Just a little advice needed on being a mortgage broker.

peace800

I have my cemap and I am working in a call centre in mortgage sales as a mortgage seller for a major bank.

My question is, as I want to eventually be a mortgage broker would I be right in thinking that working as a mortgage seller on the phone and then possible as mortgage adviser for a bank/society would give me good experience(as well as my full cemap) to eventually set up on my own.

And if so would i need to get competent adviser status or can I set up as a mortgage broker with my cemap and mortgage sales experience having worked a while for the mortgage contact sales department (non advised)of the bank(technically)?

UK007BullDog

We have had many discussions on this one here, just in the last two weeks. Search the forum for the posts and settle down with a cuppa to read all.

Dan_Collins_2

Become a plumber!

Retired_I.F.A.

My dad was a plumber, wish i'd have followed in his footsteps.

MortgageMamma

I wanted to be a midwife. I really can't work out why I didnt do that! Apparently theres less agony in childbirth than there is getting a mortgage these days.

TwelfthMan

I was going to be a professional cricketer until I found out about girls, beer and kebabs at the age of 16-17 and it all went wrong from there.

merlinthehappypig

MortgageMamma wrote: »

I wanted to be a midwife. I really can't work out why I didnt do that! Apparently theres less agony in childbirth than there is getting a mortgage these days.

I've just sent you a pm- nothing to do with this thread, just wanted to let you know!

dunstonh

I have no regrets at all about being an IFA. There is no way I could earn or have the lifestyle I have now in another profession.

However, the timing of my career path started in the days when there were far better career opportunites, higher earnings for tied staff (so whilst you were trained and learning you got paid well). Plus its always been investment business in fairly or very wealthy areas. Hardly any mortgages (and I havent done a mortgage in 10 years). There was also luck with some of the timing.

Looking at the options available to new recruits day, there is nowhere near the opportunites or earnings potential that there used to be unless you can hit the ground running. Those that can get through the tough early years should find they can make a career out of it but I dont think mortgage only advice has a long term future. I can see it going the way of house and car insurance where internet killed off a lot of brokers. I think ultimatly, all mortgage advisers should be looking to get their investment qualifications. Even if they dont use it straight away. Especially if the FSA do increase the qualification requirements for IFAs as they suggest. To become an IFA with only cemap held could take as many as 9 further exams (4 of which only have two sittings per year and realisitically take 2 years to sit).

MortgageMamma

I am one exam away from holding basic IFA qualification, and have been thinking about re-doing the CF exams. Problem is, once I have passed exams there are no IFA's in my firm to "train" me, and I am not stupid enough to go into it without further training. It has been many years (6) since I was involved with investment planning and pensions so a lot to catch up on and its quite daunting really. Also I would have to leave my firm which would be heart wrenching and a financial blow. I am caught between an opportunity and loyalty!

MM

Retired_I.F.A.

There is only one way to make real money and it applies to every job imaginable. Get folks to work for you. Do it all yourself and your just earning a living.

MortgageMamma

yes but you have to earn enough money to get the folks to work for you in the first place! besides, not everyone wants an empire, I'm quite happy just to earn a living