Before you can become a mortgage advisor, you need a qualification in mortgage advice that is recognised by the Financial Conduct Authority. The standard qualification in the UK is the Certificate in Mortgage Advice and Practice, commonly known as CeMAP.

To obtain a CeMAP qualification, you need to pass exams that test your knowledge of financial services, financial regulations, mortgage law, mortgage products, mortgage payments and mortgage arrears issues. Beacon’s CeMAP training teaches everything you need to know to pass the exams.

What does a mortgage advisor do?

The primary role of the mortgage advisor is to advise clients on the homebuying procedure and how to finance home purchases. You need to be able to clearly explain the various mortgage predicts and options. A mortgage advisor assesses the client’s finances so that they can be advised on an option that they can afford.

The advisor explains how mortgages are repaid and what happens if the borrower defaults on payments.

The skill of the advisor is to match a mortgage product with the client’s individual circumstances, then arrange the mortgage. Most mortgage advisors will then help with the mortgage application, making sure that the client knows which supporting documents they need to submit. As the mortgage application process proceeds, the advisor will liaise with the lender, estate agents, valuers, and solicitors to make sure that the process proceeds smoothly.

Most mortgage advisors will also sell related products such as mortgage protection insurance, life insurance, and building insurance.

Skills required

The CeMAP qualification is the basic qualification needed to apply for a job as a mortgage advisor, but many employers are also looking for job candidates with decent GCSE grades. They may also look for people who have worked in customer service, sales, or with a financial firm. A job offer could be subject to references, a credit check, and background check.

The CeMAP training will help you acquire many of the skills that a good mortgage advisor needs. As well as the knowledge learned on the course, an advisor needs to be a skilled communicator, able to explain complex issues and to be a good listener.

A mortgage advisor must be mathematically literate, though it is not necessary to have a GCSE or A Level in maths.

Part of the job is entering information on computer records and looking up information. This requires the advisor to be competent at IT skills.

An advisor must be flexible in their working hours, as some client meetings will be arranged in the evening or at weekends.

Mortgage advisors have sales targets, so need to be motivated and driven to achieve their targets. Though the basic salary of a mortgage advisor starts at around £22,000 per year, advisors can earn considerably more through performance-related bonuses.

If you think that you have what it takes to be a successful mortgage advisor, start your new career path by enrolling on a Beacon Financial Training CeMAP course in Liverpool, Leeds, London, Manchester, Birmingham or Scotland.