Why become a mortgage broker

The 200k is the commission amount, not the no of cases. The no of cases i'm not sure, i know i average about 80/90 cases at any one time allocated to me.
Yes, a lot of cases are submitted electronically. Our part of the business isn't hugely profitable, but we are part of an estate agent so other parts of the business make up for our lower profit margin, and the life cases are very often more profitable than the mortgage cases. Fees vary enormously, some advisors don't charge a fee, some do - the adverse cases very often have high arrangement fees (as is always the case, the less you have, the more you pay). Unfortunately, it's a fact of life that the more problematic a case the more man hours spent on it. The Halifaxes and Northern Rocks quite often are offered within a week of us getting the case in the office. We have adverse cases that have taken a year or more to complete.

Average proc fee of £450 would equate to 14/15 cases per adviser which is a good level. I do that without admin support

oh yes - its exhausting

the 80% life to mtg ratio helps me justify the time though lol.

homer_j wrote: »

oh yes - its exhausting

the 80% life to mtg ratio helps me justify the time though lol.

You also need that work life balance and I find that admin support and technology help me get that

HelpWhereIcan wrote: »

The commercial side of mortgages is a growing (but still ignored) side of our business. The cases I have done have been interesting to do as the skill set required is a little different and business owners tend to be very focused on what they are getting for their money.

This does mean that it is easier to justify charging a fee as most business owners can quantify the time you save them as well as the cost.

I have though found it neccesary to charge an upfront fee for researching their options and coming up with a proposal as I have had business owners use the figures I get them to bargain down their own bank. Easier done in commercial as banks tend to have a bit of movement in the rate when pushed that they no longer have in residential.

interesting work, well paid, but hard work and increasingly competitive.

I've got to be honest I've NEVER EVER done a commercial mortgage - I've had a handful of enquiries in the past but I've always handed them over to other brokers - indeed I pm'd JoeK with one the other day. The reason I do this is because I work alone and I have nobody to train me on them and I feel I would not be giving me clients the service they deserve due to my lack of training in that area

MM