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

_Andy_

Steve

What is it you do a the moment? Are you working for a bank for example?

Re the applications you would do the application direct to the lender and dependent on the lender get a decision in principle straight away online. You will also be responsible for that case right through to completion (e.g. taking care of paperwork, chasing the lender, chasing the solicitor etc etc).

This really is not a great time for brokers, even estabilished ones, and personally I think you'd be making a big mistake going self-employed right now.

Tiddler_2

I'd agree with Andy to be honest, now is not the ideal time, to be going self-employed.

If you do decide to go for it, the one thing you have to think about is where you are going to get your business from? You won't be able to rely on the network to provide you leads.

There was a similar thread that had been revived this week - I'll put a link to it shortly

Also you will need around 4/6 months income in the bank as you will go a significant period without receiving any income.

http://forums.moneysavingexpert.com/showthread.html?t=845923

superged

Now is a VERY bad time to be a broker. You would be absolutely clinically insane to do it now. We have an Estate agency introducer, A letting Agent, 2 Accountants and 2 Solicitors referring regular business as well as client referrals and last week I had to make 5 staff redundant due the current market conditions.

Put another way, if you're the kind of guy that thinks taking baths with electrical appliances is a good idea, then go for it.