Why Get Qualified to Provide Mortgage Advice?.
There isn’t much more of a secure feeling a person can experience than owning their own home outright. Making that final payment on your property cements your position as a homeowner, and nobody can take that away from you.
For many people, however, purchasing a property, whether it’s to live in or use otherwise, is only possible with a mortgage. It’s also likely the biggest financial decision they will ever make, so it’s understandable aspiring property owners will pay for the advice and guidance of a professional Mortgage Advisor.
If you’re interested in the property market, you could start a career that helps put people on track to this feeling of security. You will also be well versed in the mortgage products that are available, which can help in your own pursuit of property independence.
Find out why you should consider a career as a Mortgage Advisor, and how you can get started in this profession below.
What is Mortgage Advice?
A mortgage is a loan that is taken out by an aspiring property or landowner to make their purchase. This loan is secured against said property or land until the person or people who took out the mortgage have paid the loan off.
A host of lenders offer a range of mortgage products, which purchasers can take advantage of depending on various elements like their employment status, financial outgoings, deposit size and type of property or land being purchased.
This can be as complicated as it sounds, so by seeking mortgage advice, UK purchasers can have the whole process explained to them. This way, they will understand exactly what buying position they are in and receive assistance in finding the mortgage products that best suit their needs.
As a Mortgage Adviser, you need to have extensive knowledge of the laws, interest rates, products and repayment options related to mortgage products. So, you can advise your clients of the pros and cons of each product and help them come to a decision on how much they should borrow.
Why Become a Mortgage Advisor?
There are so many reasons why becoming a Mortgage Advisor is a good career choice, whether you provide independent mortgage advice or work for established institutions like the Mortgage Advice Bureau.
Start a Job That’s In-Demand
The property market, like most markets, fluctuates over time. Though, unlike other markets, there is always a demand for properties as people need somewhere to live or somewhere to operate a commercial business.
With regular changes to borrowing conditions, securing a mortgage is always a complex process. Rising rental prices are also causing a shift from renting to buying, increasing the competition for properties, and putting more urgency behind the mortgage completion process.
For these reasons, among others, the mortgage industry in the UK has snowballed and there are not enough professional mortgage advisors to meet the demand. By getting qualified to provide mortgage advice, UK learners can have their pick of employment opportunities!
Become a Specialist in Different Areas
There are numerous ways in which an individual, couple, or group of individuals can buy a property or piece of land, depending on their situation and how they intend to use the property or land being purchased. For this reason, it’s possible for mortgage advisors to provide all-around mortgage advice services, or specialise in particular areas.
Buy to Let Mortgage Advice
Help prospective landlords understand why the fees and interest rates are higher on a buy to let mortgage.
Commercial Mortgage Advice
Support business owners who aspire to secure the sale of a property or land for commercial use. The value of the land/property in these instances is often much higher, and for this reason, commercial mortgages aren’t pre-set as they typically would be in a residential mortgage. This means you need to have detailed knowledge of the more varied mortgage products that can be offered in a commercial buying situation.
First Time Buyer Mortgage Advice
Help first time buyers as they navigate the buying process and make a typically daunting experience become less stressful for them. As first time buyers can often have help to buy schemes and other incentive products they can take advantage of, specialising in this area of mortgage advice would require you to know each of these back to front.
Self Employed Mortgage Advice
Work with self employed individuals to explain the different mortgage products that are available to them. This requires you to explain the differences between employed and self employed mortgage advice, and the different way a self employed person’s repayment affordability is assessed. For instance, how three years’ worth of books is typically required to secure a mortgage.
Meet All Manner of Interesting People
Depending on the type of Mortgage Advisor you become, you will come into contact with people from all walks of life, which is perfect for you if you enjoy socialising and interacting with others in your role.
You could be dealing with successful property investors with an extensive portfolio of rental homes to their name one day, and someone who is finally in a position to become a homeowner the next.
In this case, the mortgage advice process is also one that can be full of anxiety and emotion for the buyer. So, if you are naturally a comforting person and enjoy seeing people reach their goals, helping people get on the property ladder can be a highly rewarding career.
Enjoy Substantial Earnings
Choosing to train as a Mortgage Advisor is also choosing a career path that can put you on track to financial independence.
As an entry-level Mortgage Advisor, you can expect a starting salary between £22,000 to £25,000, with some roles also providing commission on top of this. With some experience under your belt, after a few years you could easily earn between £45,000 to £60,000 with commission, and the more senior mortgage advisors can take home up to £70,000 with commission included.
Wages naturally vary depending on your location and whether you decide to work in an employed capacity or as an Independent Mortgage Advisor.
Be Your Own Boss
While there are plenty of employment opportunities that exist in established companies like the Mortgage Advice Bureau, or Nationwide Mortgage Advice, a large number of mortgage advice professionals work on an independent basis.
By choosing to become a self-employed, independent Mortgage Adviser, you can be in charge of your own caseload of clients and dictate your hours and rates of pay. This provides you with much more flexibility in how you work, but you will need to be more savvy with sales and marketing to make your independent mortgage advice service a success.
Get Qualified as a Mortgage Advisor Online
If you like the sound of a career related to property that offers a high degree of job security, the chance to earn a substantial living and the ability to help others achieve their life goals, becoming a Mortgage Advisor will be highly rewarding for you.
To get started as a Mortgage Advisor, you need to complete a certificate in Mortgage Advice and Practice (CeMAP) course that is approved by the Financial Conduct Authority (FCA). This can be broken down into modules 1, 2 and 3, but you will need to complete all three modules to give mortgage advice legally.
This qualification is essential because UK mortgages are regulated by the FCA, so your qualification needs to be too.
Stonebridge Associated Colleges provide each of these modules online, in course clusters that make obtaining your qualification more flexible.
You can study:
CeMAP Certificate in Mortgage Advice (Module 1)
Step one of three provides you with an insightful introduction to the world of mortgage advice. Over two units, you will explore the financial services environment, mortgage products, UK financial services and regulations.
CeMAP Certificate in Mortgage Advice (Modules 2 and 3)
Step two and three for learners who have already obtained their CeMAP Certificate in Mortgage Advice (Module 1). In this course, you will complete three advanced units that will heighten your knowledge of the mortgage advice application process to a professional level. This is because you will cover everything from issues borrowers may face following completion to an in depth look at mortgage law.
CeMAP Certificate in Mortgage Advice (Modules 1, 2 and 3)
This course provides a one-stop-shop for your CeMAP qualification as you complete all three modules in one online course. You will start with the fundamentals of the financial services environment and mortgage products, then advance your studies by covering the mortgage application process and possible post-completion complications. Upon successful completion, you will be ready to enter the sector as a professional Mortgage Advisor.
Study Mortgage Advice Online
You can realise your ambition and become a Mortgage Advisor with an FCA approved online CeMAP course. Whether you need to complete part or all of your CeMAP qualifications, Stonebridge has the courses to help you tick the boxes required.
As a leading UK distance learning provider, Stonebridge Associated Colleges has helped over 4 million learners get qualified in a number of subject areas. By studying mortgage advice courses online with us, you can become a part of that group too!
Find out more about our online certificate in mortgage advice and practice CeMAP courses by speaking to one of our Course Executives on 0121 392 8288, by reaching out to us online or by clicking below!
