Mortgage Advisor -Bad Time?

[catman]

Hi all, I'm trying to find a new job and was wondering what the situation for Mortgage Advisors is like at the moment.

I was expecting the market to be flat, but there seems to be a lot of vacancies at the moment. I would appreciate any informed opinions!

Thanks

Tim

[Sarnie]

It's tough and getting tougher.

Depending on the person, their experience and their drive, I probably wouldn't recommend doing it if your starting from scratch.

[catman]

Hi Sarnie, thanks for the reply. That was pretty much what I was expecting!

Thanks

Tim

[DS3R]

Really tough, especially from scratch, and 90+% of advertised posts will be a very small basic (if at all) with the bulk as comission, and in this market there are few buyers, and few who remortgage (I mean who do you know who bought something from an estate agent, who- even if they used the mortgage broker in that agent- goes back to them when their 2/ 3/ 5 year deal is up?)

Having employed 17 (very successful) mortgage advisors in 2007, as of today, only one is a mortgage advisor. Some are still in financial services, but there is simply not the volume of work to support many people right now.

[Sarnie]

Also, competition for positions is fierce, even for commission only roles. There was 30,000 registered active advisors in 2008 and only 8,000 today.

Anyone looking to enter the market now is going to need CeMap in addition to experience of some sort. Very few companies will be taking on new starters, without CeMap or experience when there are thousands of qualified, experienced but unemployed advisors out there who could hit the ground running.

[catman]

Thanks for the honest and forthright opinions. I was a Financial Advisor years ago, and was licenced to sell every prouct that was available.

I had so much product knowledge, but zero training in how to sell! I actually managed to correct our Compliance Officer once, which caused a lot of amusement at the time!

I really loved the job, but I had to leave, as I wasn't making enough to live on. I think that things would be even harder now.

I have a dead-end job and need to find a way out, but I also need job security too, as I've been out of work in the past and didn't enjoy it much.

Cheers

Tim

[Sarnie]

catman said:

I really loved the job, but I had to leave, as I wasn't making enough to live on.

This is key.

If you wasn't making enough to live on previously, it certainly isn't going to be any easier this time around.

There is still plenty of business around for the right people to earn a decent living but it's certainly not something I'd be advising someone to get into who didn't have a massive client bank to fall back on or the safety net of a salary during the lean months.