How to advise a mortgage

23 March 2020

A mortgage adviser offering guidance to a client

After completing a CeMAP course, you will possess the necessary knowledge and qualification to help people with getting a mortgage. Working in this profession is rewarding and it comes with plenty of benefits and opportunities to grow, but what exactly goes into the role of a mortgage adviser?

Advising a mortgage

There are many duties that you as a mortgage adviser will be required to carry out, all with the aim of assisting people with getting a mortgage. It’s your job to offer the best possible advice to clients, taking into consideration their budget, restrictions and preferences over the type of mortgage they want to take out.

How you choose to approach your advice will be dependent on whether you’re working on behalf of a bank, estate agent or independently. As an independent mortgage adviser, you will be given more freedom with the help you provide. For example, working separately from a specific bank means that you will be allowed to present the deals and benefits from a multitude of banks and building societies.

People will often rely on your support after feeling overwhelmed by the many options and potential jargon that comes with being granted a mortgage. One of the skills of being a mortgage adviser is the ability to sift through all available deals to find the one that best suits the client, all while taking into consideration the fees, interest rates and more technical sides that the client may not necessarily understand without your guidance.

Not only will you be required to find the best mortgage deals for clients, but you will also be expected to advise on which deals they’re likely to be accepted for based on their credit score, career prospects, current debts and the amount they can borrow. 

When a suitable mortgage is chosen by the client with your assistance, you will help with the application process, where you can explain what paperwork is needed, what’s likely to happen in the next stage if it’s approved by the lender, and personally ensure that the application was filled out correctly.

During the course of the mortgage, you will keep close communication with all parties to check that there are no problems or unnecessary delays that could seriously affect it from coming into action. Another part of the CeMAP qualification is the relevant information regarding insurance related to mortgages such as life insurance or home insurance. By offering additional support on other products such as insurance, you may also be able to earn extra income.

Can I advise clients on mortgages?

To be able to work as a professional mortgage adviser, you will need to complete a relevant qualification that is recognised and approved by the Financial Conduct Authority (FCA). The FCA is the regulator of conduct relating to nearly 60,000 finance firms across the UK. Fortunately, they have approved the CeMAP qualifications that work as a direct gateway to providing professional mortgage advice.

Can a mortgage adviser certify documents?

Document certification is the process of getting a nominated person to provide a copy of an important document with assurance that the copy is accurate of the original document. During the application of a mortgage or bank account, the applicant will be required to provide a document. Although the original document may be certified at this point, copies of some documents are allowed, such as passports, driving licences, energy bills or bank statements.

Nominated people that are allowed to certify documents include anyone that is regarded as ‘good standing’. This includes councillors, doctors, dentists, religious leaders, teachers, lecturers, accountants, bank or building society officials and solicitors. Mortgage advisers and financial advisers are legally allowed to certify documents, but only if they’re registered by the FCA and if they include their name and FCA number during the certification process.

An important exception to these types of roles is that they will not be allowed to certify documents if they’re related to, live with or are romantically involved with the person who the documents are directly linked to.

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