Even in the current economic climate, there are many people looking at retraining as a mortgage advisor and work in the financial industry, whether they want to be self employed at some point, work for an independent financial advisor firm or work in a bank or building society.
CeMAP training is only the first step and then most people will work for an advisory firm for some time before deciding how they want to proceed. Some become self employed and others prefer to stay working for a firm.
When checking out CeMAP training courses, you will no doubt read claims that mortgage advisors can earn figures of £100k or more per annum and indeed, that is possible for some, but many want to know what is a realistic salary or earnings for a mortgage advisor. It is certainly a question that comes up during our CeMAP training.
The amount you earn will really depend on you. For example, many mortgage advisors receive a commission from the banks or building society for their referral business and others charge for independent advice, passing the commission onto the client instead.
Much of a mortgage advisors salary will come from selling add-ons to the mortgage, such as life insurance and other policies that people take out at the same time as their mortgage. Much of the CeMAP training covers the different sorts of insurance that a CeMAP qualified mortgage advisor can advise upon and sell. There are of course investment-related items that a mortgage advisor cannot sell and to deal in these would require further training.
Another dependency for the mortgage advisor earnings is the average house price and mortgage they deal with and this depends upon the area in which they work.
The main factor that we see in the earnings of mortgage advisors is how you work, the number of referrals you gain and the hours you are willing to put in. The salary is there for the taking and there are mortgage advisors all over the UK that earn £100k plus, but of course that isn’t for everyone.