So you’re thinking of becoming a mortgage advisor and searching to see what the average mortgage advisor salary is. Mortgage advisors salaries in the UK vary a great deal depending on a number of factors and could range anything from single thousand all the way up to 6 figures which are certainly not unheard of especially if you start your own business or become a successful self-employed mortgage advisor, so let’s take a look at some important factors you should take into account to have a better idea of your future earning potential as a mortgage broker.
- Your qualifications level
- Your experience levels
- Size of the firm you apply too
- Whether you’re going self-employed or PAYE
- Commitment level
- Self-determination to succeed
- Rapport building ability and people skills
- Team playing experience
- Location audience you plan on targeting
As you can see there is a variety of factors that come into play when looking at the going mortgage advisor salary in the UK as it’s not that straight forward. We see lots of websites showing the average salary on reed or job site and other job sites but without segregating all the people into different groups depending on working hours / self-employed vs PAYE / leads channels/network support etc how can you know what your realistic salary could be as a mortgage advisor.
Well, that’s where we want to shine a little more light on this for you, starting with a very important factor of if you will choose to go alone as self a self-employed mortgage advisor or look for a large firm to work inside as an employee where you will have more a fixed mortgage advisor salary plus commission.
Before choosing which path, you should think about whether you want more security with less of a commission structure or if you are someone who likes to thrive on being your own boss but with more at risk.
Mortgage advisor qualifications
There are 3 parts to your qualifications Cemap 1,2 & 3 to legally trade as a mortgage advisor and give mortgage advice.
The great thing is you can study Cemap online in your own time part-time or full-time depending on how keen you are to kick start your new career.
Your studies will include but are not limited to some of the following :
- How the UK financial services industry operates
- The FCA rules and regulations around the mortgage sector
- The house-buying process from beginning to end
- Different types of customers and mortgages you can offer
- How to assess the affordability and suitability of different types of mortgage options and related products
You can check out some of the organizations we found offering CEMAP courses so you can make your dream of becoming a mortgage advisor a reality.
Here are few examples of very current jobs and averages for mortgage advisor earnings in the UK starting with Reed below suggesting the average salary is coming in at £49,507. So I think it’s also important to analyze where the figures are coming from which is the mortgage advisor jobs they are listing and then averaging out all the jobs salaries on offer. The accuracy of this method all depends on the accuracy of each mortgage advisor’s job advert specifically, so you may need to do some more investigating to be the judge of this.
Next up is an interesting analysis by payscale.com which actually shows the average mortgage advisor salaries based on a number of job adverts and combined with the years of experience the mortgage advisor has. The average low is coming in at around £24,000 (twenty-four thousand pounds) and the highest average they are showing at around £32,000 (thirty-two thousand pounds).
Self-employed mortgage advisor salary potential
If you want the maximum earning potential and get yourself into the highest mortgage advisor salary and earnings then self-employed is maybe the better option for you. The first thing you will need to look at is different networks so you can trade under their FCA license which will make you an Appointed Representative (AR), which will allow you to trade legally.
A few things you want to check out before choosing your network:
- Commission structure available
- Admin support options
- Mortgage leads & marketing support
- Flexi office working options
- Software / CRM ease & usability
- Network reviews and stability
- Companies work ethics
Mortgage network & company diligence on finding best mortgage advisor salary
We hear from brokers again and again about how they are promised leads and support from their network firm, but once signed up to their network they realize there was a lot of false promises, leaving the brokers to generate or buy their own leads which then compromises the total profit they end up making each month.
Another comment we hear regularly is the brokers not getting enough admin and support in general which is one of the most timely parts of being a mortgage broker, and the last thing you want is to join a network based on their admin support promised to then find out it’s not as efficient as promised. This will just result in you not being able to write as much business as you could be as you will be spending a huge amount of time organizing the administration duties for each mortgage application you submit.
Being self-employed there is really no limit to what you can earn within reason, as it’s all in your hands and can usually negotiate a very good commission especially if you negotiate commission without any basic salary too.
How we can help you?
We as (MBD) Mortgage Brokers Directory work with a large network of mortgage advisors and networks and love to help when we can if you’re looking for the right network or company to work for, so feel free to reach out to us below or give us a call to see if we can help to connect you with your desired future firm.
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