How to get into mortgage advising

27 April 2022

A woman looking up information on offering professional mortgage advice

Whether you’re searching for a change of career or you’re just out of university and are thinking of taking those first exciting steps to finding your true calling, mortgage advising could be the option you’re looking for. From the rewarding feeling of helping people who need it and the ability to set targets and goals to the opportunity to progress to different roles, this career path is ideal for those with good communication skills and an honest and trustworthy attitude.

Many people use a financial service apprenticeship as a gateway to working as a mortgage adviser, but it can be daunting to know where to start. If you want to increase your suitability and knowledge ahead of working in the financial sector, there are a number of additional steps you can take as you begin your career in providing professional mortgage advice.

How do I train to be a mortgage adviser?

The Certificate in Mortgage Advice and Practice (CeMAP) qualification is entry level and the advised qualification for those who aspire to become a mortgage adviser. Anyone can apply for the CeMAP course, with each of the three modules comprising multiple choice exams that can all be completed online.

However, before signing up to study on a mortgage adviser course, it may be worth considering one of many ways to give you a head start into the world of financial advice.

For additional preparation prior to your course, you could, for example:

  • develop a greater understanding of the terminology and lingo involved in mortgage advising and financial advice as a whole
  • study mortgage advice privately through textbooks and information from accredited sources
  • run through online courses, moving from beginner tests to more advanced tests as your knowledge grows
  • request mentoring or guidance from experts in the sector
  • attend conventions and conferences related to mortgage advice
  • complete a foundation course in mortgage advice.

Part of becoming a professional adviser within the finance sector is the ability to possess an extensive understanding of rules and regulations around the field you’ve chosen to specialise in. Whether this is mortgage advice, advice in equity release, or the broader topic of financial advice, it could take a prolonged period of time to find your feet, so putting extra time aside could benefit your development.

Are there mortgage adviser apprenticeships?

As mentioned above, one way to start your career as mortgage adviser involves training as an apprentice. Mortgage adviser apprenticeships allow you to build up your knowledge and skills while also gaining priceless on-the-job experience and professional mentorship. Following an approved study programme which leads to the industry-recognised CeMAP qualification, apprenticeships of this kind usually take 12 months, on a full-time basis, to complete. However, unlike when you learn in your spare time, while you are enrolled as a mortgage adviser apprentice with an approved training provider, you can also earn while you learn. 

To get started as a mortgage adviser apprentice, you will typically need to have at least five GSCEs (A* to C or 9 to 5), including maths and English. You will also need to have been a  UK/EEA/EU resident for the last three years and not be enrolled in full-time education.

How do you get CeMAP qualified?

If you want to get into mortgage advising but you don’t think an apprenticeship is for you, enrolling on a private mortgage adviser training scheme that culminates with a CeMAP qualification is an excellent option. By opting to enrol with a recognised CeMAP training course provider, such as Simply Academy, you can complete your level 1, 2 and 3 CeMAP qualifications and take the vital first steps towards becoming a qualified mortgage adviser.

Once again, there are typically no entry requirements when enrolling on a CeMAP course. However, you will need to be able to study English at a level 3 standard.

Do mortgage advisers get an FCA number?

The Financial Conduct Authority (FCA) moderates and regulates the conduct of individuals, businesses and the entire economy across the United Kingdom. As soon as you complete your course, you’ll need to make sure that you’re abiding by the necessary guidelines for working as a professional mortgage adviser, and this includes adhering to FCA rules and guidelines.

Every role relating to financial advice must be approved by the FCA, with financial advisers, independent advisers and mortgage advisers included. To become approved by the FCA you need to meet the criteria set in the fit and proper test and in the Statements of Principle and Code of Practice for Approved Persons (APER).

If you work within a firm, the company you work for must apply on your behalf, and they will need to prove your capabilities, but you can also apply as an individual adviser. Upon approval, you will receive confirmation along with an individual FCA number, just as you would if you applied on behalf of a business.

Is mortgage advising a good career?

If you are willing to put the work in and demonstrate a real enthusiasm for this profession, being a mortgage adviser can provide you with a financially sturdy and truly rewarding career. Once qualified, this profession gives you the opportunity to not only help people during one of the most important and often stressful points in their lives, but also to enjoy real job satisfaction and earn a very competitive salary which can increase quickly with experience. 

To find out more about how you can become a mortgage adviser – whether you want to enrol on a private CeMAP course today or think you are better suited to an apprenticeship – contact Simply Academy today. Our knowledgeable team is always available to answer all of your questions and provide you with the expert advice you need to get your new career ambitions off the ground. 

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