How to Become a Mortgage Advisor
Whether you are looking to take your career to a new level or you are fresh out of school, becoming a mortgage advisor can be a very good option, especially for those with an interest in finance, property, and working with people.
If you are considering this as a career option, we have a few simple steps to help you get your dream job in mortgage advisory today:
Do Your Research
Before doing anything else, you should find out more about what the job involves. Mortgage advisors are often skilled experts in the industry. Therefore, they are required to obtain industry-specific qualifications.
You can find out what a mortgage advisor does on a day-to-day basis by looking online and speaking to other people in the industry. Daily tasks of the role include:
- Speaking to customers
- Finding new customers
- Processing mortgage applications
- Renewing mortgages
- Liaising with banks and lenders
Decide How You Want to Study
The most important qualification to have in the UK if you wish to become a mortgage advisor is the Certificate in Mortgage Advice and Practice, or CeMAP.
There are two different ways to go about getting the CeMAP qualification. You can either study for it by yourself, utilizing a range of self-teaching books and online study guides, or you can sign up for a formal training course. Otherwise, you could find a company that takes you under its wing and trains you up, allowing you to get both experience and a qualification.
Self-directed study is going to be the cheaper option, but you will get little help if you are struggling to understand various bits. If you can afford to, it may be better to go with a training course and consider it an investment in your future.
Revise for Your Exams
Of course, if you want to pass your exams, you will have to revise for them. It is recommended that you do 200 hours of learning and revision prior to the CeMAP exam. You may have to make a timetable and stick to it, as well as forgo some social activities you would normally do during this period of time. There will be a lot of information to get through, so you need to make sure you give yourself enough time to revise for your exams before you actually take them.
Take the Exams
The next step is to actually take the exams. The CeMAP exams take place at the same centers where people take their theory examinations for a driver’s license. Therefore, there is probably a center near you. Typically, you will have the choice to pick a time and a date that suit you.
Work on Your Skills
While the qualification is key, being a mortgage advisor also requires you to develop some skills. One of the most important is communication, as you will spend a lot of your time helping and advising customers. You will also need to be organized, analytical, and greatly attentive to detail. The more experience you get, the better you will hone your craft.
Getting some industry knowledge can also be very useful, whether you do so by reading up on types of products or going to trade shows and exhibitions. Some topics to learn about include commercial mortgages, residential mortgages, first-time buyers, and even bridge finance.
Apply for a Job
After all of your hard work, it is time to apply for a job in the field.
As a mortgage provider, you can work at a range of different places. You can work in a bank, as a broker, or for an estate agent. Look online for the different kinds of opportunities available to you.
Mortgage advisors can also handle more recent financial products that are starting to gain momentum, so you may want to consider working for second charge mortgage companies and equity release providers. Spend a bit of time researching the details of the job descriptions for each of these to see which would suit you best.
Daniel Tannenbaum is a marketing consultant at Tudor Lodge Consultants.
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