How to become a mortgage broker

Why should I become a mortgage broker?

Being a mortgage broker is a fantastic position because you always help people. You help people at some of their most exciting life points. For example, you are supporting a first-time buyer onto the property ladder, helping someone move into their forever home, or helping someone with their first investment property. You also help people through difficult times in their lives, such as financial hardship, divorce, or, worst, the financial aftermath of a death of a loved one. It's gratifying for the soul, and you build many great friendships. At FiveStar Mortgages all of our mortgage brokers are self-employed, so you have the flexibility and autonomy, and as much support as your need to get what you want from the role.

You are your own master.

You must meet your regulatory obligations in the UK and keep your clients happy. Around this, you can set your own time and take unlimited holidays. As long as your clients are delighted with your delivery, work ethic, and regulatory obligations are met, you are your master. This works great for parents of younger children. However, those that put in the most effort get the most financial success!

Financial success is there for the taking.

The role is demanding and sometimes stressful, but you can earn unlimited income. For example, top-performing brokers within FiveStar Mortgages have been paid over £10,000 in just one month. However, we have other team members with a much lower income target and complete enough work to hit this target. That's the beauty of the role; you are in charge. It's your own business, within our business, and we provide as much support as you need to get what you want from the role.

Am I suited to being a mortgage broker?

The role is not for everyone, but the right mindset and determination can push you to be your best. While the job is financially rewarding, money only motivates you for so long. You have to love helping people grow and solve problems. A strong desire to help people is essential, and the brokers that love helping people are generally the most successful.

The best brokers talk to everyone about what they do all the time. They are always available to their clients. This means seeing people in the evenings and at weekends and always answering the phone when it rings, whatever the time. Of course, we have team members who do enough to earn what they need, but even these brokers would say they always answer the phone and respond to emails in a timely manner.

Rejection happens to the best of us, and you need to be comfortable with rejection as this is a numbers game. The more you learn about your client, the better results you can achieve for them, so whilst you may do a lot of speculative work for a client, they may still instruct another broker or service. You may also speak to lots of potential customers who are already very happy with the brokers they currently use. It's a competitive market, so estate agents, other brokers, and builders will constantly try and steal your clients so you need to be able to adapt and be reactive. However, on the plus side, when you can build a relationship and a repour with a client, they can recommend you to friends and family and come back at a later date and stay with you for years, so the time spent can always be seen as valuable.

How would I get paid as a mortgage broker?

It's essential to be aware that some income takes time to come through. For example, suppose you helped someone with a mortgage; That mortgage could take two to six months to complete. Then the lender will pay out the commission in the following month. On the other hand, broker fees and life assurance income usually come in much more quickly.

You earn money in lots of ways.

• For arranging a mortgage, you will generate a commission from most lenders.

• For arranging mortgages, you will usually charge the client a broker fee.

• For helping the client protect their home and family by arranging life insurance, income protection, or building insurance, you will generate a commission.

• You can provide will writing services and make referrals to solicitors and financial advisers, increasing income.

As a mortgage broker, you will share in this income. If you give the role everything, get involved in all the training and support we provide, and talk to many people, you should earn £30,000 plus in year one. Once you're an established mortgage broker within FiveStar Mortgages – which usually comes in year three and onwards – your potential earnings are uncapped, and £50,000 to £70,000 are realistic figures.