How To Become A Self Employed Mortgage Broker

If you enjoy helping people and providing people with advice on managing their finances and protecting their families then becoming a mortgage broker might be the perfect job for you.

Independent mortgage brokers are fully qualified professionals who help clients find the best mortgage deals. If you become a broker, you’ll be able to advice clients on a wide range of mortgage products as well as helping them ensure they have the necessary life and general insurance. And, you’ll build up a long term relationship with them to ensure their financial arrangements are always appropriate.

Our guide looks at how you become a self employed mortgage broker.

Get your qualifications

In order to become a self employed mortgage broker you will first have to earn your professional qualifications. The most commonly recognised qualifications in the mortgage industry are the CeMAP (Certificate of Mortgage Advice and Practice) exams.

There are three CeMAP papers that you will need to pass in order to qualify to provide mortgage advice. It is possible to attend intensive training courses to pass your CeMAP exams or you can study for them yourself in your spare time.

Decide how you’d like to work

Once you have obtained your mortgage qualifications you have a number of choices as how you can work. Rather than immediately setting up your own mortgage broker business, many newly qualified professionals initially work on a self-employed basis affiliated to a larger firm.

There are several advantages to aligning yourself with a larger firm rather than ‘going it alone’. These include:

• Compliance support and indemnity insurance
• The provision of leads and clients
• Back office support and administration
• Ongoing training, development and advice

If you want to start your own business you will need to research the various mortgage ‘networks’ that are available in order that you ensure you have the right indemnity insurance and compliance regime in place. If you don’t, your business is at risk in a highly regulated industry.

Look after your finances

Managing your financial and tax affairs is one of the most important things you should do as a self employed person.

Firstly, make sure you have a business bank account in order that you can keep a track of your earnings and expenses. It’s also important that you keep all your receipts and invoices as you will be required to complete a self assessment tax form each tax year. Only by keeping careful records of your income and expenditure will you be able to accurately complete your tax return.

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n jamil  - Saturday, June 18th, 2011

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