Understanding your role as a mortgage advisor

If you are considering becoming a professional mortgage broker, it’s important to research what’s involved in acting as an advisor to decide if it’s the right career path for you. A mortgage broker is a position of trust, acting in the best interests of clients seeking to acquire lending to purchase a home, which makes it a role that comes with significant responsibilities.

In the next sections, you can explore some important areas involved in acting as an advisor on mortgages, and increase your knowledge of what your newly chosen career might involve.

Definition of a mortgage broker and the role they perform

In simple terms, a fully qualified mortgage broker acts as a financial advisor who focuses on mortgages. Mortgage brokers, also called mortgage advisors, endeavour to find the ideal mortgage that possesses rates that fit an individual client’s personal circumstances and suits their budget.

A mortgage broker must scour the market and examine all products available, shortlisting those suitable for their clients. They can then present the best solutions and offer expert advice on the right offering. This expert understanding of mortgage products and the legislation governing mortgages is acquired early on in a broker’s studies, typically when they undertake a Certificate in Mortgage Advice and Practice (CeMAP) course. However, this knowledge base must be constantly updated to remain valid, and expert understanding of the current housing market allows advisors to not only identify the most suitable lenders, but also can enable them to secure the best deals for their clients.

Responsibilities of a mortgage broker

As an advisor, your role is to save your client time searching the market for product options and to save them money by locating the best deal possible for their needs.

Mortgage advisors base the recommendations they offer on their client’s unique circumstances. This may include the size of the available deposit, preferences for monthly repayments, available rates of interest and more personal financial details, such as regular outgoings and private credit histories.

Advisors have a duty of care towards their clients. As an acting broker offering advice to clients, you are legally bound to act in the best interests of those you serve and always be able to justify the recommendations you provide. Advisors who arrange mortgages for clients that they are unable to maintain simply to acquire larger fees are heavily penalised for such unscrupulous activities. Similarly, brokers are also obligated to be upfront and honest in all dealings with clients, offering total transparency on costs and a clear understanding of any risks involved.

Acquiring your CeMAP qualification

At Beacon Financial Training, we have developed CeMAP courses that are second to none and come with a flexible range of options, including both classroom studies and remote learning solutions. If, after exploring your potential position as a practising advisor, you feel you’re ready for the task, you’ll find our course materials comprehensive, easy to understand and supported by professional tutors. Contact us today for further details on classes and courses.


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