Mortgage Adviser
What is the work like?
Mortgage advisers help people to find and apply for a suitable mortgage.
As a mortgage adviser in a bank or building society, you would only sell your own company's mortgage products. If you worked for an estate agent or mortgage broker, you would offer mortgages from a range of companies. If you are an independent financial adviser (IFA), you would advise on all types of financial product including mortgages.
Your work could include:
- advising clients on the home-buying process
- finding out about your client's finances
- explaining about different types of mortgage
- offering a number of mortgages for the client to choose from
- helping the customer complete the mortgage application
- explaining about repayments and mortgage protection
- selling related financial products such as buildings insurance
- meeting sales targets
- dealing with estate agents, valuers and mortgage lenders
- keeping up to date with new mortgage products and any changes in the law.
You would need to follow strict rules and guidelines from the Financial Services Authority (FSA), which make sure that you act fairly and are qualified to give appropriate financial advice.
What qualifications and experience will employers look for?
If you are considering becoming a mortgage adviser, employers often consider ‘people skills’ and a background in customer service, sales or financial services to be more important than formal qualifications.
You would often start as a customer service adviser in a bank or building society, or as a mortgage administrator or insurance technician in a firm of brokers. You could then progress into giving mortgage advice as you gain experience and Financial Services Authority-approved qualifications.
You may also be able to get into the financial services industry through an Apprenticeship scheme. The range of Apprenticeships available in your area will depend on the local jobs market and the types of skills employers need from their workers. For more information on Apprenticeships, visit www.apprenticeships.org.uk.
See the Financial Adviser profile for information on how to become an independent financial adviser.
What further training and development can I do?
Your training will be a mixture of on-the-job learning and study for qualifications in mortgage advice, possibly through a bank or building society’s structured training scheme.
As a trainee mortgage adviser you must take an industry-recognised qualification that meets Financial Services Authority (FSA) standards, such as:
- Chartered Insurance Institute (CII) Certificate in Mortgage Advice (Cert MA)
- ifs School of Finance Certificate in Mortgage Advice and Practice (CeMAP).
You can study for each of these qualifications by distance learning. Employers will usually support your training and pay for exams.
The ifs School of Finance also offers the Advanced Certificate in Mortgage Advice and Practice, which is suitable for supervisors.
With experience, you could take further exams to qualify as a financial adviser. See the CII and ifs School of Finance websites for more details about their qualifications and training for financial advisers.
You should keep up to date with new products and financial regulations throughout your career. CII and ifs School of Finance both offer a range of short courses and formal continuing professional development (CPD) schemes to help you achieve this.
Where can I go for more information?
IFS House4-9 Burgate Lane
Canterbury
Kent
CT1 2XJ
Tel: 01227 818609
Canary Wharf
London
E14 5HS
Tel: 020 7066 1000
South Woodford
London
E18 2JP
Tel: 020 8989 8464
London
EC2V 7HQ
Tel: 0845 257 3772
If you would like to discuss your career options with a learning adviser, call 0800 100 900 or use our online enquiry form
Alternatively, you can visit our website at: www.direct.gov.uk/careersadvice
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What salary and other benefits can I expect?
- Basic salaries (without commission) are usually around £18,000 to £25,000 a year.
- Salaries including commission (known as 'on target earnings' or OTE) may be advertised as up to £40,000 or £50,000 a year.
A salary package may also include car allowance, insurance and pension benefits.
Figures are intended as a guideline only.
What are the hours and working conditions?
In a full-time job you would generally work between 35 and 40 hours a week between Monday and Saturday. You could work 9am to 5pm, or shifts including evenings and weekends in a contact centre. Part-time work is possible. If you are an independent adviser, you would often meet clients in the evening and at weekends.
You would usually be office-based, although some independent advisers work from home.
What skills and knowledge will I need?
- good communication and listening skills
- the ability to explain complex information clearly and simply
- excellent customer service skills
- the drive and motivation to meet targets
- honesty and a trustworthy attitude
- an interest in legal and financial matters
- good mathematical and computer skills
- respect for confidential information.
What opportunities are there?
You could find opportunities with banks, building societies, estate agents, firms of mortgage brokers and insurance brokers all over the UK. You could also work as an independent mortgage adviser.
Jobs may be advertised in the local press, on employers’ own websites, in financial services industry magazines, and by specialist financial recruitment agencies.
With experience, you could manage a team of mortgage advisers, or you could choose to become a self-employed independent adviser. You could also take further qualifications to become a financial adviser.
You may find the following links useful for job vacancies and general reading (links open new window):
Financial Adviser
Money Marketing
Financial World
eFinancialCareers
We do not accept responsibility for the content of external sites.
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