How to become a Mortgage Advisor
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How to become a Mortgage Advisor

The role of a mortgage advisor is one for which there is significant demand in the UK job market. Mortgage advisors frequently have a varied and interesting workload, and this is a solid career choice for anyone with good mathematical abilities and excellent customer service skills. Although a career as a mortgage advisor might be challenging at times, requiring you to balance the needs of a diverse range of clients, it can also be a highly rewarding career choice. If you are interested in property, understanding market conditions and providing great customer service, perhaps becoming a mortgage advisor would be a good fit for you.

If you are looking for more information about mortgage advice as a career path, you are in the right place. In this article, we aim to give you more details to enable you to decide whether becoming amortgage advisor is the right role for you. We will look at an overview of the day-to-day tasks of a mortgage advisor and examine the best ways to start your career in the financial services industry as a mortgage advisor.

As a mortgage advisor, you'll usually work in one of the following three ways:

  • Working exclusively with a single lender (usually a bank or building society).
  • Appraising available deals from a limited list of lenders.
  • Looking at deals available across the whole market (whole of market adviser).

Common tasks and day-to-day duties of mortgage advisors include:

  • Liaising with clients either in person or over the phone.
  • Assessing client needs based on information given to you about their financial situation.
  • Explaining the different types of mortgages and products for your client to choose from
  • Making judgements as to which type of mortgage is most suitable for each client
  • Advising and selling financial products, such as buildings or life insurance as required.
  • Assisting clients as they complete what is probably the biggest purchase of their life, their home.

In terms of salary for mortgage advisors, this depends on your level of experience and where you are located in the UK. The average starting salary of a mortgage advisor if you are working for an organisation in the UK is £22,000 to £25,000 per annum. However, experienced mortgage advisors can earn as much as £70,000 and even more with commission, if you meet targets and KPIs.  There are also plentiful opportunities if you wish to work as a self-employed mortgage advisor.

Do you have the skills needed to become a mortgage advisor?

Arguably, mortgage advisor’s number one quality will be strong analytical abilities in order to effectively compare different financial products on the market.

Other key skills and qualities include:

  • Excellent oral and written communication skills.
  • The ability to convey complex information in a clear way.
  • The confidence to work with numbers and to explain figures and financial products to your clients
  • First-class customer-service skills.
  • Confidence when recommending and selling financial products.
  • Ability to work well under pressure.
  • Good mathematical abilities.

What do career prospects look like for mortgage advisors?

There is currently a healthy demand for mortgage advisors in a variety of firms.  While some mortgage advisors will be tied to a single lender, many work across the whole market in order to recommend the best financial product for the needs of a particular client.

Many mortgage advisors do ultimately go on to become self-employed or work on a consultancy basis, once they have built up enough experience and connections. It is advisable for an inexperienced mortgage advisor to take on work in a wide range of environments in order to build up a decent amount of knowledge.

How do I become a mortgage advisor?

Mortgage advice is a popular job role, however, there remains a demand for qualified mortgage advisors across the UK. In order to become a qualified mortgage adviser, you must successfully complete the Certificate in Mortgage Advice and Practice (CeMAP) course, this is a mandatory requirement.

Employers will look for a Level 3 course approved by the FCA as this is the industry gold standard, the most popular being the CeMAP qualification awarded by the London Institute of Banking and Finance. e-Careers is one of the UK's largest providers of CeMAP courses, which will prepare you to sit your exam with the London Institute of Banking and Finance, which you can study at your own convenience.

You do not need to go to university or college to pursue a career as a mortgage advisor.

Practical workplace experience in a similar role in which customer service is delivered may be useful as you begin your mortgage advice career path. There are plenty of opportunities to advance your career after you qualify as a mortgage advisor. For example, mortgage advisors frequently take on additional mortgage advice qualifications to top up their skills. Some will go on to further their knowedge and advise in equity release with a CeRER qualification and some will take certifications to become an independent financial adviser (IFA).

e-Careers delivers CeMAP qualifications in a self-study eLearning option, or you can attend a virtual classroom.

Entry requirements

In terms of how to become a mortgage advisor, there are many routes to this career. However, for the majority of employers, a CeMAP qualification alongwith solid workplace experience are the most important requirements.

Thank you for reading our guide on how to become a mortgage advisor. If you decide that mortgage advice is a good fit, we’d like to wish you the best of luck on your journey!

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