Over the last couple of years, coinciding with Covid, people have been re-evaluating what is important to them in their working lives. For many, their earnings are not their main focus anymore. People value flexibility much more, with more hybrid and remote roles being searched for. The quest for a good work/life balance. People have also put more value on their working environment, office culture and working relationships with colleagues. This extends in to our industry, when people are searching for mortgage jobs.
In that time, recruitment has become a ‘candidate-lead’ market. Many companies, especially in the mortgage sector, have been desperate to grow their team due to high volumes of business coming through. This has meant that companies have had to be more flexible with what they offer candidates. It is not enough now to just offer a job with a salary. Companies are having to pay more for better qualified and experienced people. Fair, we think.
Salaries throughout the UK are now much more comparable. In previous years it was widely known that a
mortgage job based in London would fetch you a salary sometimes double what it might in another area of the country. With hybrid and remote roles available, this has led to a more even average in salaries. Now there doesn’t appear to be such a wide gap; areas of the UK have realised they need to be paying more for the right person, otherwise they can go and get themselves a remote mortgage job with a company anywhere else in the UK.
We spent some time doing our research into mortgage jobs and collating data from the industry to find out the average salary of various mortgage jobs across different areas of the UK.
Average salary: £35k.
This does vary from region to region. In Yorkshire, the salary for these mortgage jobs is typically around £30.5k, not including bonuses. The average salary for London-based Underwriters falls between £38k-£40k. In other areas of southern England, such as Bournemouth and Portsmouth, the annual salary matches Yorkshire, with an average of around £30k. In the Midlands, throughout cities such as Birmingham and Leicester, the average salary is slightly more, at £33,000. Underwriters tend to not earn much in bonuses but those that do offer some
incentive will obviously make their role much more appealing. Areas such as the Midlands, Home Counties & London have a high volume of lenders across the region, meaning that the salaries are in turn, more competitive.
Average salary: £30k.
It’s very difficult for an agency to pitch an advisory role at £25k, as this is considered a step back for experienced advisors. However if you, as the client, are open to 1/2 years’ experience, then this is possible with a good commission structure. This salary is quite a staple across the UK and doesn’t differ as much as other mortgage jobs. Quite a few companies in London are paying 35k-£40k, some even more. But those that pay a higher basic, tend to have lower commission percentages. Our rule of thumb for advisors would be for them to aim for a role that can deliver a realistic OTE between £60k-£70k. Some advisors prefer to have a higher basic and lower commission, and others don’t mind it the other way round, so there is no ‘right or wrong way of setting that out.
Mortgage Administrator/Case Manager
Average salary: £25k
A salary for this mortgage job in the Midlands averages between £22k – £27k per year. In London, the average salary appears to be higher, at £30k. Other areas in the South that we looked at, such as Bournemouth and Southampton, had an average salary of £24k. One thing worth mentioning in these roles is if the company is offering a route to advisory, they can get away with paying less. The reason being is that the opportunity outweighs the money for many people looking for a ‘trainee advisor’ route.
Average salary: £30k
Very similar to mortgage advisory roles, and we don’t come across too many protection roles that differ from that. The OTE does tend to be slightly lower on the majority of the personal protection roles, around £55k-£60k, and just like mortgages, when they are specialising in the commercial side of the market, OTEs tend to be higher.
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