The role of mortgage adviser can be rewarding and profitable. However, it takes time and study to achieve fully qualified status. Here, we’ll explain what happens on the way to becoming a professional. But first things first: What does a mortgage adviser actually do?
What does a Mortgage Adviser do?
A mortgage adviser (or mortgage broker) uses their knowledge of the mortgage market to identify suitable mortgages for clients. In effect, they are the link between borrowers and lenders, assessing clients’ financial situations, giving guidance on options, supporting clients through the mortgage process and negotiating with lenders where necessary.
What qualifications do I need to be a Mortgage Adviser?
To become a qualified professional, you need a recognised qualification. The most popular mortgage adviser training (UK) is CeMAP (Certificate in Mortgage Advice and Practice) from the London Institute of Banking and Finance. Other alternatives include the R01 and R05 from the Chartered Insurance Institute but these are less commonly used.
How long does it take to complete CeMAP training and exams?
According to research, the CeMAP qualification requires around 230 hours. With full-time study, fast-track learners can qualify in as little as six to eight weeks, whereas self-paced learners may take six to twelve months. Once you’ve completed the CeMAP qualification time, you’ll also need to stay up to date by completing Continuing Professional Development (CPD) to maintain your knowledge and skills.
Gaining experience and becoming FCA authorised
You’ve gained your CeMAP qualification – congratulations! What happens next? You can start to apply for positions, but to practice as a mortgage adviser, you must have authorisation from the Financial Conduct Authority (FCA). This involves passing an assessment, submitting an application, and meeting compliance and ethical regulations.
Working as a trainee mortgage adviser
At this point, you’ll be eager to get experience. However, most firms will expect you to achieve Competent Adviser Status (CAS). What is CAS? CAS is a process that ensures you are compliant and capable of giving advice. Normally it takes three to six months working under supervision and submitting a number of approved mortgage cases. You’ll then receive sign-off by a supervisor or compliance manager. Within a year, you can be qualified, gaining clients, and earning as a mortgage adviser.
Typical career path
- Once you’ve got your qualifications, you’ll need that crucial hands-on experience within a mortgage broker firm. At this entry level, you’ll get the support you need to build your expertise.
- Once you’ve built a foundation of knowledge you can progress to become a fully-fledged mortgage adviser. This means you are ready to offer advice to clients, either in-house or independently.
- The next stage is to become a senior mortgage adviser. It’s a chance to handle more complex cases and mentor junior advisers.
- At this point, you can think about management roles, for example, team leader, branch manager or area manager. These roles are more about leading teams, driving performance and meeting targets.
Why professionalism and regulation matter in mortgage advice
Compliance. It’s not optional in this industry. You are dealing with huge sums of money, so you need work to the highest standards. Let your FCA compliance slip and you’ll be penalised: fines, warnings and sanctions; loss of authorisation (and job); damaged reputation; and even legal action from clients.
Next steps: starting your mortgage adviser journey
Ready to get your mortgage adviser qualifications? Take your first steps by looking into course providers.
Want more information? Ask an expert. Mortgage Advisers UK is just a phone call away.
