Mortgage Advisor Career

Graeme7777

Hi,

I have long thought that being a mortgage advisor could be an interesting career and I am in need of a change of direction.

However, when I look at trainee advisor jobs the salaries are in many cases awful. Given that I can't afford the salary drop if I were to quit my current job to take up a trainee advisor role, is it possible to train with an advisor firm on a part-time basis until I have the knowledge and experience to earn a higher income?

Any advice would be great!

Thanks

sdooley

I think you have chosen the wrong moment in the economy to switch into that career. There will be a lot of lay-offs in the sector.

Graeme7777

Good point!

I meant to say - but forgot - that it's not something that I'll do any time soon.

Dithering_Dad

Don't you just have to be a 'wide boy' with no scruples, encouraging people to lie about their income and get mortages that they can't afford?

_Andy_

Self-cert is so 'last-season'

Graeme7777

Oh dear, I'll be no good at it then! lol

FraudBuster

The Lie-to-Buy Mortgage Advisors are keeping their heads down.

There must openings for new kids on the block.

Tiddler_2

What sort of salary were you expecting to achieve as a mortgage adviser?

When I worked at the Halifax, they changed the bonus/commission payment system and advertised OTE of around £35k. Having been a MA with them for the previous 3 years the most I had earned was £23k and I was recognised as one of the better advisers in our area. The highest earning adviser in the country earned £40k, but this was before these new payments came in.

On the new system he wouldn't have even earned the £35k OTE.

Hence my decision to leave them, as my 20 years experience was being wasted trying to sell current accounts/credit cards in order to boost earnings.

I left to become self-employed working for someone with a reasonable client bank, and in my first year I have earned about £14k for myself.

At the moment I would guess anyone without a reasonable client bank, will be struggling, paying for leads and then possibly having the quandry of having to send customers direct to the lenders to get the best deals.

Ian_Griffiths_Halifax

Anybody new to this industry and who has to buy leads in will be wasting money and not last long.

Expect a drop in income initially as you build contacts, clients and credibility. In the long term, if you are a good, honest, reliable person, your clients will stick with you and you'll be rewarded with referrals and recommendations.

Mouth_of_Sauron

I'm alarmed that anyone would want to join the industry in this climate. The door in is probably still open because it's been left open by the number of people leaving, surely?

dunstonh

I suppose its been a while since I posted this but here we go

over half of new advisers leave the industry within 2 years having failed to make a go of it. Most of them in debt because they didnt earn enough and held on too long on the hope it would get better.

Mortgage advisers do not have very good earnings full stop but some can get to a comfortable position but in the early years it is very hard work. If you are self employed you can more or less forget about earning anything for the first 3-6 months as you are paid on completion.

Biggest reason for failure is lack of clients. If you dont have the clients, you cant arrange the mortgages, you dont earn the money.