Restricted availability of high loan to value mortgages, complex affordability criteria, stress tested rates for buy-to-let lending and too much regulation are seen as the most significant challenges for mortgage advisers when delivering good customer outcomes, according to the 400 mortgage advisers surveyed.
As the number of advisers who successfully completed the Certificate in Mortgage Advice and Practice (CeMAP) reaches 100,000, we spoke to nearly 400 qualified advisers to find out their views on the state of the market.
Despite the challenges and uncertainties - including potential impacts of Brexit and technological advances - most mortgage advisers see a bright future ahead. 80% of advisers would recommend a career in mortgage advice to a young person, with 86% saying that helping consumers achieve their life goals is one of the most enjoyable and rewarding aspects of their role.
Most mortgage advisers agreed that regulation was providing greater consumer protection and had improved advice, but weren’t keen on further regulation being introduced. Opportunities for the market include rate changes, equity release, lifetime mortgages and affordable housing. Simplification of the selling/buying process would also have a positive impact.
Brian Wilkinson, Managing Director, Corporate & Professional Qualifications:
“With the challenges and uncertainties facing the mortgage market, professional training and qualifications have a critical role to play in helping advisers navigate the challenges, ensure compliance and get the best outcomes for their customers. That’s what advisers say is one of the most enjoyable aspects of the role. It’s encouraging that over 100,000 advisers have now qualified with CeMAP, with around 1,400 also completing advanced CeMAP Level 4 qualifications. Advisers tell us that CeMAP can also be a route to other career options, such as retail banking, wealth management and financial advice, so it’s a great foundation.”
Michael Fowler, a Mortgage Adviser at the Halifax (part of the Lloyds Banking Group) and the 100,000th adviser to qualify with CeMAP says:
“CeMAP has been really helpful in preparing me for my mortgage career. Having a professional qualification gives me real confidence in my role and helps me to provide the best possible service to customers.”