A good route into Mortgage Advice

[Sam Uff]

Hi all,

Since leaving school without many qualifications I have been in and out of jobs not really knowing what I had an interest in as a potential profession. I have recently taken an interest in financial advice, in particular mortgage advice.

As I said I didn't leave school with too many qualifications as I wasn't too focused on educating myself at the time. My Maths, English and Science grades were all Bs but I did not pursue A Levels. Most advertisements for roles in the afore mentioned field ask for at least 2 A levels. My question really is, that if I were to go about becoming CeMAP qualified off my own back, would that go a long way if any way towards getting my foot in the door? If so what other steps should I take towards this?

Thanks all for taking the time to read and reply, your advice will be greatly appreciated.

Sam

 

[tony84]

DONT DO IT!!!!

To be a Mortgage advisor you need Cemap (or similar).
Once you have Cemap, you then need someone to take you on and help you to obtain CAS (Competant advisor status) and once you have that, you are free to do what you like more or less.

The easiest bit is getting Cemap, getting someone to take you on is the tricky bit.

I have a trainee and it is very time consuming as you have to learn lenders criteria, their little quirks, how to manipulate systems to give you the best possible chance of acceptance. most importantly, you have to learn compliance - which is basically a way to save your bacon when someone you have helped to get a mortgage decides they are entitled to free money (compo) for some made up reason. To give you an idea, you probably spend 2 hours with the customer, an hour or 2 doing research (once you are experienced) and then 5-6 hours doing paperwork, applications and compliance.

I LOVE my job, but only because I am my own boss, I pick and choose my clients and I work when I want. I have done this job employed for a bank and self employed for another broker and hated it.

You could do with finding someone who will help you to obtain CAS really before spending money on exams. A bank or estate agents may take you on as a trainee, but you are then up against people with better exam results, where as to a small independent business.

Also, with Brexit around the corner, I am 50/50 on how business will be in 12 months.

 

[Sam Uff]

Thank you for your reply Tony and for the advice. What would be the best way to go about contacting a firm in advance to see if they would entertain me in future?

Sam

 

[tony84]

email/call?
Some may even take you on doing admin or something whilst you do your exams.

I have a trainee at the minute and its hard work from the brokers point of view as there is a massive investment of time (more than I was expecting), so you may find people are not open to it - but if you do not ask, you do not get.

 

[Sam Uff]

Okay Tony I will keep allot that in mind. Thanks again for your advice.

Sam

 

[Tara Beth]

Good evening, I've been reading the posts and have found the information here very helpful. I passed my CeMAP exams 2 years ago and have tried to get CAS with 2 companies. The first messed me around and I found myself working for free. The second I have worked for for just under 2 years. My boss keeps saying that he will sign me off, but after working the past year on all types of mortgage and protection cases, I'm starting to lose hope. I have now completed at least 70 cases, conducting the meetings, structuring the mortgage and protection advise and completing the applications and client paperwork. The training has been excellent but I'm getting tired of earning a basic wage with no commission because I am not deemed competent.
Does anyone have any ideas of what I can do about this? My boss is a lovely man, but he knows he is winning here. I did wonder if I should approach a mortgage network, but most if not all what an advisor to be signed off. Any advice would be greatfully received.

 

[tony84]

Sounds familiar. I had a boss who once offered to train me up, I was never taken on any appointment so I started making my own appointments and he still never took me on them!

Some networks may take you on as you are experienced. There may be an issue as to why after 70 mortgages you have not got CAS (ie have your cases not been up to scratch), but I would expect most to think if you have done 70 mortgages and you are still there then there is no issue with the advice provided.

Give me a shout if you fancy a chat. I am looking at taking on a couple of extra brokers in certain areas so depending on where you are we might be able to sort something out.

He may be lovely, but what kind of person puts you in a position where you stay because you have to? Have you ever seen Misery?

 

[Tara Beth]

Hi Tony, thank you for your response. It did make me laugh as it has been miserable! You are right my number of cases do look odd. I have my yearly review coming up shortly and its something that I need to discuss.
Thank you for offering to speak with me, I may take you up on that.
I need to consider what I want to achieve. However your response was just what I needed. Thank you.