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Mortgage Advisers: What do they do exactly and is it for me?

10 January, 2018Toby Brown

housesOn the 22nd November, Chancellor Philip Hammond announced that Stamp Duty will not be charged for first time buyers on houses costing less than £300,000.  Though a positive move for young buyers, a ripple effect across the wider mortgage market is inevitable.

According to Legal & General; Mortgage Advisers are currently in their ‘strongest position for at least a decade, reaping the rewards of years of hard work since the beginning of the Financial Crisis.’ And with the increase of first time buyers, more professionals are turning to a career in Mortgage Advice. But what exactly does an adviser do? We highlight the key facts you need to know if you’re considering a career in the industry. 

What is a Mortgage Adviser?

An adviser helps clients with the home buying process and will explain the intricacies of owning a house and paying a mortgage. The key factors include:

  • Explaining the different types of mortgage
  • Offering a number of mortgage options
  • Dealing with estate agents, valuers and mortgage lenders
  • Keeping up-to-date with new mortgage products and any changes in the law 

hand shakeWhat type of person is a Mortgage Adviser?

 Advisers put customers first. They possess exceptional communication and organisational skills coupled with a persuasive edge to help complete a sale. This is supported adeptly by the ability to explain complex information easily. Clients generally want the most complicated and occasionally smallest detail explained well, or they may seek advice elsewhere.

Mortgages are exceptionally detailed, and any discrepancy which may occur in a mortgage in principle needs to be spotted and rectified by the adviser, as small details can have a large long-term impact. In order to generate maximum reward from the profession, individuals need to be extremely self-motivated and driven, even more so should they choose to establish their own firm.

Career Path and Progression

Initially, you can break into this career path through an apprenticeship, where you can be sponsored by a firm or bank/building society. However, it is not unusual for individuals to self-fund the study of Mortgage adviser qualifications, as highlighted by a Craig Adams, a former hardware engineer turned adviser, read the full stroy in a previous blog. 

Upon completing your Certificate in Mortgage Advice & Practice (CeMAP) you may initially be placed in a customer service adviser role in a bank or building society to build up essential interpersonal skills required for the role. Alternatively, you may begin as a mortgage administrator in a firm of brokers, typically an environment dedicated to mortgage advice and services. With further experience, advisers can progress and be in charge of a team of advisers. Using the experience already gathered, individuals can branch out into other Financial Advice roles, such as Business Analysing and with further qualifications, experienced advisers can move into commercial financial advice.

house-1407562_1920Salary

Mortgage Advisers are in the fortuitous position of being able to progress steadily throughout their career with decent salary progression. Depending on the location and branch, starters can earn between £16,000 and £25,000 per annum. With experience, advisers can move into roles which can earn them between £45,000 and £60,000 per annum, not including commission. Highly experienced advisers who have moved into a more general Financial Advice role can earn up to £70,000 per annum, plus commission. Further benefits could include car allowance, insurance and pension benefits. 

A typical day for a Mortgage Adviser

Mortgage Advisers, in a nutshell, advise clients on the home buying process. However, there is a large amount of customer relationship work involved, getting to know the client on a personal level and establishing what they can financially manage. Daily tasks can involve:

  • Finding out about the client’s finances
  • Offering a number of manageable mortgage options for the client to choose from
  • Helping the customer complete the mortgage application
  • Explaining repayments and mortgage protection in a comprehensible manner 

Further to the interpersonal aspect, advisers are expected to remain market savvy, while keeping up-to-date with new mortgage products and changes in the law.

Becoming a Mortgage Adviser is a rich and rewarding career which effectively can be achieved by anyone who is dedicated enough, in the next blog we share how to best prepare yourself to embark on this journey. 

Find out about becoming a Mortgage Adviser and enquire about studying CeMAP.

 

References:

Legal & General, November 2017, Value of a Broker, London, UK. 

National Career's Service, September 2017, Mortgage Adviser, London, UK, accessed from: https://nationalcareersservice.direct.gov.uk/job-profiles/mortgage-adviser [Accessed on: 5/1/18]