Anyone knows a good decent Mortgage Network for newly qualified advisors?

[Richard Allen]

I have recently achieved a CeMAP qualification. Looking to start my own business as self employed sole trader. Anyone knows a good decent Mortgage Network for newly qualified advisors? There are many networks but it very confusing how much they charge and what are their requirements? Do they help in getting business?

 

[Gordon - Commercial Finance]

Where are you based?

 

[Richard Allen]

Newcatle

 

[Richard Allen]

Newcastle

 

[STDFR33]

Newcatle

I thought that was farm in the North East.

@tony84 might know?

 

[tony84]

Without any experience getting business or being a broker you are probably going to be limited and may even struggle setting up on your own until you obtain CAS. There are a couple of networks I know who may take you on, but their costs are likely to be higher until you have CAS and are turning over a decent amount.

New Leaf, The Right Mortgage Network are 2 who I would maybe give a call to.

In terms of costs, some charge a monthly fee, others take a cut, others will do a combination of the 2. In the first 12-18 months, I would expect to be paying equivalent of maybe 25-30% of turnover with a minimum £300 a month. Once you gain experience and start writing around £30-35k a year, you should be able to get that down to 12-15% of turnover.

The important thing is:
1) Dont make your decision on cost. I have been under 2 networks and both charged roughly the same, but the difference in how they treated you, their requirements from a compliance perspective and the support was night and day, the better was MSN were by far the best.
2) Ask about their requirements and the support they will provide, the compliance process, what happens if your cases faill compliance (they will) - but take their answers with a pinch of salt. Their job is to sign you up, so they will tell you it is a doddle and easy etc but what one network needs could be different to another. As an example, one network I know of needs you to do a life insurance quote for every case - regardless of whether the customer wants or needs it. That is just more work for the sake of it at times.

Networks usually just ensure you are compliant, they do not provide leads.

 

[Richard Allen]

Thanks a lot tony84. Its very helpful.

Have you heard about Ingard Financials? They charge 40%. They are ok to take newly qualified advisors.

One more question please. How long it takes to get CAS after joining?

Regards

 

[tony84]

I have heard of ingard. I was always taught if you cant say anything nice, dont say anything at all - so hopefully that helps you out.

 

[CharlieHooray]

I believe Sesame Network are the biggest in the UK and very competitive on fee's but no idea on their service- we checked them for protection and impressed by fees compared to others but worked out the network option wasn't right for us.

 

[Richard Allen]

Thanks @CharlieHooray

 

[CharlieHooray]

Glad I could help Just found our old prospect list on trello with some notes. We reached out to the following networks...

- Quilter (previously known as intrinsic)- not v.helpful for new starters
- 2plan- never heard back
- The Right Mortgage Network- 100% the most, just didn't have what we needed.
- TentConnect- Never got back to us
- Paradigm Mortgage Network- Helpful but couldnt provide what we needed.

Hope this gives you a few more options to try.