Becoming a Mortgage Broker - Advice

AnalogueNomad

Bit of a random one. I work as an insurance broker, advising clients etc. but with a focus on lead generation and business development. I have no mortgage experience but I’m thinking about training to become a mortgage broker alongside this role. 

Does anyone have any advice? Has anyone retrained part-time? Or is anyone a mortgage adviser alongside another job? 

Ultimately, the plan would be to do both jobs. I wouldn’t quit my current job so there wouldn’t be any huge pressure on this delivering an income short-term. And my current employer is very flexible. 

I’ve seen one or two adverts for self-employed training positions. But can anyone recommend a firm? Or is anyone looking for an over-aged (I’m 34) apprentice? I’d prefer to work for someone small and my priorities would be learning the market, getting qualified and working with someone knowledgeable and supportive. As a kicker, I’m pretty confident I’d be able to generate leads and help with other parts of the business, so I’d hopefully be able to make a positive contribution early on. 

Appreciate the housing market and wider economy being at a near standstill makes the timing of this questionable...but thanks in advance everyone. 

ACG

If you are doing insurance under the current firm, you might struggle to get a regulated position elsewhere. 
Doing the exams you should be relatively ok with as you have an understanding of regulation and insurance so it should just be the mrotgage bits you need to read up on in order to pass the exams. 

With your other job, will you be able to answer the phone and do work for your mortgage customers whilst doing your employed job? If not, what will you tell customers who want to call you during the day for an update? Its not fair on your customers to be left hanging... I used to work for a bank whilst getting my mortgage business up and running. It was horrible, I had to take breaks to call customers or lenders back and on my lunch, before and after work. 

Could you not get your current employer to get the extra licenses and insurance and then you agree to pay that plus an amount in order to do mortgages? 

(Also im 35, your not really over the hill at 34). 

AnalogueNomad

Thanks, ACG. Kudos for getting up and running alongside the day job! 

I’d be fine answering calls etc. at my employed job - I often work from home (even under non-lockdown circumstances) and I have a good relationship with my director so would be completely open about starting another job. 

We work as an AR of a larger firm and, as a result, don’t get much say over licenses and agencies. And they’re relatively niche anyway (health insurance and employee benefits mainly) so probably wouldn’t be up for expanding into mortgages on my behalf. But I take your point about how a potential conflict could limit my options. Although I imagine if this was declared straightaway it could be managed. 

ACG

100% if your open about it, worst case scenario they say no there will be companies out there who do not mind.