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Anyone here a mortgage advisor?

Just got an interview for a mortgage broker job... they found my CV online...actually I also got another call on my voice mail, who said exactly the same things as the place I have the interview for lol.. must be the same company.

Now, I've never worked a sales role before so I don't know whether being a mortgage broker would prove as lucrative as it can be for me. Is there anyone here that can share there experiences?

Reply 1

The Regend

From what I've heard it's very lucrative! But definitely worth it if you can drive sales. It's very incentive driven, so the basic salary won't be the highest in the field but commissions, bonuses and incentives play a very large part of the rewards scheme. For example, hitting sales targets can get you % commission, plus upgraded use of cars, incentive holidays etc etc.

As with any sales job, you will constantly work to targets but I've heard if you're an excellent seller OTEs can be in excess of £40k within a couple of years.

Reply 2

carltona

The guy on the phone said the top guys get 200k heh...

Im suprised he didnt ask if i have a drivers license- I don't have one.

Reply 3

The Regend

Haha although not a necessity, I would recommend it's probably helpful to have one. To secure sales, you will want to be able to meet (potential) clients where it suits them and the majority of the time the company will allow you use of a car to do so. This is also where incentives come in to their own too; one of my Uni friends that graduated last year became a broker for Alexander Hall and now, by meeting targets and driving up sales he's driving a Mercedes CLK to meet clients :wink:

Reply 4

TOTB

Most mortgage advising jobs (the respectable ones anyway) also require out-of-work study and a professional qualification (CeMAP, read about it). So take that into account as well.

It can be a high pressure job, so make sure you know what you're going into. But if you're good, then ker-ching! :wink:

Reply 5

carltona

Yep the company in question is Alexander Hall Regend :smile:

Damn- If only I didn't fail my driving test on saturday :frown:

5th failure too...

I mainly wanted a job in London so I wouldn't need to drive!

Reply 6

carltona

Do you know what sort of commission you'd be looking at?

Reply 7

The Regend

Commission, I wouldn't know exactly but I'm guessing it would vary depending on how much individual input you had, how important/valuable the deal is etc etc. But, from what I can understand, on average you'd probably be looking at 1.5-2% of the value of each deal.

Say, for example a sale is worth £8,000 in interest to the company per year. You may recieve commission as a percentage of that each year, or as lump sum relative to the total worth of interest over a fixed period. Say, it's worth £40,000 to the company over five years, you may recieve a percentage of that as a lump sum at the end of the year.

Sorry, that seems pretty confusing but I hope you get my drift.

Reply 8

The Regend

I've just looked over that and I'm confused myself over it!! I'll try and be a little clearer.

Example 1: The deal is worth £8000 per year to the company. You get 8% of that per year for the next five years = £640 per year for five years.

Example 2: The same deal is worth £40,000 to the company over the next five years. You get 8% commission at the end of the year = £3200.