How to make the transition from Banker to Broker

How to make the transition from Banker to Broker


At the end of September 2020, TSB announced a series of nationwide closures starting this autumn and continuing into 2021. This means that around 960 jobs will be cut along with 164 high street branches, equivalent to a third of all locations nationwide. This comes just after the August 2020 announcements of Co-op bank to shed 350 jobs and NatWest to cut 550 jobs after months of “economic uncertainty”. This series of news has many challenging the preconceived notion of the ‘security’ the banking sector provides. As a result, it is driving an increasing trend of people wanting to make the transition from Banker to Broker.

The pandemic will have had a hand to play in this bad news and likely accelerated this turn of events. However, as TSB discuss in their closure programme, the habits of bank customers has been evolving with increasing use of mobile and digital methods.

Nonetheless, the news has still led to a paradigm shift. From perceived safety and security to now a sector hit by redundancies. This has inevitably forced the hand of many individuals who now seek to make the transition from banking to become a Broker. Whether this is by choice or due to one of these redundancies. In this blog, hopefully, we will detail some of the key ways you can make this transition.

Before you make the transition to Mortgage Broker

Before you make the industry leap from banking to brokerage there are many things you should / need to consider. As an example, it’s always a good idea to ask yourself as many questions as possible. What transferable skills do you have that would make you a good Mortgage Broker? Am I making the change because I want to or because I have to? In making this move what benefits can it unlock? Is it feasible to consider a commission only role? What benefits will accessing the whole of market bring to future clients? Will I be able to self-generate business alongside leads provided?

These questions are a good starting point to help you understand what you are looking to achieve. Do your research, look at some of our mortgage advisory job descriptions, requirements and benefits to get a general inclination to what the role involves whether that be employed or self-employed.

If you are in the unfortunate position of being made redundant, check out our specific video on “What to do if you get made redundant”. Or our blog which has a huge variety of free resources

Making the transition to Mortgage Broker

Following on the previous point, it is then a good idea to work on the areas requiring additional attention. For example, say your social media marketing skills aren’t up to scratch. It may be a good idea to try and develop these in the run-up to the switch. Then by the time you’re ready as a Mortgage Broker, you could have potentially learnt and generated far more than you would’ve if you had just attempted it when you had started. Or you could look at taking a course in marketing. This could add an extra layer of depth to not only your CV but also your repertoire.

Another example could be that your network of connections requires development. Therefore, during your period of transitioning, you could build your network by reaching out to your existing and previous connections to see how they are doing. Friends will likely be supportive of your career move and will help where possible. Personal networking sites such as LinkedIn or Twitter could help you spread the word.

Another great idea is to reach out to us at Premier Jobs UK. As Financial Services specialist Recruiters, we know industry and appreciate the challenges you will be facing. We can help source appropriate Mortgage Broker positions that tick your boxes and aid you during the application and interview process. You can contact us here or call us now on: 0208 0044 154.

Made the transition to Mortgage Broker

Once you have made the jump from banking to brokerage it will be, depending on the company a big difference.

When moving to become a Mortgage Broker, you will typically see your efforts be directly rewarded, most commonly in commission or performance related bonus structures. For Mortgage Brokers, it is typical to experience a 3 – 5 month delay income being banked whilst building your pipeline.

For individuals choosing to become a self-employed Mortgage Advisor, this may result in you not receiving income during those early months. This will be a tough period for you, but many who have chosen the same path before you, feel the investment into yourself is well worth it.

For individuals choosing to become an employed Mortgage Advisor, it is common that you will need to take a step down in salary when moving from Bank to Broker. This is because, often Mortgage Brokerages offer a combination of salary and bonus structure. Therefore your total earnings, will commonly far exceed your prior earnings. You may also need to assess whether you can financially afford the initially reduced monthly income, however, keeping sight of the long term benefits.

Ensure that you are fully prepared for this change in pay structure. Check you have funds that you can ‘fall back on’ if required.

Benefits of the transition to Mortgage Broker

Wider selection of products available: Being a Mortgage Advisor within a bank limits you by the single-tied offering to customers. Whilst the bank may offer better rates from time-to-time than available through a Mortgage Broker, the limit of being able to only offer your bank’s products can disadvantage you and the customer. Making the transition to become Mortgage Broker, typically allows you to access either multi-tied panel or whole of market. Being able to access a large variety of lenders, enables you to search the market for the most appropriate product that specifically suits your customers requirements. Not only, does this allow you to help more customers, it can always be quite satisfying to undertake the research and present different options

Potential for higher earnings: Due to the common benefit of Mortgage Broker positions having performance related commission / bonus structures, your earnings typically will exceed the bank salary and bonus structure. This often means, what you get out, is a direct result of what you put in; therefore if you want high earnings the opportunity is available.

Less common to work weekends: In banking, it is often commonplace to be asked or contracted to work on the weekends and be present in branch on Saturdays or Sundays. However, as a Mortgage Broker there are opportunities available that require less weekend working. As you can expect, each business is different with options such as only working Monday to Friday, alternate Saturdays or 1 in 4 rotas.

Option to go self-employed: Some mortgage brokerages will offer a self employed option either upon joining or for you to transition to in the future. This is where you will run as a business and reap the benefits of doing so. To detail, usually you will be able to pick your own working hours, where and how you work (as long as you’re still writing business of course!) Many more points and how to make this transition is covered in our “How to go self-employed in (2020)” video which is a great watch if you’re reading this.


To conclude, the changing landscape of the banking sector is now more visible than ever. This has been evidenced by the number of closures and redundancies discussed in this blog. Although the transition can be hard if you’re prepared to make the switch it can, if right, be a very beneficial step to take in your career. If you are seeking guidance, we are happy to help (0208 0044 154)