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What kind of salary can a mortgage advisor expect?

If you’re currently planning on making a name for yourself as a professional mortgage advisor, you may be looking into your potential earnings. In the following sections, we’ll look at the first steps you need to take to start turning a profit in your chosen profession, the annual salary you can anticipate if you become a broker here in the UK, and the factors that can play a role in your earning potential.

Get qualified to advise with CeMAP classes

Before you can earn a penny as a mortgage advisor, you’ll need to gain the skills and knowhow to perform your role professionally. While this training is essential to prepare you for the work you’ll be involved in, the certification you receive at its conclusion is vital to legally operate as a professional mortgage advisor.

The Financial Conduct Authority (FCA) demands that those helping homeowners secure a mortgage by practicing as a mortgage broker have a recognised qualification that assures their competence and knowledge in their chosen field. Fortunately, for just this very reason, the Certificate of Mortgage and Practice – CeMAP for short – was devised.

A CeMAP qualification is seen by regulators, clients and employers alike as a sign that you have an excellent understanding of all areas of providing sound mortgage advice, and it is the key ingredient to your earning potential in the future.

Starting out as a mortgage broker

After finishing your training, you’ll continue to learn, but the starting salary you’ll be able to command will be around £22,000 to £25,000, and you may well receive a commission on top of this. Brokers starting out can choose between working freelance and carving a career for themselves, or, alternatively, enjoying the protection of working under the umbrella of an established bank or dedicated mortgage broker firm.

Achieving the middle ground

After you’ve been operating for a few years with your CeMAP credentials after your name, you’ll find your salary spikes to a figure between £45,000 and £60,000. If you keep educating yourself and updating your knowledge, your reputation will grow from strength to strength with your successes.

Excelling in your profession

At the top of your game, with services that are highly sought after, you’ll likely enjoy many perks, from healthcare and pensions to a company car and an expense account. Your salary will also reach new heights, with experienced professional mortgage advisors often securing an annual income of around £70,000.

A CeMAP training company you can trust

At Beacon Financial Training, we have extensive experience of setting future mortgage advisors off on the right foot. Our comprehensive courses cover all areas of practicing advice, from keeping compliant with current legislation to managing client expectations. Our guidance doesn’t end after your course is complete either – we build strong relationships with each of our students, offering our support even after they are up and running as a professional broker. Contact our dedicated team today for course details to suit your schedule.

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