What’s the difference between a mortgage advisor and a mortgage broker?

When people seek to purchase a property, they often enlist the aid of an expert in mortgages who can help them review the potential products available and apply for one that suits their financial circumstances on their behalf. Such individuals can save their clients time by explaining products, providing specialist guidance on the lenders most likely to accept an application and speeding up the process by completing and dealing with the paperwork involved.

While some independent financial advisors offer this service, it is a role more commonly filled by a trained professional with a certification in mortgage and practice (CeMAP) that enables them to legally operate in this capacity. Two terms are typically used to describe this professional, a mortgage advisor or a mortgage broker.

Is there a difference between a broker and an advisor?

While an advisor refers to the role of providing expert guidance and a broker better describes the application assistance offered, the terms mortgage advisor and mortgage broker are interchangeable here in the UK.

After completing CeMAP training, course candidates are approved by the Financial Conduct Authority (FCA) as a certified professional with the skills and experience to practice mortgage advice. As a result, they can add the letters CeMAP after their name showing clients and potential employers that they are qualified. They can then work under the title of mortgage advisor or broker to suit their personal preference.

Types of mortgage advisor

While there is no difference between brokers and advisors, those who have attained their CeMAP must still decide which type of advisors they wish to practice as. The two main choices are to become a tied mortgage advisor or an independent mortgage advisor (sometimes referred to as a whole-of-market mortgage advisor).

Tied advisors work with a limited number of mortgage products from a specific provider. However, independent advisors can search the entire market and offer their client’s a wider selection of options.

Additionally, mortgage advisors can choose to set up their own practice, work in-house or work freelance for both themselves and established firms.

CeMAP training courses

If you would like to train to become an expert mortgage advisor, we can help. At Beacon Financial training, we offer an extensive range of courses for different types of students. From live webinar and home study courses to traditional classroom options, contact our dedicated team today for further information or to enrol.

To find out more about how to become a mortgage advisor, get started with our handy blog.


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