How to become a mortgage advisor in the UK
Do you work in a bank and your main tasks include handling outgoing and incoming financial transactions? Do you feel that these tasks are quite boring? Would you like the opportunity to prove your analytical skills? If so, then through this article, you will find out what to do to become a mortgage advisor in the UK!
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Becoming a mortgage advisor
As a mortgage advisor you will be giving people advice which of the mortgages offered by the bank is the most beneficial for them to buy a property. Your clients can be individuals or companies. To advise your clients effectively you should have a broad knowledge of the mortgages that are currently available from the different credit providers.
As a mortgage advisor, you have a real impact on increasing your clients’ chances of getting a loan, as you are the one who knows which lender has an offer to suit your clients’ individual circumstances.
How to become a mortgage advisor?
Becoming a mortgage advisor can be achieved through various pathways, each requiring specific qualifications. If pursuing a career as a mortgage advisor is your goal, attaining these particular qualifications is essential, and there are multiple routes available to obtain them.
Is education to become a mortgage advisor necessary?
In order to become a mortgage advisor, a university degree is not a mandatory requirement for entry into this profession. However, a degree in finance, banking or management can give you the knowledge to help prepare you to be qualified to become a mortgage advisor. There are college courses that provide you with certain skills and knowledge and will support you in your career development. After such courses, it is usually easier to become a trainee mortgage advisor. In addition, you can do an advanced apprenticeship in a bank or building society institution. These last around 12 months and are a mix of work-based learning and a chance to gain relevant experience.
What qualifications do you need to become a mortgage advisor?
Courses approved by the Financial Conduct Authority are integral to a mortgage advisor’s career. So if you want to become a mortgage advisor, you need to pass the certification exams.
Certificate in Mortgage Advice and Practice (CeMap)
If you want to be a mortgage advisor then you need to pass this three-level course, which is a must for the position. If you are doing the course in the UK, your employer may offer you flexible working hours, support you financially or provide training to prepare you for the course. Many offer the opportunity to combine study with work. The course is divided into two modules: grades and exams. It can take between six months and two years to complete.
Certificate in Mortgage Advice
The Chartered Insurance Institute, or CII, offers a Level 3 Certificate in Mortgage Advice. This certifies that the learner understands the responsibilities and processes involved in a mortgage advisor role. It is designed for people who want to progress in the field of mortgage advice but are not currently working in this area or have no experience.
Certificate in Advanced Mortgage Advice
CII also offers Level 4 certificates. Achieving the highest level certificate confirms that the trainee has the capacity to advise on complex mortgage circumstances. In order to complete the certificate, the trainee must have completed three core units, covering topics such as financial services, ethics and advanced mortgage advice.
What skills may you help to become a mortgage advisor?
Active listening
The ability to listen is important in the mortgage advisory profession. The advice you give to one client is personalised to that client. You must therefore be prepared to understand the individual needs of the client. Careful listening will enable you to offer appropriately adapted mortgages that suit the client’s expectations.
Enthusiasm
You need to remember that clients will rely on your expertise. Many will find mortgage activities confusing and daunting. It is important, therefore, that your customer service skills allow them to forget about the difficulties of credit. You should be guided by enthusiasm for the challenges posed and a proactive attitude. The more you show your enthusiasm, the more enjoyable the experience will be for your customers.
Interpersonal skills
Well-developed interpersonal skills distinguish effective mortgage advisors. Contacting clients, conveying information, explaining intricate credit procedures to clients are just some of the tasks in which the ability to communicate clearly is useful. In addition, good interpersonal skills positively influence contact with colleagues who can share with you the market offers available to them. This makes you even more likely to satisfy the customer.
Accuracy
If you want to become a mortgage advisor, accuracy should be something that sets you apart. Accuracy in making calculations will ensure that your advice is sound. The time and accuracy with which you will make your offers is very important in the process of gaining customer satisfaction.
Persuasion
If you become a mortgage advisor, you should know that you need to be able to convince the client that the product you propose fulfils their expectations.
What will you do once you become a mortgage advisor? Responsibilities and tasks
As a mortgage advisor you will:
- analyse the market and opportunities to make sure the client gets the most cost-appropriate mortgage
- explain to clients how repayments work
- complete mortgage application forms on their behalf
- provide advice and sell related financial products, such as buildings’ insurance or life assurance
- support customers in completing the mortgage application form
- comply with industry rules and guidelines and provide impartial and appropriate financial advice
The choice is yours!
If you want to be a mortgage advisor, you will have to choose one of the specialisations. You can be independent, work for a single lender or a building society. Another option is to work as a whole market advisor or to work with banks from a limited list of lenders.
Career paths of a mortgage advisors
As a mortgage advisor, you can choose to be self-employed. You will then manage your clients’ caseloads. In addition to mortgage advice, your responsibilities will include marketing and sales. In an employee role, as your experience grows you can manage a team of mortgage advisors in a senior role. You can also become a member of a professional body like the CII. Membership grants you access to technical and market knowledge and a range of further training and network building possibilities.
Now when you know how to become a mortgage advisor, you can start your career. Do you have any specific questions? Find your preffered company and ask on gowork.uk!
