New to self employed mortgage advising. I need to know what I'm getting myself into

CeMAPnewgirl28

Hi guys,
I'm newly CeMAP qualified and I've been offered the opportunity to go self employed with an IFA. They will be providing leads and support whilst I'm learning. The splits ain't great to begin with but once I start banking good money, I've been told they will increase. I'd be going from a decent salary in my employed role (retail management, poor hours, no work life balance, no progression) to earning nothing, which I'm more than prepared for. So my questions are for those who have done this.......

How long was it before you started to see a decent amount of money coming in? Say 1k+ a month

How do I go about registering as self employed? Do I do it straight away?

Is it lucrative being a self employed mortgage adviser?

Would it be worth my while to study for dipFA as a progression from mortgage adviser?

I'm terrified at the idea of not having a steady salary coming in every month but I also don't want to be stuck in the job I'm currently doing. I know it's going to be hard work and I'm more than willing to put the hours in to be successful.

Many thanks

haras_nosirrah

I went self employed 10 months ago after 12 years working for one of the largest broker firms (estate agency based)

In my case I earn more now than I did but as I get recommended by 2 housing associations for shared ownership I have had all my own leads for more than 8 years so for me it was leaving the remortgage business beind that was the risk. Fortunately it had paid off.

Work life balance is much better. I work part time and have an office administrator to help me now which helps me. I would never go back

The first 3 months were lean especially if you are used to a decent income. I had 6k in savings to see me through.

Split wise what are you being offered? I get 65% of leads I bring in and 50% if I get given leads (all of mine are my own). I could have got more but then I would not have got admin support and as a part time worker that was vital to me.

How many leads are you expecting to get a month, what development are you going to get, what is the benchmark for the amount to go up? Where will you go to bring in your own business?

I have no regrets about making the jump but I am very lucky that I walked in knowing I would write 15 mortgages a month. Check how many leads he has to give you before making the leap. I speak to some people who write 1-2 mortgages a month as self employed.

To be earning a basic living you probably need to be aiming to write a minimum of 5 mortgages a month.

Self employed I set up as a limited company but you would probably go sole trader