The academies will be based in London and the North-West and will train applicants from scratch to become CeMAP-qualified brokers. The aim is to then launch more academies in other locations around the country.
Mortgage Times hopes its academies will move the industry away from traditional head-hunting practices and towards training and developing new people.
The scheme will give qualified brokers the option of working at Mortgage Times after training, subject to fitness and propriety checks and due diligence.
Christopher May, director of Mortgage Times, says: “Most networks are looking to grow but there are not enough brokers in the market to fuel our expectations. Many firms are becoming too focussed on advisers with experience rather than looking at the grass roots.
“But to the keep this industry in good health an injection of fresh talent is vital. Mortgage Times is one of the few networks to have the resources to train graduates to become competent advisers.”
The mortgage industry has praised Mortgage Times’ move.
Jonathan Burridge, managing director of Quantum Mortgage Brokers, says: “A pat on the back and a thumbs up to Mortgage Times. We are envious that we don’t have the scale it does to operate a scheme like this. But it is something we will be looking to replicate to some degree.”
Andrew Montlake, partner at Cobalt Capital, says: “This is a great idea. Trying to get fresh blood into the industry is a positive move.”
Alexander Hall has a similar programme in place, training advisers to be CeMAP-qualified and providing them with experience of the industry by setting them in real life situations.
Andy Pratt, chief operating officer at Alexander Hall, says: “I encourage more firms in the industry to think about doing this.”