Are mortgage jobs a good career choice in today’s economy?

November 18, 2022 by Heidi

Mortgage Advisors

If you like working with people and numbers, then a career providing mortgage advice may be a fit for your personal profile. However, with recent upheavals within the property sector, many candidates might be wary of considering a career in the UK mortgage industry. Fortunately, those interested in roles such as a mortgage advisor the prospects are looking bright.

The UK property market

The UK mortgage has seen rapid growth in recent decades, with a marked trend of buying over renting. Home ownership is a key component of UK life, with most Britons expecting or aspiring to buy a home of their own. While the economic downturn temporarily stalled the property market, the wish to purchase property has never diminished. Now, with consumer confidence rising and people becoming more optimistic regarding the economy and their aspirations of owning a home, the career prospects in the mortgage industry are growing.

Recovering house markets

Following some difficult years, the UK mortgage market is recovering, which is welcome news for those employed in a sector where their income often relies on commission. The property market is now gaining ground thanks to moderate growth, low inflation, and a base rate rise delay, creating competition between British lenders to deliver better rates and more choice for customers. Mortgage approvals and applications are increasing, and property prices are expected over the next five years to rise. However, many consumers are now more cautious regarding borrowing resulting in increased demand for professional advice from qualified brokers.

Prospects for a career in mortgage advice

Despite recent economic challenges, careers in mortgage advice are an excellent choice in the present climate. The demand for mortgages is expected to remain high, and a nation of property owners will always need expert mortgage advisors. The housing market is gaining strength and will likely remain relatively stable for the foreseeable future, which makes for exciting prospects for new advisors now entering the sector.

The recent economic crisis has opened brand-new opportunities within the industry. With stricter regulations and tougher applications, a growing demand for mortgage advisors who have a CeMAP qualification exists to help borrowers fully understand their available options and how make the best choices. The UK lending industry is currently experiencing delays on mortgage applications due to understaffing. As such, there is high demand for advisors of all skill levels.

To begin your prosperous career as a broker, contact Beacon Financial Training and book your CeMAP study course today.