Mortgage Advisor Careers

Would you like to become a mortgage advisor?

In an industry as complex as the mortgage market, you’ll be calling on your listening skills to get to know each of your customer requirements on an individual basis. Home buying is for many, the largest purchase people are likely to make in their lives.

In some cases the home can be a financial investment going into the family heritage to be passed on to children as part of someone’s will. Every individual will have different budgets, income, personal expenditure, and disposable income, and not everyone is open to discuss their personal finances openly.

Become a Mortgage Advisor

The ability to build rapport with customers and provide them with reassurance of your discretion may be required for some people to openly discuss their personal finances with an advisor in any role.

As a mortgage advisor, you must be good with numbers, and financial planning in order to establish a firm understanding of what your customers can realistically afford to pay in their monthly repayments. Advise on the wrong mortgage and it’s your customers who risk their home being repossessed and their credit rating destroyed, leaving next to no hope on a new mortgage for years to come.

Due to the severe consequences poor mortgage advice can cause consumers, safeguards are in place to protect consumers, and you will be required to be qualified in order to work as a mortgage advisor.

In this line of work you need to be able to communicate in a manner your customers can understand, providing them with a range of mortgages that are financially suitable for them, and tailoring your own professional advice in accordance with the most appropriate mortgage and related insurance products to meet customer requirements. You will be faced with challenges from consumers, who might feel they want a mortgage product, which is paid on interest only.

Based on your expertise, and financial analysis of the budget they have, you would need to ensure that at the end of the mortgage term when it comes up for renewal that your customers know the repayments and capital outlay to expect.

Typically, you can expect an interest only mortgage to be suited to property investors and that’s part of the discussion you’ll be having with your customers. The plans they have for their property as if they are requiring a buy-to-let mortgage, then you’ll need to advise on the required insurances they’ll need in place, as well as ensure they’re aware of other aspects such as income tax from the property rental income.

As a mortgage advisor, you could only advise on the mortgage and insurance products, and not be able to provide assistance in matter relating to tax affairs. You would only know your limitations as to the areas you’re legally obliged to provide professional advice on and the elements you’re not qualified to assist, when you go through the appropriate training.

Mortgage Advisor Training

How do you train to become a mortgage advisor?

Training to become a mortgage advisor is not something you can easily move into. It can take years and cost a small fortune if you go the route of direct study, with no offer of employment at the end of your training.

Mortgage Advisor

Most positions will be recruited from a trainee position in retail banks, mortgage brokers, and some independent financial advisory firms, where your training will be a mixture of on-the-job training combined with support towards an industry-recognised qualification, which meets regulatory standards.

The bodies regulating the mortgage industry and related insurance products are:

  • The Chartered Insurance Institute – (CII)
  • The Financial Conduct Authority – (FCA)

To establish trust in both employers and with consumers, it’s ideal to hold the highest and most up to date training on mortgages, to ensure you’re consistently at the top of your game, with the latest industry expertise to advise on market conditions, and the mortgage products available.

You do that by studying towards a CeMAP® (Certificate in Mortgage Advice and Practice) qualification. Beyond the CeMap®, you can go onto further study towards a Diploma in Mortgage Advice and Practice (DipMAP®) qualification.

Once qualified there are further qualifications you can study to further your expertise and place yourself in higher demand with financial institutions for your services, or even to work independently if you choose to go that route.

Further studies include Certificates in…

  • Regulated Equity Release (CeRER®)
  • Regulated Complaints Handling (CeRCH)
  • Regulated General Insurance (CeRGI®)

The above three certificates are advanced and only available to already qualified mortgage advisors and available through the Institute of Financial Services. (IFS) The benchmark qualification for the industry is the CeMAP® Certificate, held by around 80% of mortgage advisors and brokers.

Furthering your studying when you’re in employment will enhance your employability level, and will help you increase your earnings potential.

Mortgage Advisor Jobs

There are many different jobs to consider if you want to go into the financial services industry. But if you have an interest in mortgages, one of the most appealing positions to consider will be a mortgage advisor position.

Mortgage advisor jobs are always advertised in the press and online. But before you start looking for these positions it will help to understand where you are likely to work.

Mortgage Advisor Jobs

Employed mortgage advisor jobs

The most obvious source of this job position comes from the banks and building societies that line our High Streets. Most of these employers offer a standard salary range and they also add commissions on top. This means the more successful advisors will earn more money. But if you think the only employers you can consider are familiar banks and building societies, think again.

Insurance companies may also employ mortgage advisors to offer advice on this particular financial product. It may vary between businesses though, so do check when you are looking for job openings.

Self employed mortgage advisor jobs

There is also the possibility to go it alone and set up as an independent, self employer mortgage advisor. This is best done when you have gained experience through being employed with another company.

Few people would trust a mortgage advisor with little or no experience. Credentials are required if you are going to make a success of being self employed in this area. You can also develop your career from this point to create your own company offering mortgage advice to your clients. In this case you may take on someone else as a partner and employ other mortgage advisors when the time comes to grow your business.

Consider what products you would be permitted to promote in each job position

This is an important factor to consider when you are looking at employed mortgage advisor jobs. If you are working for one employer – such as a bank for example – you may well find you are a tied advisor. This means you will only be recommending mortgages that are offered by that particular bank. Many advisors start off in this way, but it does mean you will not be offering the best and most comprehensive service to your clients.

If you want to be able to provide advice on all manner of mortgages so your client is able to have the best one on the market, you should consider becoming an independent mortgage advisor. At the very least you should look for a position with an independent company that is able to offer such advice.

As you can see there are differences between all the mortgage advisor jobs on the market today. Knowing what they are will help you to find the best and most rewarding position for you, no matter where you are in your career.