Flexibility, earnings and more control are seeing brokers choose the self-employed route via a network.
There is a growing trend among brokers seeking flexibility and moving from corporate environments to self-employment.
It comes as Just Mortgages received 50 applications from brokers to join its self-employed division in Q2, up 25 per cent on the previous quarter.
The firm said the latest recruits were mainly made up of existing brokers looking to move away from corporate organisations. Also, a number of applicants were employed brokers looking to start their own business.
"It's hugely encouraging to see self-employed applications continue to rise," said Ben Allkins, head of mortgages and protection at Just Mortgages.
According to John Charcol's head of marketing and mortgage technical manager, Nicholas Mendes, "more brokers are choosing self-employment for the flexibility, autonomy, and higher earnings”.
“Digital tools make it easier to manage their businesses. However, challenges like income instability and lack of support exist”.
Scott Taylor-Barr, principal adviser at Barnsdale Financial Management said "I became a self-employed broker for the flexibility and control. The rise in self-employment could be a response to employers forcing workers back into the office.
"However, it's important to be aware of potential pitfalls, such as being treated like an employee despite being self-employed."
Patricia McGirr, founder of Repossession Rescue Network agreed, also mentioning that "Social media and AI empower brokers to go solo, allowing them to build personal brands and connect directly with clients.”
"The infrastructure we provide has proven to be a launching pad for brokers to build and scale successful businesses."
The recent increase in applications highlights Just Mortgages’ successful recruitment strategy, particularly within its self-employed division.
Alikins noted that “recruitment is without question one of the biggest issues facing the market, especially given the conditions we have seen and the challenges in the wider economy”.
He also emphasised the company's commitment to pairing determined brokers with experienced business principles, supported by Just Mortgages' management and learning and development teams.
Self-employed brokers with Just Mortgages have the opportunity to work independently, with access to training, sales, marketing, and compliance, which the firm says is a key attraction.
Just Mortgages has a target to reach a milestone of 500 self-employed brokers.
Currently, Just Mortgages has over 650 brokers nationwide, either employed or self-employed.
Alkins said: “It is real validation for us that the proposition we provide to brokers is clearly compelling”.
Fardeen Anan is interning at FT Adviser
