If you’re looking into a new career path that will see you become a professional mortgage broker, it’s understandable that your potential salary will be in firm focus. In the next sections, we’ll examine the initial steps you’ll have to take to begin earning in your new profession, the salary you can expect each year if you become an advisor based in the United Kingdom and the factors that will impact how much money you can make in your chosen role.
Acquire your advisor qualification by studying CeMAP courses
Before you can even begin to earn as a UK mortgage broker, you’ll need to obtain specialist knowledge and skills to operate professionally from a recognised study course. Not only will this training prepare you to fulfil your duties as a broker, but it will also equip you with the crucial certification you’ll require to legally practice giving advice as mortgage broker.
The UK’s Financial Conduct Authority (FCA) requires those helping property buyers secure their mortgages to possess an accepted qualification confirming both knowledge and competency in mortgage advice. For this very reason, Certificate of Mortgage and Practice (CeMAP) courses and qualifications were created.
CeMAP qualifications are respected by financial regulators, employers and clients, who view them as a mark of distinction. The letters CeMAP after a broker’s name can tell all concerned that they have expert knowledge of their subject and can be trusted to perform their role. This allows brokers the opportunity to start working and earning.
With training complete, brokers continue learning, but their starting salaries are still robust, often earning between £22,000 and £25,000 each year, with the possibility of additional earnings from commission received on top. Mortgage advisors starting out will be able to pick between going it alone as an independent operator with more freedom or working in-house to enjoy greater financial security, operating through an established mortgage broker with a big name or a well-known bank.
Achieving new heights
CeMAP-qualified brokers who have been practicing for a few years will see their annual earnings begin to rise, with middle-ground advisors commanding a salary anywhere from £45,000 to £60,000. Brokers who keep learning and stay informed on the latest products and market changes will find they can quickly build on their success and increase their earnings.
Becoming a leading broker
With a solid reputation for knowing their role inside out and operating at peak performance, brokers can enjoy a wide array of benefits, from expense accounts and pension plans to a company car and healthcare protection. Expected salaries at this point in a broker’s career can see them earning an income of £70,000 each year.
A specialist CeMAP training company
At Beacon Financial Training, we use our experience, specialist knowledge and contacts to make sure those who study to become brokers get the best start possible. Get in touch with our expert team today for CeMAP course details that will fit with your current commitments.