Training and pros and cons, on becoming a mortgage broker?

[Johnc2020]

I want to become a mortgage broker but i would like to learn/train part time if possible. And if once qualified, can i then work part time in between my current job, working 4 on 4 off until I'm confident and financially able to work on my own? This is the first time I'm asking this question online or in person, so i dont know if my questions are coming out properly. And i would also like to know what the pros and cons of being a mortgage broker/advisor working for a company and self employed basis. Please feel free to contact me privately or ask me questions below too. Many thanks

 

[WaveJumper]

There are a lot of useful threads on this very topic type in 'how to become a mortgage broker' in the search box and you should find all you need best of luck

 

[tony84]

It is not really a job you can do part time.

On your 4 days off, what will you do if:
an underwriter asks for some additional information?
a customer wants an update?
an estate agent wants an update?
someone you have been helping for a few weeks than has an offer accepted on a property?

Will they all have to wait for you to come back to work?

When I started out, I had a full time job and did mortgage advice. It was horrendous, I would be sneaking out for "toilet breaks" to answer the phone or call people back. I would be calling people before I started work, after I finished, on my lunch - I was doing 2 jobs, and I wasnt even busy as a broker. I was only doing maybe 2 applications a month.

It just does not work and it is not fair. Your customers are buying probably their most expensive purchase, it is a stressful and emotional time, you need to be giving them 100%.

 

[Johnc2020]

There are a lot of useful threads on this very topic type in 'how to become a mortgage broker' in the search box and you should find all you need best of luck

Thank you, will try that now

 

[Johnc2020]

It is not really a job you can do part time.

On your 4 days off, what will you do if:
an underwriter asks for some additional information?
a customer wants an update?
an estate agent wants an update?
someone you have been helping for a few weeks than has an offer accepted on a property?

Will they all have to wait for you to come back to work?

When I started out, I had a full time job and did mortgage advice. It was horrendous, I would be sneaking out for "toilet breaks" to answer the phone or call people back. I would be calling people before I started work, after I finished, on my lunch - I was doing 2 jobs, and I wasnt even busy as a broker. I was only doing maybe 2 applications a month.

It just does not work and it is not fair. Your customers are buying probably their most expensive purchase, it is a stressful and emotional time, you need to be giving them 100%.

Ah wow, thanks ever so much for your in-depth reply. I actually never thought of it like that and I’m glad I did ask my question early on, before thinking it could work. Obviously what I think would be possible and what is practical are now 2 different things Lol. I’m glad you pointed that out, as I would hate to start my new venture thinking that could be possible. So yeah, I would hate to be a customer trying to chase a mortgage broker, only to find out they have another job or too busy to help me complete my application. Would it be possible to speak to you on the phone about which path would suit my situation now? If that’s ok, would you be able to send me your telephone number and best time to contact you. Many Thanks

 

[tony84]

Im just taking some time off until the new year as I have worked like a mad man all year and really need this break, but will fire over my number when I get a minute if you want to give me a call in the new year.

I have replied to a few people on here who are looking to start as a mortgage broker so it might be worth having a look at those.

The easy bit is passing the exams, you then have to get CAS, that is the harder bit as you need someone to train you up.

Going forward your options will be:
1) Pass the exams and get an employed position as a trainee broker.
2) Pass the exams, find a broker who will take you on as a self employed broker. They will take a hefty cut of what you earn (expect 50% initially), possibly more if they are dealing with the enquiries whilst you are in your other job.

 

[Johnc2020]

Im just taking some time off until the new year as I have worked like a mad man all year and really need this break, but will fire over my number when I get a minute if you want to give me a call in the new year.

I have replied to a few people on here who are looking to start as a mortgage broker so it might be worth having a look at those.

The easy bit is passing the exams, you then have to get CAS, that is the harder bit as you need someone to train you up.

Going forward your options will be:
1) Pass the exams and get an employed position as a trainee broker.
2) Pass the exams, find a broker who will take you on as a self employed broker. They will take a hefty cut of what you earn (expect 50% initially), possibly more if they are dealing with the enquiries whilst you are in your other job.

yeah that would be great if we could speak on the phone. And I appreciate all the information you’ve already given me. And if you still don’t mind once the new year has started, it’ll be nice to get more of an understanding about the ins and outs. Thank you.