Should I Buy A Mortgage Franchise?

August 14, 2008 by Brendan

Mortgage Advisors

Many CeMAP course delegates consider this question at some point or another, and the answer can often depend on personal circumstances. However, one thing that every person considering taking a CeMAP training course should ensure is that the company offering the CeMAP training is not just intent on getting them through the CeMAP exam in order to then take £6,000, £9,000 or even more off them in order that they can join their ‘mortgage business franchise’.

Many companies that do this are offering their delegates and expensive and often unnecessary mortgage franchise. If a company is affiliated to a particular mortgage franchise business, then one has to question how that company can offer a delegate impartial advice or assistance in what to think about after their CeMAP training.

One could argue that a CeMAP training provider is not there to help delegates decide what to do after they have taken the exam, but a good CeMAP training company should be able to discuss these options with them, and without pressuring them or helping them into a mortgage franchise that may not be right for them.

There are several large, genuine mortgage franchises available in the UK and they do offer some advantages. For example, as a franchisee, a person has access to all sorts of administrative backup, support and advice. Sometimes a mortgage franchise can offer some good leads, an existing reputation to rely upon and occasionally exclusive deals with mortgage lenders, although this seems to be becoming less common in recent years. However, there is also usually an upfront capital fee to find, a propertion of profits to pay out and if the franchisee is new to the business, it can be a risky decision in case they do not like their new career or being self-employed.

To become a mortgage advisor, there are many ways to enter the industry and gain experience, so be sure to have considered all the available options before rushing into a mortgage franchise. A good CeMAP training course provider will be only too happy to discuss all the available options with you.