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Everything you need to know about being a Mortgage Adviser

04 January, 2019Kelsie Ashton

Are you wanting know more about how to become a mortgage adviser, what they do and if it's right for you? We’ve put together a simple breakdown of everything you need to know, from what a typical day looks like, the type of personal skills you’ll need for the job, career progression, salary and the qualifications you’ll need. Firstly let's look at what a mortgage adviser actually does.

Becoming a mortgage adviserWhat does a mortgage adviser do?

A mortgage 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 

What skills should a mortgage adviser have?

Mortgage 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.

What qualifications do you need to be a mortgage adviser?

There are several pathways to becoming a mortgage adviser and there is no right or wrong way to do so.

One way to become a mortgage adviser is for individuals to self-fund their studies, as highlighted by a Craig Adams, a former hardware engineer turned adviser. Another pathway is through an apprenticeship, where you can be sponsored by a firm or bank/building society.

Find out more about our CeMAP

Building your career as a mortgage adviser

Upon completing 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.

How much does a mortgage adviser earn?

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. 

So now that you’ve decided you want to be a mortgage adviser, read our blog on how to become one.

Read our blog on how to become a mortgage adviser

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