If you live in the UK and are looking for a new career, becoming a mortgage advisor is well worth considering. It is a well paid job, and there is plenty of demand for the services of a professional that knows the ins and outs of the mortgage business. Here we explain the steps that you need to take to enter this field:

The qualifications you need

In the past, you did not need any qualifications to be a mortgage provider within the UK. This has now changed, and you now need to hold a Certificate in Mortgage Advice and Practice (CeMAP) qualification to legally give out mortgage advice in the UK. To secure this qualification, you need to take and pass three exams.

Without this qualification, it is impossible to get a legitimate job within the industry. It is important to resist the temptation to set yourself up privately as a financial advisor if you are not qualified. Bear in mind that the advice you give out is going to have a long-term effect on the lives of those people who come to you for advice.

You can easily ruin someone’s life by giving him or her poor information. Should that happen, naturally they will sue you. Without the right qualifications, you will be unable to take out professional indemnity insurance to protect yourself and your assets should you be sued in this way.

How to get qualified

You can study for your CeMAP qualification at home using online resources, or use a training provider. Whatever approach you take is entirely up to you, as it is possible to pass the exams taking either method. However, you need to be realistic about your capabilities when choosing your path. Studying at home using online resources is generally cheaper.

For someone who is organised, motivated and able to stick to a study schedule, the self-study approach can work out well. If you do want to follow the self-study route, having a banking background and good numeracy skills will prove helpful. If you do not have these skills or this knowledge, some parts of the course will be tougher than others.

On the other hand, joining a training course provides you with support as well as additional motivation and structure. It allows you to seek clarification of any points you do not understand and gives you the chance to practice exam questions. In addition, most people are able to complete the course and pass the exam faster when using a training provider.

Leave a Reply

Your email address will not be published.