Mortgage Advisor Career

homer_j_3

When you come fresh into the industry, you have 2 options.

Option 1 - You go to a fast track school OR self study the qualifications

Option 2 - You go into a bank or similar organisation where you can learn and earn as you qualify within the industry.

If you choose Option 1, you are ideally looking to go into an employed role where you can do your apprenticeship as such so you may get into a bank/building society or estate agent at this stage.

The other option that you have is you could look to go self employed with a DA firm who will look to supply you leads and or expect you to generate your own. These companies will take a chunk of your earnings and often have contracts that are heavily biased in their favour.

It will only be after 2-3 years that you will want to consider looking at going it alone, this will be just about when you have found your feet properly and it may take a little longer if you have only ever advised on one product range to get you out of the thinking that all lenders operate the same mentality.

Clearly, long term you should be able to turnover £50-70k worth of business without charging fees with completing 3 mortgages a week. Charge a fee and you may be able to reduce this to 1 or 2 depending on the fee size.

Anybody wanting to change careers will have to accept that there is likely to be a drop in income as I would probably have to if I was to say do your job. Experience pays in any industry that I am aware of where there is any sort of skill involved.

If you are serious about doing it. Then you need to look at what sacrifices can be made and if they are going to be worthwhile.

Dithering_Dad

I'd also add that with the prevalence of mortgage comparison websites, that the market for Mortgage Advisers is surely getting smaller. I certainly have never used one in the past and seriously doubt I'd be interested in this in the future. Just my opinion of course, and I'm open to a debate about the value an advisor adds....

Ian_Griffiths_Halifax

Dithering_Dad wrote: »

I'd also add that with the prevalence of mortgage comparison websites, that the market for Mortgage Advisers is surely getting smaller. I certainly have never used one in the past and seriously doubt I'd be interested in this in the future. Just my opinion of course, and I'm open to a debate about the value an advisor adds....

A few people will get a mortgage they are happy with, but Comparison Websites have helped me to show that I'm a competent adviser and show these up (including the FSAs own site) as simply a list of mortgages comparing one rate with another. That doesn't mean that the deal is right for the client or that they would be accepted by the lender.

homer_j_3

DD

There is clear value to be had from an adviser/broker but whether those values are valued by you is a different issue and if you know what you are looking for, understand the market and have the time to spend doing the research then that is fair enough.

Many people use/d (I will add past tense in there with current conditions lol)a broker to find the best deals. Best Buy tables are often sponsered and misleading if you do not know that the most important bit about these tables is spotting the information that is not there rather than what is there then you are on the road to making that sponsorship pay for that lender.

Another reason is purely because they do not know anything about mortgages nor have the time to get their head around them, so convenience and knowledge is valued by them.

People are working harder and longer these days and with the cost of living increasing, I cannot see this getting any better. Time is therefore money as the saying goes. A lot of people want to spend as little time and inconvenience themselves to sort their mortgage out. Looking at banks/BS who only open in working hours, brokers will work more flexibly and will allow that person not to work lunch hours or take leave to sort their mortgage out.

The final reason that I believe people use brokers is because they actually want to get Advice and ensure that they are receiving the right products and want to make sure that their objectives are met rather than adjusted to fit the banks products. The consumer protection our advice gives is a benefit to using a broker.

You seem to be financially savvy from your sig and I am not going to preach about using a broker. If people are happy to do the legwork and rely on their knowledge then that is good.

Conrad

Duhnston

You say mortgage advisers are'nt high earners. I made £150,000 net profit in my best year. In my first year self employed (97 - 98) I made about £100,000 net after all expenses.

In the current difficult climate I will be lucky to scrape £100,000, possibly down to £75000.

The money is fairly good, it's the role itself that is awful. As you say staff turnover is just about the worst of any sector. You have to think along the lines if 'the apprentice' in that every action you take may or may not result in a business transaction. You do lots and lots of work for no return at all - this is very disheartening.
To make a sucess of the role you need a very resiliant personality and to be quick on your feet. You cant relax for a minute or you lose potential new business. You constantly think about the current crop of potential cl;ients and how you will get them to transact. People think all you do is find the best deal - ha!!

dunstonh

Personally, I do fear that mortgages will follow house and car insurance in becoming increasingly arranged direct or via the internet.

There should be a market still for mortgage advisers (in the same way you still see travel agents) but in reduced numbers. You just need to look at the the decline in the number of insurance brokers over the years. You still see some in the back streets of your town centre but not like there used to be. most of them that are left have moved into mortgages and investments or have been bought out by larger firms to get access to a client bank.

I have less fear for the experienced mortgage adviser who has built up a client bank and has client loyalty or is attached to an IFA firm with long standing clients and ongoing servicing. Those starting out now or in the last year or two are going to find it a hard slog and may have to rely on luck. Of course luck has a lot to do with sucess or failure. I look back over the years and can identify lucky events which altered my career path for the positive. I see events of others that suffered bad luck.

Duhnston

You say mortgage advisers are'nt high earners. I made £150,000 net profit in my best year. In my first year self employed (97 - 98) I made about £100,000 net after all expenses.

In the current difficult climate I will be lucky to scrape £100,000, possibly down to £75000.

Perhaps I am just comparing it to IFA income. However, Conrad, those level of earnings are not generally realistic for a new recruit. Indeed, I dont think I have ever seen a high earning mortgage adviser unless they doing lots of sub prime, charging big fees and taking insurance on indemnity basis. Also note that I am in North Suffolk/Norfolk and mortgages here are typically at or under the £100k mark.

Graeme7777

I think you've all put me off re-training as a mortgage advisor!!! lol

What then are the alternative careers in helping people with their finances? (not IFA as I studied insurance as part of a university course on risk and I found it very dull)

Thanks!

dunstonh

What then are the alternative careers in helping people with their finances? (not IFA as I studied insurance as part of a university course on risk and I found it very dull)

LOL. you found insurance dull and dont want to be an IFA but want to be a mortgage adviser. Mortgage advisers typically earn more from insurance than mortgages. I barely earn anything from insurance. In fact, its been over a year since my last protection case. IFAs are primarily investment advisers.

homer_j_3

Accountant possibly?

dunstonh

homer_j wrote: »

Accountant possibly?

Boring. I started out in that direction and gave it up.