How to become a mortgage advisor in the UK

Do you want to learn how to become a mortgage advisor in the UK? Here are some things you should know

How to become a mortgage advisor in the UK

A mortgage advisor’s main goal is to find the best mortgage possible to meet their client’s needs and goals. And, ultimately, to secure a sale.

If you want to learn how to become a mortgage advisor in the UK, there are a few things you must consider. One is the basic qualifications. Another is the educational requirements (if any). Others are your personal skillset and whether the compensation is worth it for you and your goals.

In this article, we will explore how to become a mortgage advisor in the UK. Here is everything you need to know.

How to become a mortgage advisor UK: overview

In the UK, a mortgage advisor is also known as a mortgage broker or a mortgage specialist. Mortgage advisors give advice on mortgages and the home buying process.

Advisors also assist clients (both individual buyers and businesses) in finding, selecting and applying for mortgage products that best meet their needs.

There are also different types of mortgage advisors, which include:

  • Independent: Independent advisors must consider mortgage products from all providers across the entire mortgage market.
  • Tied: These mortgage advisors are tied to one mortgage lender. Tied mortgage advisors usually work with one lender, such as a bank or a building society.
  • Multi-tied: Multi-tied mortgage advisors offer more products than a tied mortgage advisor. However, these products are still from a limited choice of providers.

Mortgage advisors can choose to be generalists or specialists in certain mortgage products. These may include commercial, residential and buy-to-let. What you do depends on whether you are independent, tied or multi-tied and if you generalise or specialise in any specific mortgage products.

How to become a mortgage advisor UK: basic requirements and qualifications

To become a mortgage advisor in the UK, you must successfully complete the Certificate in Mortgage Advice and Practice course, otherwise known as the CeMAP. The CeMAP is a Level 3 course approved by the Financial Conduct Authority (FCA) and viewed by employers as the industry standard.

John Somerville, Director of Financial Services at The London Institute of Banking and Finance, commented:

“For the last 25 years our qualification has led the market, with over 130,000 students qualifying with CeMAP. Students tell us this is the most comprehensive qualification – a practical test of skills and knowledge which provides an excellent foundation for a career in mortgage advice.”

You can choose to study the CeMAP independently or with your employer’s support. Most course providers offer distance learning and other flexible study arrangements. The CeMAP is made up of assessment modules and exams, and usually takes between six months and two years to complete.

But there are options. The Chartered Insurance Institute (CII) also offers the Certificate in Mortgage Advice. This certificate is equivalent to the CeMAP and is also approved by the FCA.

Is a university degree necessary?

No, you do not need a university degree to become a mortgage advisor in the UK. You don’t need previous experience either. However, there are courses and disciplines that may be useful. These include:

  • Accountancy and finance
  • Business and management skills
  • Real estate

You can also start your qualifications if you have a higher national diploma (HND). You do not need a postgraduate degree. Instead, a variety of more general finance postgraduate courses is available.

You also have the option to take more advanced mortgage advice courses. These include the Certificate in Advanced Mortgage Advice. It will help if you have good GCSE grades in English and maths.

Do mortgage advisors make good money?

Yes, mortgage advisors in the UK make good money. However, you will likely start off on the lower end.

Trainee mortgage advisors in the UK usually start off between £20,000 and £25,000. Basic starting salaries are typically between £26,000 to £30,000, with commission on top of this. Remember: these figures are a) meant to act as a guide and b) are more typical for advisors who are just starting their careers.

As an experienced mortgage advisor, you can expect to earn anywhere from £45,000 to £75,000. These salaries may or may not include commission, depending on your work situation.

How long does a mortgage advisor course take?

The amount of time it takes to complete a mortgage advisor course may differ, depending on your situation. Everyone learns at their own pace.

Typically, however, the length of time required for completing CeMAP training is about 230 hours. You can start with this allotted amount of time and use it as the basis of your study schedule. Then you will have a rough idea of approximately when you will finish your course. If you can complete the course under that allotted time, all the better.

How to become a mortgage advisor: gaining the right certifications

The major factor that determines how long it will take you to get your certification is how long it will take you to complete your CeMAP training. This depends on your personal situation. If you are planning a career change, for instance, and already have a full-time job, you will have limited time to study.

When choosing how best to acquire your CeMAP, consider both the style of learning that is best for you and how it will work with your personal circumstances. If you need to fit your training around an existing workload, you may benefit from a home study CeMAP training course or online webinar course.

Is there a demand for mortgage advisors?

Yes. There is a demand for mortgage advisors in the UK. That means by becoming a qualified mortgage advisor, you will enjoy a high level of job security.

There is always demand for properties. This remains true despite property markets fluctuating (like all other markets). Increasing rates for rent are also driving the shift to buying. This is putting more urgency and competition behind the mortgage application process.

Out of the top 15 most in-demand job sectors, mortgage advisors ranked at number 2 in 2021, according to LinkedIn data.  Within the last few years, LinkedIn reported a 59% increase in relevant job postings for mortgage advisors. These roles consisted of mortgage brokers, mortgage underwriters, mortgage loan officers, escrow officers and loan closers.

Between 2020 and 2021, for instance, the Intermediary Mortgage Lenders Association (IMLA) expected gross mortgage lending to increase £283 billion (17.3% compared to the previous year). Increased demand like that in recent years has resulted in increased pay. And remember, in this business, more work usually means more bonuses.

If you want to become a mortgage advisor in the UK, remember that they are in demand.

A career as a mortgage advisor is worth it

When determining how to become a mortgage advisor in the UK, it is important to understand the different types of advisors. It also helps to have a basic grasp on the mortgage products available. Next, you will need to get certification either through CeMAP or CII.

Remember: you don’t need a degree to become a mortgage advisor. However, educating yourself is the first step in your exciting new career.

To find out more about how to become a mortgage advisor in the UK, get in touch with one of the mortgage professionals we highlight in our Best in Mortgage section. Here you will find the top-performing mortgage professionals across the UK.

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