The definition of a mortgage advisor

When you think of a mortgage advisor, what springs to mind? People who sell mortgages? In part this is true, but there is now so much more to the role, with the increased regulation they must adhere to, as well as the knowledge and qualifications they need to achieve and maintain.

Primarily, when someone is looking to buy a property – whether it’s their first home, or their second and they are looking to move – a mortgage advisor is the person who would process the application, after accessing how much you could borrow, in line with the lender’s affordability calculations.

Requirements and duties

In order to become a mortgage advisor, it is important to understand the requirements. You must gain a qualification that is recognised by the Financial Conduct Authority (FCA). There are many employers in the field that will provide and fund the training required. Following the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review in April 2014, there is also increased regulation to which advisors must adhere. Doing so enables them to demonstrate that they are acting in a fair, honest, transparent and responsible way.

As a mortgage advisor, you have a duty of care to your customer, ensuring that they understand the mortgage agreement they are entering into. You must make sure that the product you are recommending is suited to their individual circumstances. You will also be responsible for ensuring that you keep yourself up to date with products available as they change, as well as any changes within the regulation or even the law.

Customers and products

Mortgage advisors spend a lot of their time talking with customers, so some experience in customer service is useful, though easily learned. A large part of the role is finding out about your customers, discovering their hopes and dreams with regards to the property they would like. Communication and listening skills are key, along with demonstrating an honest and trustworthy attitude. You will be establishing the customer’s current financial circumstances, looking at their income and any existing credit agreements or monthly outgoings. The number of children they have may also factor in.

Your employer will determine your product range. For example, if you work for a high street lender, you will be tied to advising on their specific product range. Working for an estate agent or a mortgage broker, on the other hand, would see you with access to a range of mortgages from numerous providers.

Landing the job

So how do you make the transition into a mortgage advisor role, if this is the career path you choose? Firstly, make sure that you understand the studying you will need to undertake, such as CeMAP. If you are already working in a bank or building society, you may be able to progress within your current workplace. Alternatively, apply for a mortgage advisor position with another lender, mortgage broker or estate agents if a position is available.

As you can see there, is so much more to the role than just selling mortgages. It can be an exciting and challenging position, and if you put in the hard work, the rewards can be reaped.



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