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How CeMAP Diploma can help build your mortgage advice career

13 July, 2020Juno Baker

Mortgage advisers play an important role helping consumers navigate the market even when borrowing decisions are relatively simple. But once mortgage scenarios become more complex, their role becomes critical. How can you upskill to be ready for the challenging times ahead?

wooden building blocks“We are entering one of the most severe recessions this country has ever seen,” said the Chancellor Rishi Sunak, following his summer statement on 8 July. Despite his £30bn job support package, Sunak has warned of job losses on a “significant” scale.

The Chancellor has introduced a stamp duty holiday – raising the threshold of the tax to £500,000 on residential purchases in England and Northern Ireland until next March. That will boost mortgage demand. But the property market – along with the rest of the economy – remains unpredictable, with increased risk of:

  • yo-yoing house prices
  • a potential rise in properties being sold at auction, and
  • changes to what clients can afford.

Economists are also unsure about what will happen with interest rates. Some suggest there could be a rise in inflation, which could mean interest rates go up. Others expect the Bank of England to introduce negative rates.

All of this means that we're heading for choppy waters.

As an adviser, you'll need to feel confident dealing with more complex mortgage scenarios and specialist cases. And you'll need to be comfortable communicating your research and your knowledge to consumers, so that they know they’re in good hands.

That’s why it’s never been a better time to consider CeMAP Diploma.

What is CeMAP Diploma?

Designed by mortgage advisers for mortgage advisers, CeMAP Diploma is a self-study distance learning course in two modules. It takes about six months to complete.

The first module is CeMAP, which – if you haven’t done it already – will teach you:

  • the regulations that govern the UK mortgage sector, and
  • the factors that affect a customer's personal financial plans.

In the second unit, Advanced Mortgage Advice (AMA), you’ll learn to apply that knowledge to support clients with suitable advice by producing a client report. This is a major part of a mortgage adviser’s role, and certainly one the Financial Conduct Authority (FCA) attaches great importance to.

AMA will expand your knowledge of the mortgage advice process and teach you:

  • about specialist mortgage products
  • why consumer-oriented advice matters, and
  • why sound communication and ethical behaviour are so important.

You’ll be assessed through stimulating coursework, consisting of a customer fact find, presented as a case study. You’ll have to respond to this with a client report – or what’s known in the industry as a ‘suitability letter’.

The fictitious client’s circumstances will draw on learning from the syllabus, such as:

  • buying property at auction
  • analysing client affordability
  • sourcing an appropriate mortgage product
  • providing recommendations for protection products, and
  • advice on writing wills.

How will my learning be supported?

You’ll receive study texts online and in hard copy, but you'll also get access to:

  • study tip videos
  • a weekly study planner
  • a tax table
  • syllabus updates
  • a coursework exemplar paper
  • two multiple-choice electronic specimen papers.

However, one of the most popular study support tools is the online tutor forum, where you’ll get tutor support and be able to exchange ideas with other students.

The forum offers a sense of community and shared experience and many students find it particularly useful when they’re preparing coursework.

Reassuring your customers

At a time of rapid change and volatile markets, there are a lot of scared people trying to make important financial decisions.

Your customers will be reassured when they see the ‘CeMAP Diploma’ designation after your name. As with any qualification, attaining CeMAP Diploma shows clients and employers that you can offer a more advanced service – and that you’re willing to go the extra mile by building your skills to become better at what you do.

But most important, the practical knowledge you acquire through CeMAP Diploma will help both you and your customers weather the storm of these challenging times.

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