Earnings
Right off the bat, you will be happy to know that a career as a mortgage advisor offers substantial earning potential.
In the UK, entry-level mortgage advisors can start between £22,000 and £25,000. After just a few years’ experience, you could be earning more than £50,000 per year. And in most senior mortgage advisor positions, you will likely earn more than £70,000.
How do mortgage advisors get paid?
With respect to earnings, you may be wondering how mortgage advisors get paid. The answer depends on whether you work for an established firm, or if you operate as an independent mortgage advisor.
Working with a firm, you will likely earn a salary. As an independent advisor, on the other hand, you are more likely to charge your clients by the hour. In other cases, it is possible to receive a commission on top of your basic salary or fees.
The reason for this is that most mortgage lenders pay advisors a commission. The commission is usually around 0.35% but can be as high as 1% of the loan size. Depending on the price of the loan amounts you are working with, you may receive a substantial influx of money, in addition to an already decent mortgage advisor salary.