Career Guide

The complete guide to becoming a mortgage adviser

Would you like to become a mortgage adviser? Whether you’re new to Financial Services or looking to change your role within the sector, becoming a mortgage adviser is a very achievable goal.

Our specialist courses can help you on the path to your new career, so read on to find out what a mortgage adviser does and what qualifications and skills you’ll need.

1000s

of Jobs Advertised

£30,000

Estimated Starting Salary

£70,000+

Potential Earnings

What does a mortgage adviser do?

Mortgage advisers give advice to their clients about mortgages. They also help them to find and apply for appropriate products to suit their circumstances.

As a mortgage adviser, you will need to be able to analyse the different types of mortgages on offer and explain their features and benefits to your clients. You’ll have to be comfortable discussing finances and explaining how the repayments will work.

You will also be responsible for filling out the paperwork on their behalf, as well as liaising with estate agents and solicitors to complete the process.

Is Mortgage Advice for me?

Whatever happens in the economy, mortgage advisers are always in demand.

Buying a property is a big commitment so individuals and businesses want to make sure they choose the very best mortgage for their individual needs. That means they will seek the advice of a professional… and that professional could be you.

Mortgage advice is a highly rewarding career with great prospects:

  • Enter a career with high earning potential
  • Offer a service that is constantly in demand
  • Use your skills and knowledge to genuinely help others
  • Work within a company or go independent
  • Further your career with ongoing learning

What qualifications do you need to be a mortgage adviser?

In order to become a mortgage adviser, you must first hold the CeMAP qualification or another equivalent mortgage adviser qualification.

CeMAP (Certificate in Mortgage Advice and Practice) is the benchmark qualification for mortgage advisers, and you don’t need any prior experience in the Financial Services sector to begin studying for your qualification.

Our popular CeMAP courses are delivered by highly experienced trainers and offer fantastic pass rates. You can choose to study in one of our training centres in locations around the UK, learn online through our small group Live Webinars or at your own pace with our E-Learning self-study option.

Many of our students also choose to complement their study with our highly regarded AdviserSkills course. This helps you to develop the valuable day-to-day skills that you will need to be a successful mortgage adviser.

Once you have passed CeMAP and qualified as a mortgage adviser, you can continue your professional development with our other courses. The CeRER qualification allows you to advise on the rapidly growing equity release market and our DipFA courses will put you on the path to becoming a fully qualified financial adviser.

Mortgage Adviser

CeMAP®/AdviserSkills®

Equity Release Adviser

CeMAP®/CeRER®

Financial Adviser

DipFA®/AdviserSkills®

What skills do you need to become a mortgage adviser?

Once you hold a CeMAP certificate, you are legally allowed to offer mortgage advice. However, it’s also important that you develop the following five skills, which will be essential in your new role…

Passion

Your clients will come to you for expert advice and will rely on your professional opinions. Many clients find the world of mortgages confusing and daunting, but your customer care skills and enthusiasm for your products and services will help them to trust your judgement. The more enthusiastic you are, the more rewarding the experience for you and your clients.

Adaptability

The advice you give to one client will not be suitable for another. You need to be ready to listen to each situation and understand your client’s unique requirements. This will enable you to offer relevant, tailored and better mortgage advice, which will result in happy clients every time.

People Skills

Great mortgage advisers have great people skills. This includes communicating information to your client, helping them feel at ease and truly listening to what they say. If you enjoy working with people, you will find that becoming a mortgage adviser can be a very rewarding career.

Accuracy

Mortgage advisers hold a position of real responsibility and need to approach their work with a thorough, careful attitude. It is crucial that you are accurate in your calculations so that your advice is sound. Taking the time to ensure you’ve entered numbers correctly and thoroughly checked your work is vital.

Encouraging

As a qualified mortgage adviser, you are in the best position to offer mortgage advice. Sometimes clients might need a little help to understand why the product you recommend is really the best one for them. This is all part of your job role and an important part of ensuring client satisfaction.

Where could my career take me?

The financial services industry offers a variety of mortgage adviser jobs, and you could choose to work within a company or as a self-employed mortgage adviser.

EMPLOYED

Banks and building societies employ mortgage advisers to exclusively recommend their own mortgage products.

You could also work at an estate agent, secured lender or mortgage brokerage. In these roles, you would be employed to advise their clients and offer suitable mortgages from a range of providers.

How much could I earn?

If you are employed by a company, you will probably work full time hours. This usually involves working between 35 and 40 hours per week, Monday to Saturday.

You would probably have targets to meet, but a mortgage adviser’s salary usually starts at between £25,000 and £35,000 per year. More experienced mortgage advisers can expect to earn up to £70,000 including commission. You may also receive a car allowance, bonuses or pension benefits.

SELF-EMPLOYED

If you prefer more flexibility, you could opt to work as an independent mortgage adviser. This allows you to choose your working hours to suit yourself and your clients.

Should you choose this route you could opt to become Directly Authorised, however newly qualified mortgage advisers often prefer to work as an Appointed Representative of a network. Many of these provide whole of market access and other benefits, especially around compliance and regulatory changes.

How much could I earn?

As an independent mortgage adviser, you will choose your own working hours which may include working evenings and weekends to suit your clients.

Most mortgage advisers receive commission from the provider, which is usually around 0.4% of the loan amount. However the rate may be higher depending on the complexity of the mortgage.

You can also earn additional income from selling related financial products such as buildings or life insurance.

The figures…

Revenue earned by mortgage intermediary firms increased by 8.5% in 2019.

94% of financial adviser firms reported making a profit in 2019.

Small firms with 1 adviser made an average total revenue of 208,000 in 2019.

*Financial Conduct Authority Data Published July 2020

FAQ:

How do I become a Mortgage Adviser?

To become a mortgage adviser, the first step is to complete the FCA approved Certificate in Mortgage Advice and Practice (CeMAP). Our AdviserSkills programme has been designed to complement CeMAP by undertaking this programme in conjunction you will learn the valuable soft skills required to be successful within this highly rewarding but competitive industry.

You don’t need any previous experience to begin the CeMAP course and it could be the start of your brand new career.

How much does a Mortgage Adviser earn?

When you become a mortgage adviser you have great earning potential. However, exactly how much you earn will depend on the kind of job you take. For example, if you’re employed by a company and work full time, your basic salary is likely to be £25000 – £30,000 p/a. This could increase up to £70,000 with commission. You may also receive a car allowance and bonuses.

If you decide to become an independent mortgage adviser it is likely that you will earn via commission from the provider. This is usually around 0.4% of the loan amount. Therefore, how much you earn will depend on how much you work.

How do I become a self-employed mortgage adviser?

If you’d like to become self-employed, the route for your mortgage adviser career begins with a CeMAP qualification. Following successful completion of the course, you will need to attract clients by advertising your services.

Many newly qualified Mortgage Advisers choose to work as part of a network whom provide the framework to access products along with many other benefits.

What is the professional qualification for mortgage advisers?

There are a few regulatory qualifications to choose from but CeMAP is truly the benchmark qualification for mortgage advisers. Those new to the industry are recommended to continue their professional development by completing our AdviserSkills programme in order to boost their skills and enhance their CV prior to seeking suitable job opportunities.

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