Appointed Representative role with guaranteed income

Beetee_2

Pls help!

I have just completed my cemap qualification and like to work as an independent mortgage broker via a network. The problem is i need to have some sort of guaranteed income as i have to meet the cost of my mortgage interest and personal expenses. I have bn out of work for some months due to redundancy and my mortgage interest payments have bn paid by DWP till now.

Any chance somebody knows of any networks who would appoint me as an AR with a guaranteed monthly income. Would appreciate your help.

Thanks.

Beetee

Dan_Collins_2

It wont be the network that pays you but the AR may. Some companies will pay a bae, from 5k - 20k, the bigger the base the lesser the commission.

Its just about finding the AR. Problem is cant see many AR's taking people on.

homer_j_3

I would suggest you look at a tied role with a bank/building society as there will not be many whole of market/indpendent advisers that pay their advisers on an employed basis in this market.

You also have to realise that to go direct to a network, you need to have some experience in giving advice so it would be unlikely they will take you on - unless you could prove to them you are competent due to previous jobs for example.

dunstonh

Networks are support service companies to advisers. They are not employers.

Salaried positions tend to be low paid and as Dan says, they tend to be a base level with a bonus/commission on top. However, you dont get the full commission but a much reduced amount.

A trainee with no experience asking independents for a guaranteed income is not going to find many takers.

minimike2

In my experience these types of roles do not see you earn much money and you will generally be tied for insurance and shoved into an estate agency.

If you are happy with these conditions then PM me and I will give you the name of such a company, but I know its not a sitaution I would want to be in.

Conrad

I'd recommend Countrywide that own Bairstow Eves and other EAs.
A good firm if you deliver the reslults and dont blame and under performance on the quiet market or lack of support from the EA branch.

Under 'fit and proper person' rules, you might be tripped - up if you had any late payments on any credit. I mention this as you say your mortgage is paid by DWP which can often be an indication of credit issues.

Beetee_2

Thanks everyone.

Basically, all am interested in presently is a way forward to make money to pay my bills and come off benefits, and get some brokerage experience at this initial stage which is why am am considering setting up as an AR in a network. What are the potential difficulties i might face initially - albeit a i have a few clients already on my lead? But am thinking i may have to find some second job to pay my way as money will be slow coming in? I do not wish to work for banks. I like working for myself. What is my chance of making it in the long term in mortgage brokerage?

Your further comments would be appreciated.

homer_j_3

Conrad wrote: »

I'd recommend Countrywide that own Bairstow Eves and other EAs.
A good firm if you deliver the reslults and dont blame and under performance on the quiet market or lack of support from the EA branch.

Under 'fit and proper person' rules, you might be tripped - up if you had any late payments on any credit. I mention this as you say your mortgage is paid by DWP which can often be an indication of credit issues.

Bairstow Eves aka B****** Theives....

Wouldn't put anybody fresh out of cemap school into this role - pressure cooker.

MortgageMamma

You really need to look to a bank or building society for a job but even then you are going to find it tough having previously been unemployed and on benefits. To work in our profession you have to evidence that you have financial stability as part of the requirement of the job and you don't have that at present. What I would suggest is that you either look for a job as a customer adviser in a bank and then progress from there, or try and get and administrators job within a financial services company. that way when you do eventually progress to mortgages you will have something to strengthen your case and you will have been working for a while to.

Just to add as well, the mortgage market isnt a nice place to work at the moment, its tough in a lot of respects - taking an administration role would be good for you at the momnet, it will give you an insight into the industry before you fully commit to it and hopefully by the time you are ready to commit the "credit crunch" will be over and done with.

MM