Going Self-Employed as a Mortgage Broker

If you’re a mortgage broker in full-time employment, you might be wondering whether making the leap to self-employed advising would be a good career move.

Here, you will learn what the benefits are of going self-employed, what to expect if you choose this path, and how Echo Finance can help you get started.

Should you go self-employed as a mortgage broker?

Self-employment is a more common working capacity for mortgage brokers than employed, and there are many reasons for this, but whether you should remain in a full-time position or fly solo depends on your career goals, lifestyle and professional preferences.

We’ll break down the pros and cons of self-employment in the next section, but to offer a quick summary: self-employment offers greater flexibility and higher earning potential, while remaining full-time can mean more job security and career development opportunities.

Advantages and disadvantages of self-employment

The table below shows a head-to-head comparison of self-employed mortgage advising vs. employed advising and highlights the benefits and drawbacks of each style.

Why going self-employed with Echo Finance is different

When you go self-employed with Echo Finance, you can enjoy many of the same benefits, perks and incentives as you would in a full-time position, with all of the flexibility.

We treat all of our brokers, regardless of whether they are self-employed, like family, and offer them the same development opportunities as our full-time advisers.

Here are just some of the reasons brokers go self-employed with Echo:

Generous remuneration

• Up to 80% commission on self-generated leads

• Up to 40% commission on leads provided by Echo Finance

• Unlimited leads provided (if you need them)

• *No network top slicing, loaded premiums or deductions due to DA status

Deal sweeteners

• We build YOU your own lead generation website for YOUR own business

• Our in house SEO writers will provide your website with new content weekly

• Remote video induction course designed to get you and your business up and running

• Flexible, remote working on a self-employed basis

We’re the best in the business

• Echo Finance are Directly Authorised and on panel with every UK lender & Insurer

• We own other leading brands including Teito.co.uk and LeadCrowd.com

• We also operate Echo CRM, a custom-built CRM system for brokers

• Discounted leads available from LeadCrowd (if you wish to self-generate)

What else is included?

• CRM licence, RingCentral licence (phone), sourcing licences (mortgage, protection & equity release), Google Workspace licence (business standard)

• All FCA fees, PI cover, client ID/AML checks, admin & compliance support

• Training, development and mentoring from senior brokers

• Full support from compliance managers, supervisors and company web chat

Business you can write

• All Mortgage types

• Protection (all indemnity terms)

• Equity Release

• Bridging finance

• Commercial mortgages

• Second Charge loans

• Wills & Estate Planning

• Inter-company referral programme for business you don’t want to write, but still get paid on

*Network fee waived for the first 6 months and then free subject to completing £12,000+ per month

Although most of our mortgage advisers are self-employed, we do hire full-time brokers from time-to-time, if that’s your preference. Head to our careers page to view our latest vacancies.

How to go self-employed as a mortgage broker

A good starting point is creating a business plan to add structure to your self-employment ambitions, map out what you need to achieve them and how you will make your money.

A business plan for a self-employed mortgage adviser should include the following:

• Executive summary: An overview of your vision, strategic goals, and growth plans.

• Market opportunity: An analysis of the market gap, target clients and the business you plan to write.

• Sales & marketing strategy: A plan for lead generation and conversion.

• Company & operations: A summary of any relevant legal details, where you plan to operate from, services you will provide and future development plans.

• Financial projections: A detailed forecast including sales, cash flow, income statement, and balance sheet.

In addition to drawing up a business plan, it’s advisable to have some capital aside to tide you over for the first 3-4 months of self-employment. Your client pipeline should be fully up and running within six months, with revenue coming in from conversions.

When brokers choose to go self-employed with Echo Finance, we help them with every step of the transition, and if you are an experienced adviser joining us from another firm with an existing client bank to bring with you, we will pay you a monthly retainer.