotten myself a proper education and put my nose in the trough in the corporate sector.

Conrad

kingstreet wrote: »

Quick straw poll.

Those of us who do this for a living, if you had your time over, would you do it again?

I started in financial services at 18 and I've recently turned 50. I definitely wouldn't.

So, it's a no from me.

Woman ex-broker I know well, got out quite quickly, she found it unfulfilling. She went to China, sourced greetings cards and floggs em to retailers in Britain, makes a packet and really has a huge amount of free time. Smart.


Another top broker got out after 10 years, ploughed his money into a care home, never looked back.


Another borrowed £100k on his house, and Barclays leant him £400k for a MacDonald's franchise. Then he got another and then opened a storage centre (for people going abroad etc) Retired by 45.


Know a number of wealthy trades people, builders, carpenters etc, that built a small but profitable business.

ACG

I really do enjoy the job, but thats only because I work for myself and I have the freedom to work when I want and how I want (within reason). I have no targets or boss, no office politics and I can take a holiday when I like or work from my garden (which is what I am doing at the minute ).

I have had a few jobs over the years, working on the markets, owning a pub, renovating houses and selling them, working for banks and even Royal mail. This is the only one where I earn a decent enough wage year round, I can work inside when its cold and outside when its sunny and I have nobody giving me targets or asking me to do more than I am paid for and I genuinely love seeing people get the keys to their new home.

minimike2

kingstreet wrote: »

Quick straw poll.

Those of us who do this for a living, if you had your time over, would you do it again?

I started in financial services at 18 and I've recently turned 50. I definitely wouldn't.

So, it's a no from me.

I really enjoyed my time as a broker, however it was an unfortunate time for me to get into it (2007) on a s/e basis - I just didn't have enough behind me to cope with the bad times. I did tough it out until 2010 and it no doubt would have got back to winning ways again as I managed to build a nice client base in that time, but personal circumstances changed and I needed the security.

That said, I really enjoy what I am doing now as I still have a lot of the freedoms I did when I was s/e. If I had a nice windfall, say enough to clear my mortgage and all my owings and I had the option of starting up s/e again or staying with what I do now, I would find it a very hard choice.

The other option of would I have got into FS AT ALL, no I wouldn't. If I could go back I would have a business more related to my hobbies and interests.

pat277

Hi folks,
Can I please have some help or information:
I joined mortgage broker and Network as AR and I am finding things a bit concerning:
1. £200 monthly network fee
2. 18% network cut from all my mortgage & protection business
3. 30% Broker cut from all business which also includes 30% of my advice fee (think this is not fair..) and on top of that broker takes 20% from my solicitor refferral fee.
Does that sounds ok for all of you? I am really concerned as in my opinion adviser should receive 100% of advice fee considering it is a self employed position without any targets.
What are your views?
Much appreciated,
Pat

amnblog

Wrong forum.

Try Cherry Forum

dunstonh

pat277 wrote: »

Hi folks,
Can I please have some help or information:
I joined mortgage broker and Network as AR and I am finding things a bit concerning:
1. £200 monthly network fee
2. 18% network cut from all my mortgage & protection business
3. 30% Broker cut from all business which also includes 30% of my advice fee (think this is not fair..) and on top of that broker takes 20% from my solicitor refferral fee.
Does that sounds ok for all of you?

Networks do some of the regulatory work for you and take on the liability for the advice you give. That is why you pay them more than if you went directly authorised.

Sounds like you have a combination of charges.
1 - you joined a firm as a self employed attached adviser. 30% seems very fair in that respect. It is a popular amount (typically on a 70/30 or 30/70 percent basis depending on whether you generated the business or the firm gave it to you.

2 - 18% network cut is very high. That is double the typical (especially with the £200pm network fee). Even the expensive Sesame dont charge that amount.

I am really concerned as in my opinion adviser should receive 100% of advice fee considering it is a self employed position without any targets.
What are your views?

The firm carries the regulatory costs, running costs, the second stage liability and all the risks. So, why should they receive nothing and you get everything?

The self employed advisers attached to us dont pay as much as you (we dont have a network fee as we are DA) but they pay £500 a month to the firm and we take 10% of their remuneration. We pay them 50% for investment handovers.

ACG

pat277 wrote: »

Hi folks,
Can I please have some help or information:
I joined mortgage broker and Network as AR and I am finding things a bit concerning:
1. £200 monthly network fee
2. 18% network cut from all my mortgage & protection business
3. 30% Broker cut from all business which also includes 30% of my advice fee (think this is not fair..) and on top of that broker takes 20% from my solicitor refferral fee.
Does that sounds ok for all of you? I am really concerned as in my opinion adviser should receive 100% of advice fee considering it is a self employed position without any targets.
What are your views?
Much appreciated,
Pat

If you do not think it is fair, try and renegotiate.
I take 35% from my brokers on fees and commission, but there is no network fee. If you are getting leads and paying 30%, I do not think that is too bad if im being honest.

My brokers get to keep 100% of any referral fees from solicitors. I did nothing for that money, I am not liable for the recommendation in any way so im not bothered about it...thats my stance on it anyway.

manuvirk

HI

I need help i have applied two time re mortgage first time june 17 with my existing lender nationawide they decline after valuation there is no specific reason they gave me than i applied in halifax similar thing happen they done every thing valuation all check done but at very last moment they decline only reason they are not happy with my wife salary actually my wife start new job and we provide contract they called to employer confirm every thing. so now what should i do i am planning to apply again in oct please advise me i dont want decline again credit score is perfect.

dunstonh

manuvirk wrote: »

HI

I need help i have applied two time re mortgage first time june 17 with my existing lender nationawide they decline after valuation there is no specific reason they gave me than i applied in halifax similar thing happen they done every thing valuation all check done but at very last moment they decline only reason they are not happy with my wife salary actually my wife start new job and we provide contract they called to employer confirm every thing. so now what should i do i am planning to apply again in oct please advise me i dont want decline again credit score is perfect.

This thread is about someone who wanted to work part time as a broker. Your question doesnt seem related to that. So, you may wish to try starting a new thread. Or, ironically, ask your mortgage broker.