Trainee Mortgage Advisor

P_L91

I’ve recently qualified as a Mortgage Advisor (Non- CAS). I’ve been thinking about what route to take, employed or self-employed. I don’t come from a mortgage / financial background at all and realise there is a lot of people I the same boat who are from a financial background. Given the current circumstances, there aren’t many trainee roles going and if there are I am 1 / 300+ applicants.

So I have started to think about going down the self employed route via joining a network. I understand networks charge a monthly subscription fee + a percentage of commission. I understand that it could take 6-12 months, or maybe more, before you see any rewards.

Has anyone taken this route that can give me some more insight into what I should be aware of?

Are there hidden costs?

How much support is there, particularly for someone new to the industry?

Are there any other routes that you could suggest?

MovingForwards

Have a read through this thread, then do a search of the forum as the same questions keep getting asked and answered by a few brokers:

https://forums.moneysavingexpert.com/discussion/6213921/training-to-be-a-mortgage-advisor#latest

Marcon

Where are your clients going to come from? Given the vast amount of competition, why would anyone come to you in preference to someone with plenty of experience and a finance background? Is your proposed career actually viable, at least in the immediate future?

The questions aren't meant as negatives, but in today's climate they really do need to be thought through sooner rather than later.

ACG

When I started out in 2011, I managed to get a network to take me on through someone I knew. I had experience in financial services and I found it difficult to find a network to take me on as I had no experience in mortgages or customer base. 

It is actually quite hard to get your first steps on the ladder in this industry. The ideal is to get a trainee broker role in an estate agent, sell your sole to the devil for 6-12 months and then go it alone once you have CAS but that will be quite difficult at the minute. 

Self employed is quite difficult, in the nicest possible way, you will be a liability. You will take up someones time and need lots of help and support, you are going to be more prone to mistakes which in a regulated industry can be costly and that is why if you go self employed you will probably have to pay away a large chunk of what you earn (I had to do that) to make it worth someones time. The first 12 months are more or less a write off and quite difficult to earn a wage, year 2 gets a little easier as you hopefully start to get some referrals. If you make it to year 3, it usually gets easier from there. 

It is unlikely a network will take you on directly, you will have to go under another firm, so you end up paying the network and the firm. Once you obtain CAS you will find you can start to look at going it alone and so only have to pay the network.