There is a shortage of experienced mortgage brokers in the UK. Quality CeMAP training can address this issue by helping students gain the necessary CeMAP qualification needed for new mortgage advisors.

Why did brokers leave?

In the years before the financial crisis of 2008, it was relatively easy to find a mortgage. The housing market was buoyant and there was a lot of work for mortgage advisors to help borrowers finance new house purchases.

Part of the reason for the financial collapse were the high number of high-risk mortgages that banks had freely given out. After the crisis, banks were reluctant to lend money for mortgages except for a few low-risk borrowers. Fees for independent mortgage advisors were reduced, which led to many mortgage advisors struggling to make a decent wage. Some left the profession or diversified their business into other financial areas.

The Mortgage Market Review (MMR) findings resulted in new regulations. Reacting to increased regulation and extra administration caused more brokers to leave the profession.

Mortgage advisor shortage after the recovery

Thankfully, the financial markets have since recovered, and the process of obtaining a mortgage has gradually become much easier. There has been an increase in demand for mortgage advice, but because of the departure of so many advisors from the industry, there remains a shortage of mortgage advisors.

What do financial employers want?

To meet the demand for new mortgage advisors, several CeMAP training courses have been launched by training companies. Though all courses help people prepare for the CeMAP exams, not all courses help candidates be good mortgage advisors.

Financial organisations that recruit mortgage advisors are looking for more than the CeMAP qualification. They expect high GCSE grades and related work experience. They want people who have developed skills working in customer services, sales or for a financial company.

Financial organisations are looking for personal qualities suitable for the role of mortgage advisor. They want good communicators who can explain complex financial products clearly. Candidates must have excellent social skills and be able to get on with all types of people, from borrowers to estate agents, and solicitors to lenders.

A good level of numeracy is required. Mortgage advisors work flexible hours and must be prepared for some evening and weekend work. Mortgage advisors need to be motivated and ambitious too, as they will be expected to meet sales targets.

The Beacon advantage

Beacon Financial Training runs CeMAP courses all over the UK. Our students’ study in small groups of 12 or fewer so that they have a lot of individual attention from our expert tutors. We will fully prepare you for the CeMAP exams and a help you develop the skills needed to be a mortgage advisor. After you qualify, we provide career advice and help you with guidance on what financial organisations are looking for in job applicants.

The first step towards starting a new career as a mortgage advisor is to book a CeMAP course with Beacon Financial Training. If you have the right qualities, a career as a mortgage advisor is a rich and rewarding one.