Working as a Mortgage Advisor

[Harry you Potter]

I have seen a job advertised I’m interested in and I am tempted to apply. This is a completely new position for me and the role is a mortgage advisor. It is entry but I am coming from a different field.

I want to grow and have decided that my current industry is no longer what I want.

What is it like being a mortgage advisor ?

[Ynox]

Worth trying to search for Sarnie on PH. He's an (excellent) mortgage advisor and may be able to help further.

[tozerman]

My wife works for a mortgage broker (not as a broker)
You need to get a CEMAP qualification, lots of exams though.
Some brokers can earn ridiculous money i. e. Thousands of pounds each week.
You will need to be very good at getting clients and maintaining relationships, hard work cold calling people from data bases, they generally will not come to you unless you work for one of the large brokerages.
TBH I wish I did it years ago..

[macron]

Harry you Potter said:

What is it like being a mortgage advisor ?

It depends.

Background, owned and ran estate agencies for 40+ years, because CeMAP and CeFA qualified and spun out our advisory business.

The basic question is where are the leads coming from?

If you're in an estate agent you'll get first time buyers railroaded towards you despite using you not being something the agent can enforce. You'll be expected to convert them to business. Those moving up the ladder might talk to you but will push back as they are not so green. You can expect minimum wage and a commission on top, usually a % of what you sell.

Because that's what it is, sales. You're selling a mortgage product and anything else you can on top, life cover, critical illness, redundancy etc. Anything that will make you a few quid.

Working for a bank is similar.

Or a bigger firm that's not tied to one outlet, the question remains where are the leads from? Again a %, you may be self employed, so no basic and commission being a %.

The barriers to entry are low. If your head points roughly in the same direction as your feet you'll pass CeMAP. I did it in 3 months flat, it would have been quicker but at the time the exam.centres were shared with driving tests so getting a slot was the constraint. Don'tet anyone tell you it's hard.

Big money comes from setting yourself up and taking 100% of the commissions. You need a way to get leads. If you've been doing it for a while you might get a following, as in people who come back to you voluntarily, and if you're pulling business in from outside your employer's provision you can probably make it.

I pulled our advisors into a separate firm from the agents to encourage customers to go back to them when remortgages were due, as they appeared sufficiently separate. It worked. As discussed paying the individuals properly, with a big enough slice they were encouraged to build their own business but not leave.

Will it make you "grow"? If you like sales, yes. Can you make loads, yes. But it all depends on where those leads come from...