What does a mortgage advisor do?

19 October 2018

A Black female mortgage advisor lecturer in casual attire talks to a group of financial services students. She has a friendly smile on her face.

A career as a mortgage advisor is rewarding in so many ways. You have the opportunity to help people at an important point in their lives, enjoying the satisfaction of your work being truly valued. On top of that, you could discover real job satisfaction and earn a great salary which increases with experience.

The day-to-day role of a mortgage advisor

Your role is to help clients find and apply for the right mortgage for them. In order to do this you’ll need to get to know a bit about them and their finances to offer informed, professional advice. For the people you help, mortgage application is a potentially daunting experience. You’ll be on hand throughout the whole process to ensure everything runs as smoothly as possible.

In order to keep your advice current you may spend part of your working day liaising with estate agents, valuers and mortgage lenders. This will enable you to offer the most relevant advice possible to clients.

Where will I work and what will my hours be?

You could work as a mortgage advisor at a bank, building society, estate agency, mortgage broker or insurance broker. Alternatively you could work as an independent advisor. If you work for a bank or building society, you will only sell the mortgage products of your employer. Otherwise it’s likely you’ll advise on the mortgages that are available from a range of companies.

There are positions for part time advisors but as a full time advisor you can expect to work 35-40 hours per week, Monday – Saturday. Your hours might be 9am-5pm but could also be shifts. Your job might require you to work at evenings and during the weekends.

If you become an independent advisor you can set your own working hours but keep in mind that you’ll need to do what’s best for your clients. That often means meeting them in the evenings and at weekends.

Mortgage broker vs advisor: what’s the difference?

While the term mortgage advisor is widely used, you may hear some people use the term mortgage broker in the same context. But what’s the difference between them, if any at all? The truth is, the terms mortgage broker and mortgage advisor actually refer to the same job role. In the UK, these terms are often used interchangeably in regards to the same profession.

How much does a mortgage advisor earn?

A mortgage advisor salary starts at £25,000 – £30,000 per year. With experience, you could expect to earn up to £70,000 (including commission) once you have been working for several years.

At all stages of your career, your mortgage broker salary will often be made up of a basic wage plus commission. Lots of companies also offer a car allowance and other perks to their employees. As you see, mortgage advice can make for a lucrative career!

What qualifications do I need?

If you’d like to become a mortgage advisor you’ll first need to hold a relevant, recognised qualification. The Certificate in Mortgage Advice & Practice or ‘CeMAP’ is the benchmark qualification for the industry, recognised by employers and clients alike.

You don’t need any previous experience or qualifications to begin your CeMAP course and you can start work as a mortgage advisor as soon as you pass your exams. All that’s required to enrol is that you’re aged 17+, have a good level of English and Maths, are interested in the financial sector and have access to a computer and the internet (for online CeMAP study).

Those that are wishing to expand their knowledge of the residential lending sector can further their academic understanding with the Level 4 Advanced CeMAP diploma, designed for those looking to standout to potential clients and employers. If you already have a CeMap qualification, this advanced course only requires you to pass the Mortgage Advice module (AMA).

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