a career in Mortgages; once you've got your cemap, what then?

tucbiscuit

Hi, I'm looking for some advice so any is appreciated.

I am wanting to do my cemap 1,2 and 3 qualifications in the near future and assuming I pass, what is the normal next step for people after that, as most of the jobs I can see advertised are looking for experience.

The place I am going to train offers a 'guarenteed placement' when you've passed your exams, but on a self-employed basis, ie. commision only and I'd rather be working on an employed basis, and have a basica salary. Is this realistic?

as said, any advice welcomed

Retired_I.F.A.

tucbiscuit wrote: »

Hi, I'm looking for some advice so any is appreciated.

I am wanting to do my cemap 1,2 and 3 qualifications in the near future and assuming I pass, what is the normal next step for people after that....

Sign on the dole.

...as most of the jobs I can see advertised are looking for experience.

Because they want you to have a client bank which you will work on and pay a cut of the fees to them.

The place I am going to train offers a 'guarenteed placement' when you've passed your exams, but on a self-employed basis, ie. commision only...

Worth the use of a desk and phone maybe but dont bank on free coffee most will expect you to chip in for that.

...and I'd rather be working on an employed basis, and have a basic salary.... Is this realistic?

Red Rum winning the next Grand National is more likely and they buried him some time back.

I've said it before to folks in your shoes, "Go flip burgers at Mc Donalds there
is a brighter future there". One Mortgage broker replied: "Lol you may be right" but I was not kidding.

Okay it's been 6 or 7 years since I last placed a mortgage which was just before they became regulated but how hard is it to buy some software costing about £50 a month that'll do all the searching and ranking in oder of the preferences you input of some 3000 or more schemes? Hell that aint even needed for Joe Average with an internet connection.

Yet there you are forking out £xxx to pass an exam that's no harder I bet than the 11 plus to pass so you can do what Joe can do himself anyway.

Admittedly there are lenders offeing mortgages to brokers that cant be had by Joe applying directly but that dont mean they are any better.

For donkeys years mortgage brokers have made their money by finding the mortgage or loan that most lenders would not touch but they even now account for only a small portion of those looking for a mortgage, and there are 100 times more brokers out there nowadays chasing the same crap case.

Remember too that the procuation fees available now from most lenders for almost all cases were not in existance 10 years ago. How would you feel if they decided to save those fees and spend them on advertising or reducing their rates instead or even offered them to Joe as an incentive to come buy direct?

...as said, any advice welcomed

The truth aint so rosey is it?

btw I heard something on the box last night about Mc Donalds offering a degree couse or something simlar to employees. Better to be a flipper than a flopper

tucbiscuit

thanks for that advise, I feel better now........not


been trawling through some old similar threads on here and it seems basic salary jobs as a trainee aren't too realistic

dunstonh

Retired IFA is effectively spot on. The industry is shrinking and employers (like myself and other regulars here) are more likely to go with client banks and experience before taking a rookie on. If a rookie was taken on then dont expect to get paid a salary without it having some financial liaibilty unless you go to a bank.

It is also probably the worst time in over a decade to be considering a career in lending.

homer_j_3

I would look to do cemap 1 and then get in a bank or building society. Even if its in a customer adviser role. Often the bans will recruit from within and if you can achieve your Cemap then you will be in the best position for getting an employed role.

There are companies being set up left right and centre to offer training - often by brokers who are realising the way the industry has been going.

That said, the industry goes through these cycles and if you want to do the job then don't let a couple of people put you off - just be realsitic that the situation isn't all roses at the moment and to offer you a self-employed placement is not risking anything to anybody but yourself.