How to get into mortgage advising

5 March 2020

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 comprised of 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 headstart 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.

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, where 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.

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