Potential Earnings a self employed Mortgage Broker

ssnq95

Hi,

I am just wondering what the potential earnings are for a self employed mortgage broker. I have an idea of what can be achieved per mortgage, but wanted to see what can be achieved in total, and how many mortgages an advisor can complete per month.

I have worked in the industry for a year, in a slightly different role to an advisor.

I am starting a job as an advisor in 2 months on an employed basis, but there is opportunity to work on a self employed basis with the firm once i have some more experience and am competent advisor status. My thought process is if i can arrange and complete 15 mortgages per month with each one paying out on average £1,200(£600 broker fee and £600 proc fee for a £150,000 mortgage), then that is a total of £18,000 per month. If i was to receive a 50% from this, then that would be £9,000 per month or £108,000 per year.

I understand that to complete 15 mortgages a month, i would have to be working hard and long days, which i am happy with, but just want to understand if this is actually feasible? Leads are provided, so there would be no self lead generation, but i would not have any admin support, so getting each mortgage across the line would be down to myself, and will take up a chunk of time.

Any thoughts/opinions appreciated. Just want to see if i am being to optimistic.

haras_nosirrah

I think you are being optimistic.

Getting 15 mortgages a month is hard work. Completing them with no admin support is even harder.

While it is possible to earn that much I wouldn't bank on earning anywhere near that figure especially as a new consultant into the industry

ACG

I did 10 mortgages one month and took a month off to recover. Im 34 so not exactly over the hill, but it really took it out of me, although a lot of my customers are bad credit and need a lot more work with lenders and hand holding for the customers who tend to have more concerns than the simple cases.

I think a good number is around 5 a month. It gives you a combination of a good income and being around to actually service your customers rather than it just being a conveyor belt with no personal service.

haras_nosirrah

I quite often do 15-20 mortgages a month but I am 12 yrs into the industry and have a full time admin.

I could not do it without my admin. I would be a wreck.

Without an admin aim for about 7-8

ACG

Also, dont forget, a mortgage can take 2-3 months to complete. That could mean you have 30-45 mortgages on your desk at any one time.

30-45 people asking questions, 30-45 underwriters, 30-45 estate agents (shudder), 30-45 problems...

LRmortgage

15 mortgages a month without any admin support, I’d be a wreck within 2 months!

I think 8 to 10 is probably the most I’d want to do a month to keep my sanity.

amnblog

Just a bit baffled where these 180 customers are coming from.

If you know the answer to that, the rest is just about organisation and management.

haras_nosirrah

I know you are being provided leads but not all leads will go somewhere especially as the fees are top end so a lot of people would also look at other brokers.

To get 15 sign ups a month you would probably need to consistently see 60 people a month. Add in the appointment times, administration, lender and solicitor chasing, compliance, research, form filling, amendments - it wouldn't be possible without an admin.

[Deleted User]

Look less at the numbers and more about the quality of advice you give. On a pure number basis, seeing less people and looking after them better will earn you more money.

If you want to look at the case value for a decent case with a proper level of insurance you will realise that there is more money in giving quality advice than playing a pure numbers game.

When i was employed, 8-12 a month was fine. When i went s.e Iactually cared about word of mouth since my 10 appointments a week stopped, i saw less people and did a better job. Referrals and repeat business is what takes the pressure off in this job

Average case size is what you want to be looking at rather than how many deals you can rush through

Good luck in the new role though

[Deleted User]

From a customer/client viewpoint - if I had an appointment with you and got the faintest whiff of your modus operandi/intentions i'd not continue using you as a representative for me !


It smacks of a double glazing salesman/money-led experience.


Just my own opinion though.

Cscott139

I have been back doing mortgages for just over a year now with no admin support (although I am hoping this will change shortly. I would say I am doing around 6-8 mortgages per month but this means I can spend time with my clients and be available to answer the phone when they have questions or need help etc. It also means I can have discussions around protection etc as a lot of brokers seem to neglect this area.


I would certainly not go into it looking at pure customer numbers and instead concentrate on offering a good service that will lead to client referrals.