Just Mortgages has reported that its self-employed division has increased six-fold in less than 12 months.
The division, which first launched with three brokers in June 2016, grew from 13 brokers at the start of 2017 to 81 by the end of the year.
It headed up by Carl Parker, who was previously at Countrywide for 23 years. In his final role, Parker (pictured) headed up Countrywide Mortgage Services, the largest brokerage in the UK with over 650 mortgage consultants.
He has recruited 13 brokers already this year and also now has three sales managers on board. He says he thinks the reason the self-employed division has grown so quickly is because it offers a model that works for everyone.
He said: “It is all about diversification. Brokers – including those currently employed at Just Mortgages – are increasingly looking to go self-employed, but are reluctant to give up the support they’re getting from their employers, so we looked at how we could offer a solution.
“Since launching, we have significantly reduced staff turnover because we are proving an outlet for people who want to make that move.”
Brokers working for the Just Mortgages self-employed division are completely self-employed but have a dedicated sales manager to help and support them, from making a business plan and ensuring they are FCA compliant, to encouraging them to become a part of their local communities and helping them find introducers.
There are no monthly fees, the whole model works in commission, so if the brokers don’t earn, Just Mortgages don’t either.
Parker said: “Unlike other networks with self-employed arms, we do not charge a monthly fee, it is therefore in everyone’s best interest for the brokers to be successful.
“That is why our sales managers provide so much support in helping our self-employed brokers find clients and get referrals. We also ensure each has no more than 40 brokers to look after – this means that they can spend quality time with each one, helping them and supporting them in finding leads and generating business.”