Mortgage advisers use their in-depth knowledge of the market to find suitable mortgage products for their clients
As a mortgage adviser, you'll meet with clients to advise on different products and services depending on their needs and financial situation. You'll help them determine how much they should borrow and at what rates and terms.
You'll likely be employed by a bank or financial institution selling their products, or you may work independently as a 'whole of market' mortgage adviser. To fit this classification, regulations require that you offer advice on products from all banks and lenders without bias and offer flexible payment options.
What does a mortgage adviser do?
As a mortgage adviser, you'll need to:
- meet with your clients in person or over the phone
- explain what type of mortgage adviser you are and how you're paid
- find out about your client's financial situation, including what their monthly income and expenditure is
- explain the different types of mortgages and offer products for your client to choose from
- assess which type of mortgage is most suitable for each client
- make sure your customers can afford their borrowing, both now and in the future, if interest rates rise or their circumstances change
- explain about repayments and mortgage protection
- advise on and sell related financial products, such as building or life insurance
- help clients complete the mortgage application
- offer some general advice on the home-buying process
- meet company and individual sales targets
- liaise with mortgage lenders, estate agents, and valuers
- keep up to date with new mortgage products and changes in mortgage regulations
- Follow GDPR and confidentiality guidelines
- follow strict industry rules and guidelines and ensure you give appropriate financial advice
- understand the Financial Conduct Authority (FCA) regulatory requirements and ensure you meet these.
How much does a mortgage adviser earn?
- Newly qualified mortgage advisers earn between £25,000 and £30,000.
- As an experienced mortgage adviser, you can expect to earn in the region of £40,000 to £75,000. Higher-end salaries may be inclusive of commission.
- If you are self-employed as a whole market adviser, you can earn anything between £65,000 and £100,000, as commissions are higher.
How many hours does a mortgage adviser work?
You'll usually work around 35 to 40 hours a week in an office or from home, with frequent travel to visit clients. It's common for the job to involve some evening and weekend work, as you'll need to fit in with clients' schedules.
How do I become a mortgage adviser?
You must complete the Certificate in Mortgage Advice and Practice (CeMAP) course. This Level 3 course is approved by the FCA and is sought by employers as the industry standard.
CeMAP can be studied independently, with the support of your employer or through an external training provider. Many course providers offer flexible study arrangements including distance learning. The course, made up of assessment modules and exams, can usually be completed in a period of anywhere between six months and two years. CeMAP is provided and awarded by the LIBF.
The Chartered Insurance Institute (CII) offers the equivalent Certificate in Mortgage Advice qualification, also approved by the FCA.
A degree is not essential for a career as a mortgage adviser, but the following may be useful:
- accountancy and finance
- economics
- business and management skills
- real estate.
Entry with an HND is possible. A variety of more general finance postgraduate courses are available, but not necessary for the role. There are also a few advanced mortgage advice courses, including the Certificate in Advanced Mortgage Advice. It will help to have good GCSE grades, including maths and English.
You can enter this career through a bank or building society training scheme or an apprenticeship such as the Level 3 Mortgage adviser Apprenticeship. Read more about apprenticeships and how to apply.
Most employers will expect you to have a credit check and a criminal records check, which they'll arrange for you.
Key skills for a mortgage adviser
You'll need to have:
- an interest in the financial sector and strong maths skills
- confidence working with numbers and the ability to explain figures, financial products and complex mortgage terminology clearly to clients
- drive and motivation to meet targets
- excellent communication and customer service skills to engage with clients
- good time-management skills and the ability to juggle a busy workload.
Mortgage adviser work experience
Gaining relevant work experience in a finance, customer service or sales environment will increase your understanding of the financial sector and help make your job applications more competitive.
It's possible to work your way up from a customer service role in a financial institution, or as a mortgage administrator in a firm of brokers. Some banks and building societies run training schemes.
Find out more about the different kinds of work experience and internships that are available.
Who employs mortgage advisers?
A common option for mortgage advisers is self-employment, but you can also find employment with:
- banks and building societies
- estate agents
- mortgage broker firms.
Look for vacancies directly on the websites of banks and building societies, or through broker networks such as Just Mortgages.
Specialist recruitment agencies include:
What does learning and development look like for mortgage advisers?
You may choose to become a self-employed, independent mortgage adviser, managing your own caseload of clients. This will involve an element of sales and marketing work, as you'll need to find new business as well as carrying out the actual work of a mortgage adviser. To do this, you'll need to obtain Competent Adviser Status (CAS) before you can manage your own cases.
With experience, you may consider setting up your own firm of mortgage brokers. This would involve having overall responsibility for a team of independent advisers. You would manage the associated business administration, promotion and marketing activities involved in running the firm. You may also choose to take further qualifications to become an independent financial adviser (IFA)) or an Equity Release specialist (CeRER), to advise on a wider range of financial products.
To keep up with continuous professional development (CPD), membership of a professional body such as the Chartered Insurance Institute (CII) provides access to technical and market knowledge, and a range of training and networking opportunities. These may include developments in digital technology affecting the mortgage industry. For example, in artificial intelligence, robo-advisers are further advanced to become integrated with human advice.
If you choose the employed route, with experience, you could progress to managing a team of mortgage advisers in a senior/management-level role. Other prospects include becoming a financial controller, or a wealth manager where you would advise clients with a portfolio of investments of a certain value or above.