Advice Needed!- Starting as a mortage advisor

logan77

Some background info on me, 40yrs have ran my own cafe and sandwich bar for 20yrs but I have hit a brick wall. I regularly do 12hrs a day, 6 days a week. I need a change and a better quality of family life. 20yrs ago after uni I started on the banking path but got sidetracked. I have recently passed my cemap and have been offered a commission only based position with a small brokerage firm.

I will be renting out my business which will cover my outgoings and I'm looking to earn £500 a week to sustain myself. I understand that up to 6 months for money to come in from commissions and have factored this into a small savings set aside.

I believe with my 20yrs of business networking and friends I have a basis of leads.

Now the advice I need. Is this a realistic and sound career move? What questions should I be asking my future employer? What should I be looking out for? How to get started? What traps lay ahead? Any other advice would be gratefully received. Thanks all.

ACG

If you have a company prepared to take you on, I would take whatever they offer you initially. Getting the first step is extremely difficult and you appear to have landed on your feet.

I suppose really the important questions are:
What split you will get,
What fees (if any) are payable and when,
When will you get paid? (Weekly/monthly),
The most important one is will you get any support, I have not come across one mortgage like they are in the books. Everyone has something quirky and you will need to ask a million questions on most applications initially.


Its a cracking job, but it can be stressful.

logan77

Has anybody here taken the route of commission only role? Is it possible to be successful? What kind of split should I be looking at?

ACG

My first broker role was commission only, I was on a 65/35 split if I provided the lead and 50/50 if the firm I worked for did.

I have just taken on a couple of brokers and have done a straight split of 65/35 regardless of lead source.

But I suppose it depends on what you ge for your cut, I would have taken a lower cut if someone did all of my admin for example.