matt85

basically ive had a job offer as a mortgage consultant with to be a large firm with what appears really good prospects.

ive no experience and they will provide full CeMAP traing and claim OTE earnings will see you off with around £36000 in your first year rising to £70k+ after that. it all seems too good to be true so ive got a few questions.

what did you earn as a first year trainee, what do you earn now?
what qualifications do you need?
what skills would be needed?
do you enjoy it?
what are the promotion/money prospects, realistically?
does this job seem for real or are there hidden catches

any other things that you feel i might need to know please feel free. any advice wold be very gratefully received.

if you would prefer not to discuss it on the thread please feel free to PM me.

thanks in advance.

matt85

anybody?

fast bloke

Do they provide you with leads?

fast bloke

I started doing this 18 months ago - each mortgage would be worth between £150.00 and £2500.00 depending on the applicants circumstances and how much insurance they need. First time buyer in a 100k house with good credit history you would be expecting to make about 1k. Usually about 5-6 hours work in each mortgage, so 36k is realistic if you get enough leads.

Compliance is a PITA, - reams and reams of seemingly unnecessary paperwork just in case someone sues you in 5 years.

One aquaintance of mine is 27y/o, been doing this since he left uni 5 years ago and just bought himself his first house......... £950,000.00.

Even with a 10% deposit, he has to be earning 200k a year to get the mortgage -


.... wouldn't mind doing his mortgage

Tiggs

we are about to employee some mortgage consultants.......not many are making that money and those that do are making it by churning over their client bank every time their fix term deals end....fine when you have a client bank.

as FB says- where do the leads come from? we will supply leads to our guys but then they get less of a cut. if you are fed leads that make you £70k pa then someone sat high up is laughin, if you supply your own leads then be ready to get the phone book out!

also consider other advice...are you only selling mortgages or will you also deal with their life assurance needs etc? and who gets the commision from that? our guys have to pass a cut on all that to us so check that out.

at the end of the day financial services still has areas where money can be made.....but the industry is shrinking massively. in effect the middle of the market has been cut out (pension, endowmnets, savings) so you have ppl doing mortgages and life cover at one end and the other end deals with high net worth/investments etc.

while the mortgage end avoids a lot of the regulation and training needed to deal at the other end its not where i'd want to be.

T

T

Tiggs

"One aquaintance of mine is 27y/o, been doing this since he left uni 5 years ago and just bought himself his first house......... £950,000.00. "

lol- so uni was usefull then!

he should have started at 18...he'd have bought his house cash

fast bloke

He did a degree in History and philosophy of science - wish I had done that


B2Z - M8 - You wouldn't believe the hassle you have to put up with from people who can't make up their minds ........ I have this one client.... oops - thats confidential

Tiggs

"I have this one client.... oops - thats confidential "

if you only have one im not surprised its confidential!

fast bloke

Do you mean you can have more than one at a time?


Client orgy sort of thing?

J S W

it is worthing remembering that every tom dick and harry is a mortgage consultant these days. A few years back mortgage consultants were few and far between.

I think a lot of people may have missed the bandwagon and soon I fear you may be in the same league as double glazing salesmen.

Tiggs

as above, we were going to farm our mortgage biz out to a person that ran a series of "consultants"...turned out they just got mates to sell them to mates...a kind of "mortgage tupaware party" thing!!!! was a joke...hence we decided to get our own ppl we can control!

Tentenths

Tiggs,

Whilst at the moment mortgage regulation is, arguably, not quite as onerous as the rest of financial services, don't forget the FSA (bless 'em) take over from the MCCB before too long.

scoobypreza

Makes me realise how crap my wages are
As a teacher I will never earn enough money to get a mortgage of more than 100k on my own

matt85

cheers guys.

has definately opened my eyes a bit further. im not sure if they supply the leads to be honest yet its still in its early stages. im going to a seminar type-thing sometime in the next fortnight so hopefully ill have a better idea then what the score is.

im not too bothered about missing the boat in this market, so to speak, and i am willing to turn it down and wait for the right job to come if its not EXACTLY what im looking for, because at the end of the day im not even 20 yet and i was planning on university next year anyway so if uni is necessary to get the job i want then so be it.

fast bloke

matt - give it a go - I love it -

tentenths - 1st October is P day (paperwork day) but it is already over regulated - MCCB want to introduce 'fully sustainable homeownership' as their dying kick. If I arrange a mortgage for someone who does not wish to spend £300.00 a month on insurance then I need to produce 14 documents and get each one signed to avoid getting either my *** sued or suspended for breach of compliance

Tiggs

like many things....the compliance is so far removed from the actual problem its a joke.

my firm has to keep records of the records of the records! it means you could do do everything right by the client and record it as such but still get in trouble because you dont record that you recorded it!