After completing a CeMAP training course and passing the exam, the student is qualified to become mortgage advisor, but what happens next?
Apply for a job
The first obvious thing to do is to apply for work. Although technically you can be a self-employed mortgage advisor as soon as you qualify, it helps to have worked as an advisor for a company to gain valuable experience.
You can apply to a bank, mortgage broker or another employer. Some employees will allow you to be home-based. If working for a bank or building society, there will be a restricted number of mortgage products on which you can advise on. Working for a broker, you will normally have access to the whole of the market so that you can give independent advice.
Your first job will be a junior position, likely at a salary of about £20,000 to £25,000 a year.
What does a mortgage advisor do?
Your CeMAp training will provide a good idea of the duties of a mortgage advisor. In module 3 of CeMAP training, you will take part in roleplaying activities where you play both the part of the mortgage advisor and their clients.
A mortgage advisor will generally have targets for how many mortgages they arrange each month. This is a measure of their performance and expertise.
In some jobs, your clients and appointments will be arranged for you. Some companies expect their mortgage advisors to actively seek their own clients and arrange meetings with them.
The mortgage advisor needs to research their clients to establish their financial status and future financial aspirations. They also need to clearly explain the different types of mortgages available and answer any of their clients’ questions and concerns.
As well as advising on mortgages, you will be expected to arrange insurance, such as mortgage protection, income protection and life cover – policies designed to cover mortgage payments if the borrower is sick, has an accident or dies before the mortgage has been repaid.
The mortgage advisor will need to communicate with the estate agents, lenders, solicitors and insurance providers to help the process of buying a house go smoothly. All documentation required for the mortgage application can be checked by the advisor.
There will be regular meetings with the mortgage advisor team, and performance review meetings with the advisor’s supervisor.
After successfully completing CeMAP training and becoming a mortgage advisor, the training does not stop. The mortgage market changes, new regulations come into force and new mortgage products are launched. A good mortgage advisor needs regular training that keeps them up to date on all changes.
There are plenty of opportunities for promotion for mortgage advisors. Some firms offer company cars for senior advisors, and earnings can rise rapidly to £80,000 per year or more.
The first step
If you have not completed a CeMAP course, your first step is to book an intensive or home study course with Beacon Financial Training.
CeMAP 1, and CeMAP 2 & 3 in Warrington Course Dates
(CeMAP 1 course runs over 5 days, CeMAP 2 & 3 course runs over 5 days)
Home Study / DIstance Learning