What is a mortgage adviser?

A mortgage adviser is a real estate professional who guides home buyers on the best mortgage deals available to them. They review clients’ financial circumstances and help them decide how much money they can borrow.  As a mortgage adviser, your clients may be first-time home buyers or businesses.

You can specialise in two ways: 

  • Tied or Multi-tied Broker- This type of broker is either tied directly to one lender or a group of lenders. 
  • Whole market adviser- also known as an independent mortgage advisor, they have no links to a specific mortgage lender

What is the difference between a mortgage adviser and a mortgage broker?

The key difference between a mortgage broker and a mortgage adviser is that advisers are tied and mortgage brokers are independent. If you choose to become a tied mortgage advisor you can only recommend your employer’s products. For example, if you work for a bank you can only recommend that bank’s mortgage products, whereas if you’re independent you can recommend any products.

What does a mortgage adviser do?

As a mortgage adviser, you’ll use your in-depth market knowledge to find suitable mortgage products for your clients. As there are many different types of mortgages, you’ll need to understand the market thoroughly. You can then advise clients on the various pros and cons of each product and help them decide how much they should borrow. 

Responsibilities include:

  • Meeting with clients and figuring out their current financial situation
  • Explain the different types of mortgages and various deals available to them
  • Conduct market analysis to assess which mortgage type is most suitable for the client
  • Help clients complete the mortgage application by answering questions they may have about the process
  • Offer general advice on the home buying process
  • Meeting regular sales targets
  • Keep up to date with new mortgage products and changes in regulations
  • Follow industry rules and guidelines

What skills does a mortgage adviser require?

Working as a mortgage adviser will require daily interactions with clients both face to face and over the phone. Here are some skills required to become a successful mortgage adviser:

  • In-depth knowledge of the property market
  • Excellent communication skills
  • Confidence with numbers and the ability to explain figures to clients
  • An interest in the financial sector
  • Good time keeping skills
  • The ability to communicate complex information
  • Drive to meet targets

What qualifications are needed to become a mortgage adviser?

To become a mortgage adviser you must complete the certificate in mortgage advice and practice (CeMAP). This is a level 3 course approved by the Financial Conduct Authority (FCA) and is an industry standard by employers. 

You can study this course with the support of your employer or independently. It is made up of assessment modules and exams and takes between six months and a year. Most course providers allow you to study flexibly. 

You’re not required to have a university degree to become a mortgage adviser, although it is useful to have one in the area of accountancy, business or real estate to showcase your knowledge in the field. The CeMap is the equivalent of an A-level, and so you’ll need to have passed at least 5 GCSEs to be eligible to enrol.

Steps to become a mortgage adviser in the UK:

Step 1:  Do your research: 

Mortgage advisers must have expert knowledge of the industry, and so it’s important before pursuing this career to ensure that it’s right for you. You’ll be dealing with lots of clients face to face and over the phone so confidence and clear communication is a must. Many of the key competencies will come naturally to some, but they can also be developed. For example, mortgage advice relies on individuals having a good set of sales skills so gaining experience in a targeted sales role such as an estate agency will help. 

Step 2: Study for your qualifications: 

To become a mortgage adviser you’ll need a CeMap qualification. It is broken down into 3 modules, and all modules must be passed in order to qualify. You will learn about the regulations in the UK mortgage sector as well as the factors that affect customers’ financial plans. When completing this qualification you’ll need to choose how you want to take the exam: either at home or in a classroom. 

Step 3: Develop your skills and gain experience:

Once you’ve successfully completed your exams and you have your qualification, it is important to develop your skills further to show prospective employers that you’ll be good at this job. In conjunction with your qualifications, employers often look out for experience. Even in junior or trainee roles it is important to showcase some initiative through work experience or internships. 

Step 4: Apply for jobs or set up on your own:

The final stage to becoming a mortgage adviser is to start applying for jobs or to set up your own company. Self employment is a common option for mortgage advisers but  once you have become a qualified mortgage adviser you can also work for high street banks, buildings, estate agents, specialist providers as well as online advice companies. Looking at local job boards and recruitment agencies is a good way to start.

How much does a mortgage adviser earn in the UK?

The average mortgage adviser salary in the UK is £33,721 per year. Starting salaries average around £22,000 – £25,000 and as you develop experience you can expect to earn more. Most advisers are paid on a commission basis meaning that for every mortgage they successfully complete on behalf of their customers, they get paid a commission.

How long does it take to become a mortgage adviser?

It can take anywhere between 6 months and a year to complete the qualifications to become a mortgage adviser. Whilst work experience is not essential to apply for roles, employers typically look out for 6 months of experience.

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