Perhaps you're looking to begin a career as a Mortgage Adviser?
If you want a career helping clients secure their funding and lending to buy their home or investment property, and you care about the outcomes and support you can offer, then a career as a Mortgage Adviser might be right for you. The next choice is whether to be Employed or Self-Employed.
Job Role
You'll act as an intermediary between borrowers and lenders, helping clients navigate the complex world of mortgage products and lending institutions. Mortgage brokers assess a client's financial situation, provide advice on mortgage options, and help them through the application process. They also negotiate with lenders on their clients' behalf to secure favourable rates and terms. A mortgage adviser provides a valuable service to those seeking to purchase property by helping them find the best mortgage products for their financial situation.
List of Duties
- Assessing clients' financial situations
- Providing advice on mortgage options
- Guiding clients through the application process
- Negotiating with lenders for favourable rates and terms
- Completing required paperwork
- Ensuring compliance with industry regulations
- Maintaining client relationships and building a referral network
- Keeping up-to-date with industry trends and changes
Essential Skills
There are a few critical skills that you need to consider to make sure that mortgage advice is something that suits you.
- Compassion: You like to HELP people; you are a problem solver. Doing the right thing is important to you.
- Communication: You naturally get on with most people, you're interested in them and their goals. You can explain the complex and make it easy to understand.
- Determination: You rise to challenges, you're able to multitask, you're competitive, and you can see things through.
- Numeracy: An essential part of your role will be making calculations and quickly explaining financial information to your clients.
Qualifications
There are two options for the essential qualifications you need to have, which can take six to twelve months. Both come with costs and can be taken online or face-to-face.
- Certificate in Mortgage Advice and Practice (CeMap) — The London Institute of Banking & Finance
- Certificate in Mortgage Advice — Chartered Insurance Institute
- There are several Training Institutions that offer both Online and Face-to-Face training.
- For more details, please see the National Careers Service website.
Employed
This is where you'd work for a Bank, Building Society, Estate Agents or Mortgage Brokerage. Some of these Employers will provide Training opportunities for those looking to gain the required Qualifications and Sales Skills needed to be a successful Mortgage Adviser. Being employed means you agree to the Terms & Conditions of your Employment contract, and your earnings are clearly laid out and controlled by your employer. Many Employers supply Leads, but in doing so have targets and expectations that you will be expected to achieve. You are often closely managed and must work as directed. In return for this, you receive a salary and, in most instances, performance-based commission. As an employee, you'll also receive other benefits such as holiday pay, sick pay, pension etc.
Self-Employed
Many Mortgage Advisers choose to become Self-Employed. They prefer the opportunity of choosing where and when they work, with more freedom and less hands-on management. Depending on how you set your business up, and the relationship with existing clients and or introducers, you may or may not require new leads. Being self-employed, it is always your responsibility to drive and grow your business. Your success and income are directly linked to the planning, effort and implementation that you put in and the outcomes they drive.
Clearly there are benefits for being your own boss, you control your diary, you can allow your self free time to spend with family or friends and even choose to work when others are closed. You can have the real meaning of Flexi time. You control when and where you work, which we know can be very attractive.
We at Advice Solutions never forget it is YOUR business we are there to support and guide.
FAQs
What are the key qualifications needed to become a mortgage adviser?
The key qualifications are the Certificate in Mortgage Advice and Practice (CeMap) from The London Institute of Banking & Finance and the Certificate in Mortgage Advice from the Chartered Insurance Institute.
What is the difference between being an employed and a self-employed mortgage adviser?
An employed mortgage adviser works for a bank, building society, estate agent, or brokerage with set earnings, benefits, and targets. A self-employed adviser has more freedom and flexibility but must find their own clients and drive their success.
What are the typical duties of a mortgage adviser?
Typical duties include assessing client financial situations, providing mortgage advice, guiding clients through the application process, negotiating with lenders, completing paperwork, ensuring compliance with regulations, maintaining client relationships, and staying updated with industry trends.
What essential skills are required to be a successful mortgage adviser?
Essential skills include compassion, communication, determination, and numeracy. These skills help in problem-solving, explaining complex information, multitasking, and making financial calculations.
How long does it take to become a qualified mortgage adviser?
It typically takes six to twelve months to obtain the necessary qualifications, depending on whether you choose online or face-to-face training.
What is the role of a mortgage adviser?
A mortgage adviser acts as an intermediary between borrowers and lenders, helping clients navigate mortgage products, providing financial advice, and securing favourable lending terms.
Can I receive training through my employer to become a mortgage adviser?
Yes, some employers offer training opportunities for those looking to gain the required qualifications and sales skills needed to be a successful mortgage adviser.
Where can I find more information about becoming a mortgage adviser?
For more detailed information, you can visit the National Careers Service website or contact Advice Solutions directly.
Need Advice?
Speak to Our Team Today
If you have any questions or need further guidance, please feel free to contact our mortgage advice network.
Call us on 07785 954074
Email us via kbl@advicesolutions.co.uk.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOANS SECURED AGAINST IT.
Advice Solutions is a Trading style of Advice Solutions LTD and regulated by the Financial Conduct Authority. The Financial Service Register Number is 961681.
The Financial Conduct Authority does not regulate some forms of Buy to Lets.
There may be a fee for mortgage advice. The precise amount will depend on your circumstances, but will be agreed with you before proceeding
Advice Solutions is a Limited Company. Registered Address: Advice Solutions Ltd, 9, Balas Drive, Sittingbourne, Kent. ME10 5AS, United Kingdom. Registered in England and Wales under number 13471818.
We always aim to provide a high-quality service to our customers. However, if you encounter any problems, in the first instance please write to the registered address above, email or call Advice Solutions outlining your complaint, if we are unable to resolve this, you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service (www.http://www.financial-ombudsman.org.uk/consumer/complaints.htm).
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK. Some calls maybe recorded for training and monitoring purposes.