How do i set up my own mortgage advisory business?

Hi Guys,


I am wondering if someone can help me. I am a qualified mortgage advisor (with 2 CeMap Papers) and the qualifictaions to sell non regulated insurance products. I used to work for a large building society but took some time out. Now I am wanting to set up my own mortgage advisory service and dont really know where to start. Although I know the products back to front I have no idea how to get regulated as a sole trader etc. If anyone has any advice, info or websites that could be useful that would be great! Thanks in advance!


Sarah xHow do i set up my own mortgage advisory business?
All the info you need to know about regulatory, licensing and qualification matters can be found here:





http://www.fsa.gov.uk/Pages/Doing/small_firms/mortgage/index.shtml





From a business development viewpoint, I'd agree with the prior poster who suggested association with an IFA or IFA network - this has advantages both for compliance and back-office costs, access to insurance and other products, and of course referrals..which will be very necessary unless you have a ready source of new business (e.g. relationships with estate agents)





The type of business entity (sole proprietor or limited liability) you choose may be influenced by regulatory requirements and indemnity insurance requirements as well as cost; the prior advice regarding personal liability is also a very important consideration.





I'd strongly recommend talking to someone who's followed the same path in another part of the country (trying calling the owners of small mortgage advisory firms in regions distant from yours...they might also be interested in you being an associated person).





good luck!How do i set up my own mortgage advisory business?
There are offers out there like this:


http://www.reed.co.uk/JobDetails.aspx?Jo鈥?/a>


and


http://www.reed.co.uk/JobDetails.aspx?Jo鈥?/a>





There are a lot of similar real jobs going for people with CEMAP enquiries.





I know this because I am always looking for real jobs working from home in the UK for the free website I put together to help people out. Which is at





http://www.real-work-at-home.co.uk





I don't gather up the CEMAP/financial jobs as I figured that people in the industry would be able to find their own... maybe I was wrong!





Anyway - there are two leads to start you off. And for others looking for other real jobs working from home, perhaps you might want to check out my site where all the jobs working from home are free. No charges.
If you know an IFA approach them on a split commission basis, the best deals are through networks and some will take you on just for mortgages. However the start up costs are horrific these days in terms of compliance etc. I deal through an IFA and find it suits my aims, leaflets are cheap and work, if you make a list of all the people you know you can offer them an 'audit' free of their arrangements and then ask them for referrals, what part of the UK are you in.
Go to http://www.score.org/ to find the nearest SCORE chapter. Contact them to arrange for a free one on one meeting with a SCORE counselor about setting up a mortgage advisory service.





SCORE is a nonprofit organization. They provide a public service by offering small business advice and training. .





SCORE's 10,500 volunteers have more than 600 business skills. Volunteers share their wisdom and lessons learned in business. The volunteers are working/retired business owners, executives and corporate leaders.
You need advice that will help your business suceed and also protect you from potential legal liability. The type of service you are thinking about offering would most likely require that you have suitable insurance in place to cover your business for negligence claims. You need to consider whether to set up a Limited Company or to be a sole trader. On this issue I suggest you form a Limited company (the procedure is very cheap and fast). You will be exposing yourself to too many legal risks if you operate as a sole trader, not least you will be personally liable for all your business debts. This would not be a problem if you set up a Limited company.





These are the general fundamental things you need to think about first. Now you can learn a lot about these things on the internet, but because of the financial aspects of your proposed business, you may be required to comply with additional regulatory requirements...





My advice would be to look through the yellow pages for a local solicitor that offers *free initial consultation for business customers*. Get a few quotations. It is worth shopping around as fees can vary greatly. Aviod large 'commercial solicitors' as they will charge you for breathing the air in their office.





You should get the solicitor to specify for you in writing ALL matters that you need to consider, to get your business running...this will range from matters such as keeping annual accounts etc..





I think though that you will be able to actually form the company yourself as this is trivial. Do not instruct any of those internet companies that charge you to set up a company for you!! Rather contact Companies House. Look at thier website for more info.





good luck.