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Mortgage Brokers Taking Care Of Business

Apr 14, 2008
The lure of becoming self-employed and no longer having to answer to your boss is strong in the mortgage industry. A high proportion of mortgage brokers eventually leave their positions of employment to practise advising on their own once they gain the skills and experience necessary to do so.

Many mortgage brokers and financial advisers opt for the self-employment route in the UK. Working for yourself can be a rewarding experience both financially and intrinsically. Not having to work under the careful scrutiny of a manager or having to feel guilty about calling in sick on a Monday are just a few of the many benefits of being self-employed, but more than anything it can provide a mortgage broker with the opportunity to provide a more personalised service to their clients.

Mortgage brokers who opt to start their own business can choose which clients they want to work with and can specialise in certain products as well. There is a broad range of mortgage products on offer these days, including residential, buy-to-let, lifetime mortgages, bridging loans, commercial finance, and much more.

Some self-employed brokers choose to specialize in certain product types - such as buy-to-lets and bridging loans - and will also focus on specific types of clients such as property investors. By concentrating on a small section of the overall finance market the mortgage broker will gain expertise and will be able to advise their clients better.

Most mortgage brokers, however, offer their services on a whole-of-market basis in order to capture as large a client base as possible. There are thousands of mortgage brokers practicing in the UK which means that competition for clients is fierce. By offering a fully independent whole-of-market service a self-employed mortgage broker will ensure they can source many different types of clients.

Mortgage brokers who choose to leave employment will also be able to choose the location of their work and what hours they work. This is one of the main benefits to becoming self-employed. Some brokers may even work from home and will therefore save themselves the time, hassle, and expense of the daily commute. While avoiding the daily commute can be a benefit, a self-employed broker who works from home will be responsible for their own motivation. The temptation to take the day off to watch the cricket on TV can be too much for some people.

Careful consideration should be given to becoming self-employed in the mortgage field, however, as regulation is strict and compliance can be costly and time consuming. Mortgage brokers who do not work under the protection of an employer will need to make their own arrangements regarding compliance with the regulatory requirements of the Financial Services Authority. This is usually done by signing up with a network. The network will be responsible for dealing with the FSA amongst other tasks and the broker will pay them a fee accordingly.

The self-employment option in the mortgage broker industry is popular meaning that many advisors within the field enjoy the benefits enough to accept the difficulties.
About the Author
With contact details of independent UK Mortgage Brokers and information on Mortgages visit UK Mortgage Source today
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