How to become a Mortgage Advisor
To become a mortgage advisor candidates must first pass a professional qualification such as The Certificate in Mortgage Advice and Practice (CeMAP®). CeMAP is the benchmark professional qualification for any candidate that wants to provide UK mortgage advice as a mortgage advisor. UK mortgages are regulated by the Financial Conduct Authority (FCA), which requires all advisors to attain the relevant qualification before they can do so. CeMAP is a London Institute of Banking and Finance Regulated Qualifications Framework (RQF) Level 3 qualification and is listed as an appropriate qualification recognised by the FCA. There are no entry requirements to commence the CeMAP qualification.
Skills and role of a Mortgage advisor
A mortgage advisor will recommend to their clients which is the most appropriate type of mortgage in order to buy a property. Advisors must use their skills and expertise to establish client affordability and suitability from a vast range of products. Advisors must also assist their clients to protect their mortgage and property by selling the most appropriate insurance products including life cover, income protection and property insurance. Advisors can work as either an employed advisor and get paid a salary or as self-employed where they can charge a fee or receive commission from the lender and insurance company.
- Meeting with clients to discuss their current circumstances to establish affordability and suitability.
- Select the most appropriate products from the vast range available.
- Explain complex financial information simplistically to clients.
- Explain the features, benefits and risks of the products recommended.
- Excellent communication skills, both verbal and written.
- Honest, trustworthy and ethical.
- Sociable and friendly.
- Hardworking and diligent in order to keep their knowledge up to date.
- Organised – Advisors must be organised in order to maintain adequate records in order to remain FCA compliant.
The Certificate in Mortgage Advice and Practice (CeMAP) is a professional qualification for any candidate who wants to work as a mortgage advisor. UK financial services are regulated by the Financial Conduct Authority (FCA). CeMAP® is a London Institute of Banking and Finance RQF Level 3 qualification and is recognised by the Financial Skills Partnership.