Becoming a mortgage broker
The ups and downs and what it takes to become a mortgage broker.
Previously to becoming a mortgage broker, i had never even thought about it as a potential career, never mind starting up my own business doing it. I started out my financial career working for a major high street building society. At the time, my days consisted of sitting at the counter, helping customers with basic enquiries and assisting them to take money out and put money in, although there were elements of the job i really enjoyed, i knew i wanted more.
I then decided it was time to look for a promotion, the idea of sitting in front of customers face to face, without a bullet proof glass barrier seemed very attractive. i loved meeting new people, i loved solving their problems and i knew it was something that i needed to do. luckily the building society gave me the opportunity to do that. I then worked really hard and became number 1 in the company for my efforts, and soon after that the Personal banking managers job was mine! ( woop).
This job was most definitely what made me want to become a mortgage broker, now i would sit down directly with my clients, and spend quality time with them to identify their needs and resolve them, it had its challenges but was worth every second, but i knew i wanted to give advice and help people more.
I then moved to work for the Uk's largest estate agency group, and was employed as a Mortgage Consultant, this gave me the skills and the experience to finally get to grips with the world of mortgages and protection.
There is absolutely no denying the fact that the job was hard, so much to learn, so many new skills to develop and most of all i now had to undertake my CeMAP qualification!.
Becoming a mortgage broker takes time, its a long journey and much more challenging than
working for a bank/building society directly. Now i had to become an expert with so many other lenders criteria and get to grips with so many client scenarios.
after 2 years of solid hard work, late nights, early mornings i decided it was time to set up my own company and go out into the wide world on my own. and that brings me right here to the present day.
My advice for anyone wanting to get into selling mortgages is simple. firstly, i would say either get experience working directly for a bank or building society to get used to the way the finance world works, working in such a heavily regulated environment takes time to get used to, or work as an estate agent to get to grips with the way the housing market works.
second, do your CeMAP, this isnt easy but will get you the qualification you need to trade.
then seek out a job with an estate agents as a broker, this will give you so much experience dealing with other lenders and their criteria and how to put cases together and get them sent off.
You are going to need a good network of people around you, you are going to need to be confident dealing with customers over the phone or face to face, you are going to have to be confident to pick up the phone and talk to people all the time. To start with, you are going to work long hours and weekends, you are going to get frustrated and you are going to make mistakes but this is all part of the learning curve.
Seek out a mentor, someone with loads of experience who can give you the help you need to progress. take criticism well and always take full responsibility for your own actions.
I would recommend this job to anyone, yes it has its hard days and days when you feel like you want to give up, but then again, so do all jobs. if you want a truly rewarding career, when no 2 days are the same, then become a broker. I can't recommend it enough!