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Mortgage Broker - Self Employed Advice!

tobywilsher
Posts: 2 Newbie
Hi all,
I'm a mortgage broker with 4 years experience - however I'm wanting to go self-employed under a friends Limited company.
I need advice on a few things...
I need advice on how to introduce myself to local estate agents, solicitors, valuers etc. Do I make a call? Do I request a meeting?
Naturally I'll have to save for my Tax and National Insurance - but I'm unsure on how to go about this. I'm going to speak to an Accountant, but want peoples personal experience...
Finally, if there are any self-employed brokers/IFA's, do you have any invaluable advice to share?
Thanks
I'm a mortgage broker with 4 years experience - however I'm wanting to go self-employed under a friends Limited company.
I need advice on a few things...
I need advice on how to introduce myself to local estate agents, solicitors, valuers etc. Do I make a call? Do I request a meeting?
Naturally I'll have to save for my Tax and National Insurance - but I'm unsure on how to go about this. I'm going to speak to an Accountant, but want peoples personal experience...
Finally, if there are any self-employed brokers/IFA's, do you have any invaluable advice to share?
Thanks
0
Comments
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Open up a business account and a business savings account. Put 20% of EVERYTHING that gets paid in to your account in to the savings account.
I also pay the protection money I receive into the savings account, but thats up to you. If it gets clawed back, I know I have the money to pay it back.
Chances are come the end of the year, assuming you are not earning more than about £55k you should have more than enough to pay your tax and anything in excess is a brucey bonus.
In terms of contactnig the agents, you do not need to contact them. Agents are pretty busy and very salesy unless there is something in it for them, I imagine they will not want to put an hour aside to see you.
I have a little motto for myself, if I look after the clients everything else will take care of itself. The money will come in, clients will refer me, I will keep my reputation in tact and I will be successful. If you start looking at every client as pound signs, it will come across like that. dont be upset if clients use other brokers or go direct, you will never get 100% of the people you will see. It is easy to take it personally but you should not. Wish them well.
Just generally be a nice guy and you will be fine.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi ACG,
Thanks for your advice - I really like the 20% idea.
I've decided that the protection I receive, I'm going to 'drip feed' it rather than receive a lump sum. Clawbacks worry me enough as an employed broker, let alone self-employed!
Do you have any recommendation for a supportive bank for business accounts?0 -
Take the money upfront on protection, companies can go under, friendships can become strained, get the money in your bank account and drip feed yourself. I leave mine in a bank account, if I have a quiet month I dip in to it if I need to. If I do not then it just sits there. If everything I had was clawed back I know there is more than enough to cover it, so I have no concerns about clawbacks.
I went with RBS when setting up, they gave me a £500 free overdraft for 6 months which was handy. After that they remove it although you can ask them to keep it and pay for it if you wish. I then moved to Santander as RBS had IT issues that made it so I could not see my bank accounts as I had previously.
Santander is a couple of quid more but they pay a lot more interest so assuming you have a balane in the account then the interest typically offsets the difference (for me at least).I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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