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How to become a mortgage adviser

A mortgage adviser is a very popular job in the UK with over 34,000 approved advisers working for 5,000 approved firms. People who work as mortgage advisers are typically passionate about property, finance and working with people. There is no university degree required and salaries typically start from £22,000 per year.

What is a mortgage adviser?

A mortgage adviser's job is to help people choose the right mortgage for their circumstances, whether they are a first time buyer, home mover or simply looking to get a better remortgage deal.

The broker will guide them through the purchasing process to help ensure they choose the right mortgage or remortgage product.

What are the typical duties of a mortgage adviser?

Whilst the exact duties of being a mortgage adviser may vary, you can expect the following:

  • Gathering the clients personal and financial information, understanding the clients needs and expectations, analysing and providing the appropriate advice and solution
  • Filling out mortgage application forms on behalf of your clients
  • Providing information and giving details of the benefits and features of different mortgage products
  • Regularly analysing the mortgage market, in order to make sure you are providing your client with the most cost-effective products available
  • Giving advice to clients on their finances and savings
  • Liaising with conveyancers, estate agents and lawyers during the property buying process.

Qualifications to become a mortgage adviser

You do not require a university degree to become a mortgage adviser, however there are certain industry-recognised qualifications and work experience that will help you get to this job position.

For example, a widely accepted qualification in the sector is the Certificate in Mortgage Advice & Practice (CeMAP). This is a level 3 certificate that can be completely via self-study over a 12 month period, costing just £555 (for three modules). There is also the fast-track option which can be completed in 9 days and you are required to do roughly 200 hours of learning and revision to complete the course. Passing the exams is the start of your journey but you will not be considered a competent adviser until you have completed at least six months of writing business on a regular basis.

You can also get an apprenticeship in order to become a mortgage adviser. In this case, you will typically need 5 GCSEs between grades 9 to 4 (the equivalent of A* to C) and this will usually need to include English and Maths.

Once qualified, as an Adviser, you are expected to continue with your own Personal Development by keeping up to date with Industry changes by attending seminars put on by Lenders, Industry publications and the internet. As from 2020, Advisers will be registered individually with the Financial Conduct Authority and will be required to provide evidence of competency.

The average working hours for a mortgage adviser

If you are looking to become a fully qualified mortgage adviser, you can expect to work between 35 to 40 hours a week in total. Most advisers will work the standard office hours of 9am to 5pm (or 6pm) but you may need to be fit in with your clients' schedules which may require you being flexible for evening and weekend work.

The average salary for a mortgage adviser

The amount you can earn as a mortgage adviser will be depend on your level of expertise. For example, basic starting salaries for this field are usually between £22,000 to £25,000 in total alongside commission which can be very lucrative.

After gaining more experience, you may be able to receive between £45,000 and £60,000 in total, and if you are highly experienced and generating a lot of deals, you could command £70,000 a year or more in this role.