National mortgage broker Just Mortgages has launched a ‘golden hello’ scheme to help principal firms attract experienced advisers who are making the move from employed to self-employed.
Just Mortgages said the commission advance scheme has been designed to help the principal firm grow their business while also supporting brokers in the early months of self-employment.
It said £1,500 will be paid to qualifying firms per month for the first three months to pass on to their newly authorised brokers.
The new scheme is in addition to Just Mortgages’ current commission advance scheme where newly self-employed brokers can receive £2,000 per month for the first three months.
Just Mortgages national director of the self-employed division, Carl Parker said the existing scheme has been a lifeline for brokers who embark on the self-employed route.
“More and more principal firms are looking to recruit top quality brokers but those moving from a regular pay-check to self-employed income face an inevitable gap before commissions are paid,” Parker said.
“This scheme allows firms to welcome new brokers with commission paid in advance to help smooth the transition to their new, successful career as a self-employed broker.”
The initiative has been structured so that no repayment is due for six months, giving the member time to build their business. Just Mortgages said the decision was made because of the extended completion timescales currently being seen in the market.