Mortgage Broker Broadcast
Developing your knowledge to help you build a successful Mortgage Broker business. Craig Skelton shares his thoughts and experiences on all aspects of mortgage advice covering everything from operating in the banking world, estate agency based advisers all the way up to working as a self employed broker. He will be joined by experts from within the industry and other business sectors which all play a key part in becoming a successful mortgage broker in the modern world.
Mortgage Broker Broadcast
The Grass Isn’t Always Greener (But Sometimes It Is)
Thinking about leaving your mortgage network—or wondering if you should stay and push for change? We walk through a clear, practical way to make the call without burning bridges or bleeding income. You’ll learn how to separate short‑term frustration from long‑term fit, the exact contract clauses that shape your exit, and the steps that protect your pipeline, renewals, and client trust during a move.
We start with the big trap: reacting to a bad month or peer pressure. Then we dig into the paperwork that actually decides outcomes—exit fees, notice periods, commission freezes, client ownership, novation rights, and those quiet costs like PI run‑off and data transfer fees. We also unpack restrictive covenants in plain English, including what non‑dealing means in practice and how client choice fits within your obligations. From there, we pivot to reasons you might stay: strong compliance support, reliable tech, fair fees, and a culture that matches your standards. If the issues are fixable, we show you how to ask for change; if they’re structural, we lay out a precise plan to leave well.
Finally, we map the move itself: coordinating authorization dates to reduce downtime, completing file checks, safeguarding data legally, and communicating with clients at the right time with the right message. We share what to look for in a new home beyond the headline split—transparent terms, consistent compliance, integrated technology, and real coaching and marketing support. Whether you decide to stay or switch, you’ll finish with a checklist that keeps you in control, protects your reputation, and aligns your business with your values.
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I help employed mortgage brokers go self-employed with clarity, confidence and one-to-one mentoring. Find out how Pathways or Coaching works at craigskelton.co.uk
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Hi and welcome to this week's The Mortgage Broker Broadcast. I'm your host, Craig Skelton, and today I'm talking about something that many brokers consider at this time of year. Talking about whether to leave your current firm or network. This time of year often brings reflection, but before you make a big move, make that big move. It's important to plan carefully, understand your current obligations, and make sure the grass truly is greener on the other side. In a recent episode, we covered contracts in depth. So if you haven't listened to that already, go back, give it a listen, as that information will complement today's discussion. The first thing we want to look at is don't make a knee-jerk decision. Change can be stressful and it's tempting to react quickly when you're unhappy. People who are reactive often make quick, rash decisions without all the necessary facts. And this knee-jerk reaction can lead to the wrong decision. Whereas planning for change is more secure and puts you in control. So before you resign, just take a breath, take a step back, gather the information, and make sure you're not just reacting to a bad day, a bad week, a bad month, or a single frustrating experience. And why does your contract matter? Well, if you are looking to move, the first thing I would do is check your contract. Contracts are the foundations of your relationship with a network or firm. Too often advisors focus on the headline commission split and ignore hidden costs when they sign it because of all the excitement of the new network or the new firm. But advisors often regret joining networks because of the restrictive exit clauses that they didn't notice at that time. So what other things to watch out for? Well, exit fees and notice periods. How much will it cost you to leave? Are free-to-join offers hiding expensive exit fees? Did you receive guarantees or training costs that might need paying back? Notice periods traditionally range from 1 to 12 months. It does really depend. And some networks can delay your exit by dragging out file checks, and I've seen that happen quite often. So you also need to check whether your commission continues during your notice period or is it frozen? And what about client ownership? Does your contract let your let the network own your client or do you own the client? Some agreements, some arrangements allow networks to assign your clients to another advisor when you leave. And if you value, if you value long-term relationships, look for contracts that recognize you as the client owner, you as the advisor. And what about novation and renewal commissions? Can you transfer or novate your pipeline and your renewal commissions to your new home? Some networks restrict novation or charge a fee to doing it. Others simply stop paying your commissions once you've served the notice. And what about additional costs and data access besides your monthly fee? Ask about professional indemnity contributions and technology charges. Some networks require you to buy runoff PI insurance when you leave. Others charge for data transfers or access to your client records. And also look at restrictive covenants too. Post-termination restrictions are only enforceable if they protect legitimate business interests and are reasonable. Non-dealing clauses often limit contact clients that you've worked with in a period of six months, 12 months, or forever before with regards to the networks or the firm. There is some talk, as I said before on the podcast, about capping non-compi clauses to three months. But as always, just check legal advice on your specific contract with that. Because as I said before, clients can choose who they want to work with. You cannot market them, you cannot brand them, you cannot try and sort of speak to them to then influence them to come to you as a you as a broker. However, clients can choose who they want as their mortgage broker. So if a client reaches out to you, that is generally okay because they can choose who they want to choose. The other thing I want to look at is reasons to stay because before you jump ship, I would list the reasons you joined the current network or firm in the first place. Are you getting solid compliance support? Do you have access to the tech and marketing tools that make your life easier? Are your fees fair for the value that you receive? Sometimes it's easier to fix the problems that you have than to trade them for totally new ones. And if you're feeling underappreciated, have an honest conversation with your firm or network. Good firms, good networks value feedback and will work with you to resolve those issues. Leaving should be the last resort, not a reaction. And also consider your values and culture. Every business has its own culture. So ask yourself: Does my current environment align with my values? Are my personal and professional needs met? Culture affects everything from client service standards to work-life balance. So avoid it, so avoid basing your decision solely on colleagues or peers leaving. They may have and certainly most likely will have different goals, different aspirations, different lifestyles, or different revenue models. So, and also as well with that, don't rely on random opinions in a Facebook group. You'll get conflicts and advice and feel even more confused. Do your own homework, talk to trusted mentors, research networks thoroughly, and evaluate them against your own criteria, not someone else's. So if you do decide to leave, and when you do decide to leave, pay attention to how your current network or firm reacts. A supportive firm, a supportive network will wish you well, help you transfer your cases and maintain that professionalism. An unsupportive one may take your resignation personally or treat it as rejection. This reaction often confirms whether you might made the right choice in the first place. Keep your interactions polite and professional. How you leave your relationship says so much about you as it does about them. So let's move on to the emotional versus factual decisions. It's natural to feel frustrated or exhausted, especially after a difficult month or quarter. But emotions can cloud judgment, separate feelings from facts. Look at your financial, look at your profit and loss, look, growth potential and the support you receive. Are you leaving because of a temporary slump or because the network no longer needs meets your needs? If you realize the move is more emotional than strategic, address the underlying issue. Maybe you need more support, different systems, or a break rather than changing networks and firms. And if you do decide to leave, it's all about preparation. If you do decide to move, you need to plan carefully. You need to first of all plan your timing, coordinate your notice period with your new authorization date. That is important to limit the downtime as much as possible. Stay out, send your resignation by email, follow it up. You need to complete all the requirements, file checks, complain sign-offs, etc. But you just do what you need to do and stay amicable. Protect your pipeline, understand novation rules, and negotiate to transfer your cases and renewal commissions. You need to secure your data, ask for a copy of your client data and clarify the transfer costs. You need to check fees and insurance, confirm confirm whether you'll owe any fees or contributions during notice period and whether you'll need to take out runoff PI insurance, which is often a hidden thing with networks. And communicate with your clients. Once authorized to do so, tell clients about your move and reassure them that everything is perfectly under your control. So you've decided to leave planning. I just want to talk about a little bit about choosing your new home. When evaluating networks, look beyond commission splits, make sure the commission structure is transparent and fair. Verify that the technology and back-off system support your workflow. Ask about compliance processes and whether that feedback is consistent. Look for networks that add real value through coaching, marketing support, and a culture that empowers growth. Confusion over network costs and pipeline freezes and common reasons brokers hesitate to switch. So seek transparency and supportive terms for you. So that's it, that's this week's podcast. That wraps up today's discussion on making a move. So take your time, plan carefully, make sure your decision is based on facts and your own values and not an knee jerk reaction or someone else's journey. If you found today's episode helpful, share it with another broker, leave a review, subscribe as always so you don't miss future episodes. Thanks for listening, thanks for watching, and please make sure you run your own race.