Looking at joining a good mortgage network.

steve70

Hi

I've been working as a mortgage adviser and in financial sales(have full cemap etc) for a while now and i'm looking to set up on my own. I know the market is bad right now but I want to work on my own. I've been thinking about joining the "Pink" mortgage network, they charge a flat monthly fee and seem reputable. Has anyone had any experience with them. Also with regards to setting up on your own, as a mortgage broker naturally I would do the fact find etc but would the full application of my clients be done by the proposed lenders or will my network do that on my behald and let me know whether the application has been approved by the lenders and their products that I had proposed?

thanks

17Dave

Hi Steve
If you are a mortgage adviser with a network you get to do all the paperwork - application / ID etc. plus chasing on behalf of the client!!
Most networks offer sourcing software and back office software to input the factfind and stay compliant. The compliance, software and Professional Indemnity insurance is what you are paying the fee for.
As with any new business you need to understand your market - especially how are you going to get leads?
Good luck

chapelman

Hello Steve

I can understand your problem completely. We were with Mortgage Times when they went bust and although we got loads of phone calls from other networks all telling us how they were the best, we didn't really have a clue which way to turn. The good news now is that you don't need to guess which network is right for you anymore, we used one of the network consultancy firm to help out. Didn't cost us a penny, we were happy with the advice we got, and we've been with our new network for nearly a year now.

With regard to the work you'll do, basically this will be, Initial Disclosure Document, Business Card, factfind, (do the sourcing), Key Features Illustration, Fee Agreement, Suitability Report.

Best of luck with your quest.:beer:

Canderson

Hi Steve


Out of self interest: thinking of being a part time mortgage broker myself - I wondered how it was going for you?