Mortgage advisers are currently experiencing greater demand due to the uncertain economy and the affordability rules introduced in 2014. Buying a home is a complex process, and buyers often require professional advice to ensure they don’t make errors of judgement, which could cost them thousands of pounds.
If becoming a mortgage adviser is a career you are considering, you will first need to become CeMAP qualified.
What is CeMAP?
The Certificate in Mortgage Advice and Practice is an essential qualification for all mortgage advisers. It’s an industry benchmark, and recognised by the UK Financial Regulator, while being accredited by the Qualifications and Curriculum Authority (QCA). There are three exams in the course in total: CeMAP 1 contains two units, while CeMAP 2 and 3 are generally studied together.
CeMAP 1
This course covers UK Financial Regulation, which is crucial for all mortgage advisers. The two units help you to learn more about the UK’s financial services market. The first unit covers savings, investments, tax, pensions and mortgages. Unit two concentrates on regulation of finance, including everything from data protection to money laundering.
This course is comprehensive and requires intense study periods, as it includes a multitude of topics. This exam is often perceived to be the hardest of the three, as it covers a wide variety of subjects. Each paper has 50 multiple-choice questions.
CeMAP 2 and 3
CeMAP 2 teaches students about mortgages, and includes information on mortgage applications, repayments, mortgage law and any issues that may occur after completion. The paper consists of multiple-choice questions.
CeMAP 3 is centred on case studies, so you can obtain some practice before taking the exam. CeMAP 2 and 3 are generally studied and assessed together as they cover the same topics.
Concerns about the exams
Most people dislike taking exams, especially if they have a topic that they find particularly difficult. Many people are concerned that maths may be a requirement for the study and exams, but a basic level of being able to add and subtract, and work with percentages, is often satisfactory. If a candidate has a GCSE in maths, they should find the course relatively doable.
Where do I study?
Studying for CeMAP courses is flexible, with options to study at home or in a formal training centre. People have their own preference, with some learning better in a classroom-based environment and others preferring the solitude of their own home. All the materials required for the course will be provided, wherever you study. You may be able to access other study materials, which will help you to maximise the benefits of your learning. If you aren’t sure which type of study you prefer, seek advice from a professional who can help you decide.
Benefits of home study
If you study at home, you can spend time on the course whenever you like, meaning that you may be able to take the exam sooner than if you were in a formal learning environment.
Study can fit around your day, so if you are a night owl you may prefer to study late at night. Studying from home is peaceful, but you are never alone, as you have access to online support, so you can ask questions whenever you like. Some people prefer studying alone so that they can spend extra time on difficult topics, without worrying about falling behind schedule. It can be daunting if you feel that everyone in the class is racing ahead, leaving you behind. Those with family commitments may find home study much more convenient, as they won’t have to make childcare arrangements.
Benefits of classroom learning
If you enjoy the interaction of learning alongside others in a formal training session, you will probably prefer a classroom-based CeMAP course. The sessions will be delivered by a real person and you are free to interact with fellow students, bouncing ideas off each other. If you have questions, they can be answered immediately by the trainer at that session, rather than having to wait for a reply.
How long will it take to complete the course?
Everyone studies at different paces, with some devoting all their time to study and others having to fit it in, a bit at a time, around work and other commitments. If you study in a formal learning centre, you will find that the course lasts for a set number of weeks, so if flexibility is required you may want to consider the home study option. The important aspect of taking the CeMAP courses is that you study at your own pace and pass the exams.
What are CeMAP courses suitable for?
If you are considering a career as a mortgage adviser, one of the requirements is that you have to have a CeMAP qualification. To be able to effectively help people looking for a home and a mortgage, you need to be proficient in all aspects of the house buying process, including obtaining a mortgage and other aspects, like finding home insurance.
Can I work as a mortgage adviser as soon as I pass the CeMAP course?
You will require some practical experience when you have passed the CeMAP exam, so that you obtain real life experience. Although the course will give you the knowledge and information you require to be a mortgage adviser, you will need the experience before you find a job.
However, if you decide to become a self-employed mortgage adviser, you will be able to set up as soon as you have passed the exam. To be sure that you are able to offer the very best advice, it is often better to spend time gaining that experience, as you are dealing with real life situations and could be helping someone to buy their dream home.
Getting a job as a mortgage adviser
There is far more demand for a mortgage adviser than there was previously, especially as borrowers are now facing strict affordability tests before being granted a mortgage. Achieving your CeMAP qualification will set you on your way to securing a rewarding career.
