Becoming a mortgage broker

Timbo40

Hi, hope I’m in the right place for some career advice - I thought there might be some existing brokers on here who could point me in the right direction!

I’m at a bit of a cross roads in my career, with a bit of money (only 3-4 grand) that I’m wanting to use to start my own business.

I’m fully cemap qualified and was a mortgage advisor until 2009, was then a mortgage supervisor until 2012, this was for a large lender rather than a broker.

I then made a poor career choice and moved into estate agency and am currently a lister (property valuer). My earnings dropped dramatically and I ended up getting into financial difficulty and therefore have 4-5 defaults with a debt management plan in place to clear them. I don’t enjoy the job, mainly down to how pressurised the industry is to get a property on the market at any cost!

So, that’s my background. I’d love to get back into mortgages and so what I’m here to ask is:

1 - does that bad debt put an end to any aspirations of getting back into mortgages? I assume it probably will, however...

2 - if not, what would be the best route if I was looking to start up on my own or join forces with an established independent broker?

Many thanks in advance.

ACG

1) No. I know brokers who have been bankrupt before now. It might just make it a little more difficult for you to get going. You may also find if you defaulted with any of the bank, they may reject your application to be an introducer to them - that is something that would probably only affect you if you try to go directly authorised rather than through a network or another broker.

2) Either working for an existing broker or if you really want to set up on your own, then through a network.

I am not trying to talk you out of it by any means, but the industry now compared to when I started in 2012/2013 is massively different. I think you might be in for a bit of a surprise at how regulated everything is now when compared to 2009.

Timbo40

That!!!8217;s great, thanks for the response.

Yeh, I left mortgages around the time it was all changing. Working alongside a mortgage advisor in estate agency I!!!8217;ve seen what it!!!8217;s like now and that doesn!!!8217;t put me off. As I say, it was a mistake leaving mortgages as I always enjoyed it and did well. Hindsight eh.

Do you happen to know any agencies/networks/brokers to start looking? I!!!8217;m based in the West Midlands.