MOST people think you need a university degree and top marks from school to do a high-flying finance job.
But Rachel Dixon, 50, now earns a six-figure salary as a mortgage adviser after leaving school at 16 with very few qualifications.
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The mum-of two from Leamington Spa lives with her husband and two sons.
She set up as self-employed mortgage broker in 2000 and has never earned less than £60,000 a year since then.
Even during the 2008 financial crisis when banks dried up credit hitting the mortgage market, Rachel still took home a big salary.
She now earns more than £150,000 each year. Working as a mortgage broker can often be a lucrative career.
A typical advertised salary is £46,406, according to job site Adzuna.
But unlike some top earning jobs in financial services, it’s a career that is open to people from all walks of life.
And if you work for yourself you take home all your profits.
You don’t need a university degree to start out, though you do need CeMAP qualifications before you can advise.
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These can be done in a trainee role, or you can study in your own time for the qualifications if you want to swap career.
Rachel said: “It’s a shame that more employers don’t see that life experience can make you a better worker than a degree.
“As a society we’ve got closed doors to people that have just left school.
“Mortgage broking is about knowing how to connect with people.
“It’s not rocket science. It is just doing the right thing and advising people correctly.”
After leaving school, Rachel started her career at a local building society working in an admin role.
She worked her way up in the company before training on the job to become an in-house mortgage adviser.
Trail blazing
It was when she had two small children, that Rachel decided to try going self-employed to better manage her working hours.
She said: “There weren’t many women in the industry at that point – it was very male dominated.
“But I had a lot of fire in my belly, a lot of determination and a lot of motivation. I had very small children but I juggled it and I made it work.
“I’ve been on the phone, changing a nappy and doing a mortgage at the same time. I was multi-tasking, efficient and working long hours.
“When my kids were ill I still had to work, sometimes until 10pm at night. That was what I had to do and that was the choice I made.”
She has built her business up purely through word of mouth – with her customers going on to recommend her to others.
She said: “I’m good with people and I love connecting.
“I chat to everybody – that’s the key to this role, you have to be likeable and relatable.
“I have clients that I saw 20 years ago and I now I am seeing their kids.”
Since starting up, Rachel has always worked for herself and not employed anyone else.
And though she earns a big salary, she is not motivated by the cash.
She added: “We don’t have a huge house – I’m not flashy. I’m very fortunate – I’m paid well for a job that I love.
“I love helping first-time buyers find their first house and seeing them through the journey.”
The downside is that she works busy hours and it’s hard to switch off from the job.
Rachel explained: “The thing is with the housing market is that you can get exceptionally busy times.
“I take my laptop on holiday with me because if someone’s buying a house they might need me.
“Even if my out-of-office is on, I’m always checking that things are going smoothly.
“But I’ve made it work.”
Starting out as a mortgage adviser
If you want to follow in Rachel’s footsteps and explore a career as a mortgage adviser, you will need to get your CeMap qualifications.
The courses can cost in the region of £500 to £1,000 to complete. But you may be able to find an employer who is willing to cover the costs by working a trainee.
Trainee adviser jobs are offered by banks and lenders, as well as estate agents and larger mortgage broker firms.
You can approach firms directly or search for vacancies on jobs sites such as Adzuna and Reed.co.uk.
It will usually take at least six months to complete a CeMap course and become qualified. If you are studying around other commitments, it might take around 18 months.
Starting salaries for a mortgage broker are around £25,000 a year. But you may be able to earn a lot more through commission.
Many brokers end up self-employed. As someone fresh to the industry, it’s a good idea to work for a business to gain experience before going out alone.
Mortgage adviser firms will usually provide employees with leads to do business, which can be hard to find if you are new to the industry.
Once you have a network of connections, it’s easier to work for yourself.
We have also spoken to a mum who set up her birthday party business with just £50 and now hosts £500,000 parties for the rich and famous.
