Where do mortgage advisers progress to?

5 March 2020

an independent mortgage adviser assisting prospective homeowners.

As with any career, climbing up the ladder of progression during your working life and seeing an increase in your salary as you develop is important. Whether you’re looking to go into teaching or medicine, hospitality or HR, finding a job that matches your ambition is key, and the financial sector is certainly no exception.

So,if you’re considering a career as a mortgage adviser, here’s all you need to know about your potential options for progression and what kind of salary you can expect as you develop.

How do I earn money as a mortgage adviser?

Knowing how you’ll earn your money as a mortgage adviser is important, as it will impact your income and the chances of progression into future roles. The main decision which will determine this is between choosing to be an independent mortgage adviser or to work on behalf of a bank.

As an independent mortgage adviser, you may choose to work on a freelance basis, as part of a firm or on behalf of an estate agent. Through doing this, you need to expand your understanding of mortgages to suit what may be expected of you. This includes learning the difference between mortgages from each provider, the guidelines for mortgages at each of these lenders and any additional information that could be required of you.

Alternatively, the option of working on behalf of a bank comes with its own expectations. For this type of role, you would be the employee of the bank, and while you’ll possess extensive information around mortgages and assessing how much an individual can borrow, the focus would be on the products of the bank you work for. Although this means not being able to provide information on mortgages from other lenders, it does mean that you’ll have a thorough understanding of what they could get at the bank or building society you work for, making it a more specialised role than working independently.

Can mortgage advisers charge for services?

The fees for mortgage adviser services are typically different between working independently or on behalf of a bank or building society. If you’re working on behalf of a bank, you will be paid a salary as an employee of the bank, whereas as an independent mortgage adviser, you will need to charge for your services.

Many people looking for mortgage advice will opt for a bank or building society due to this factor, as it means that they won’t have to pay anything upfront aside from the fees required for the survey, deposit, mortgage repayments and insurance. However, if they were to get independent mortgage advice or go to a law firm for this service, it’s likely that they would be charged.

Do mortgage advisers get commission?

Something that all mortgage advisers will tend to have in common is that they will benefit from commission after a mortgage has been finalised. Both independent mortgage advisers and those working on behalf of a bank or building society will receive commission, with around 1% coming from the mortgage and, in the case of independent mortgage advisers, an additional fee from the lender.

Commission is one of the key benefits of working as a mortgage adviser. The fee itself will vary depending on the size of the loan, other products taken as part of the mortgage process such as home insurance and life insurance, and whether or not the advice has been provided independently or as an employee of the bank or building society.

Can I become an independent mortgage adviser with a CeMAP?

From the selection of financial advice qualifications, the Certificate in Mortgage Advice and Practice (CeMAP) is the most suitable to anyone at entry level that wants to become a professional mortgage adviser.

Upon completion of a Level 3 CeMAP qualification, you’ll be able to apply for mortgage adviser roles, be that at a bank, building society, estate agent, law firm or working independently. Through doing this course, you’re also able to work within equity release, and you could consider completing a DipFA course in the future if you wish to provide broader financial advice.

Those wishing to stand out from the crowd can also progress their academic learning with a Level 4 CeMAP diploma, which can help demonstrate to prospective clients and employers a deeper understanding beyond the FCA’s minimum requirements.

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