Mortgage adviser jobs

In your role as a mortgage consultant, you will put your in-depth knowledge of the industry to use in order to locate mortgage options for your customers that are suited to their specific requirements.

You will provide them with advice on the benefits and drawbacks of each product, as well as assistance in determining how much money they should borrow.

You could be referred to as an independent mortgage advisor or broker in addition to being recognized as a mortgage adviser who works with the "whole of market." To be placed in this category, you are required by regulations to provide advice on products that are available from the entirety of the market (although this will not include products that are available directly from lenders) and to give your customers the option to pay for your services in a variety of different ways.

Different kinds of mortgage advisors

In most cases, you will focus your efforts on becoming an expert in one of the following areas:

bound to a single creditor and operating, in most cases, inside a financial institution such as a bank or a building society

reviewing transactions provided by a select group of lenders

advisor covering the overall market

Responsibilities

To be a successful mortgage consultant, you will need to:

You may either meet with your customers in person or over the phone.

Please describe the sort of mortgage advisor you are and the payment structure you work under.

Learn about your customer's financial condition, including the amount of money they spend each month, if possible.

Educate your customer on the many mortgage options available to them, and provide them with a variety of products to pick from.

Determine which sort of mortgage is the best fit for each individual customer.

Make sure that your clients can pay back the money they borrow not just now, but also in the future, in case the interest rates go higher or their circumstances change.

Please describe the payback process as well as the mortgage protection.

provide consultation on linked financial matters and sales of associated goods such as property or life insurance

Assist customers in finishing out the mortgage application.

Please provide some basic advise about the process of purchasing a property.

meet sales objectives

interact with mortgage lenders, estate agents, and valuers

Maintain a current awareness of newly introduced mortgage products and changes to mortgage legislation.

Always respect the right of your client to confidentiality.

Maintain compliance with stringent industry standards and norms, and do your best to provide advise that is both objective and suitable.

Learn the regulatory standards set out by the Financial Conduct Authority (FCA), and make sure you're in compliance with them.

in the event that anything goes wrong and a customer exercises their right to protection, you are obligated to fully comply with any inquiry or investigation conducted by the financial ombudsman.

Salary

Beginning pay for mortgage advisers often range between £22,000 and $25,000 in its simplest form. In addition to this, commission could be given out.

You may anticipate earning anywhere in the neighborhood of $45,000 to $60,000, including commission, after you have a few years of expertise in the field.

When commission is included in, highly experienced advisors may make up to £70,000 per year.

The monetary amounts listed are just meant to serve as a reference point.

Time spent working

You should expect to put in somewhere between 35 and 40 hours of labor per week. You may choose to work just during normal business hours, but since you have to work around your customers' schedules, it's more likely that you'll have to put in extra time during the evenings and on the weekends.

What may be anticipated

You can be situated in an office, or you might work from home.

It is possible that frequent local travel may be necessary when seeing clients, particularly for first consultations; but, the majority of your work going forward can be completed by email, phone, or text message.

Work is accessible in every region throughout the UK; however, the likelihood of seeing a bigger number of customers is higher in urban and metropolitan areas.

It is possible to enter the field of mortgage advising at any point in one's working life, whether it be early in one's career, through a job transition, or later in one's life.

Mortgage brokers consist of an equal proportion of men and women in the workforce.

Qualifications

In order to become a mortgage advisor, you are required to successfully finish a course called the Certificate in Mortgage Advice and Practice (CeMAP). This Level 3 course has been recognized by the Financial Conduct Authority (FCA) and is considered the industry standard by employers.

Studying for the CeMAP may be done on an individual basis or with the assistance of one's company. There are many different suppliers of courses, and many of them provide flexible study options such as distant learning. The program, which is comprised of many assessment modules and examinations, may often be finished in a period of time ranging anywhere from three months to three years.

Qualifications comparable to the Certificate in Mortgage Advice are made available by the Chartered Insurance Institute (CII), which are also recognized by the Financial Conduct Authority (FCA).

It is not required to have a degree in order to pursue a job as a mortgage advisor; nevertheless, the following may be helpful:

accounting and financial management

capabilities in business and management

real estate.

There is a possibility of entry with an HND. A postgraduate degree is not essential. There is a wide selection of postgraduate coursework accessible that is more generic in nature. In addition, there are a few courses that cover advanced mortgage advice, including one that leads to a certificate in advanced mortgage advisory. It will be beneficial to get high results in GCSE subjects, particularly in English and mathematics.

A training program in a bank or building society, as well as an apprenticeship, are also viable entry points into this field. Look at GOV.UK Apprenticeships and the Institute for Apprenticeships for further information and specifics on the many organizations that provide apprenticeships.

The majority of companies will require you to undergo a credit check as well as a criminal records check, both of which will be arranged by the employer on your behalf.

Skills

You'll need to make sure you have:

outstanding abilities both in speaking and listening to others

the capacity to convey complicated information in a simple manner

the assurance necessary to deal with numbers as well as the ability to explain statistics and financial goods to one's customers

great customer-service skills

the energy and enthusiasm necessary to accomplish goals

excellent IT skills

a solid grasp of time management and the ability to multitask effectively are both essential.

punctuality

discretion

an approach that is truthful and deserving of trust

a keen interest in the business world of finance

mathematical prowess and talent.

Practice in the workplace

You may improve your grasp of the financial industry and help make your job applications more competitive by gaining appropriate work experience in an environment that focuses on finance, customer service, or sales.

Beginning your career in finance with a job in customer service or as a mortgage administrator at a brokerage business are both good places to start if you want to climb the corporate ladder. Some financial institutions including banks and building societies provide training programs.

Find out more information on the many types of work experience and internships that are currently offered.

Employers

Mortgage brokers often choose to work for themselves, however there are other opportunities for employment with the following organizations:

institutions such as banks and building societies

estate agents

mortgage broker companies.