Providing house-hunters with financial helping hand.
What does a career as a mortgage advisor involve? A mortgage advisor helps people find and apply for a suitable mortgage.
The work could involve advising clients on the homebuying process, finding out about clients' finances, explaining types of mortgage and offering a number of mortgages for the client to choose from.
You may then help the customer complete the mortgage application, explain about repayments and mortgage protection and sell related financial products such as buildings insurance. You would need to meet sales targets, keep up-to-date with new mortgage products and changes in the law and liaise with estate agents, valuers and mortgage lenders.
You would need to follow strict industry rules and guidelines, which make sure that you act fairly and are qualified to give appropriate financial advice.
What skills are needed? To be a good mortgage advisor you should have good communication and listening skills, the ability to explain complex information clearly and simply, excellent customer service skills and the drive and motivation to meet targets. An interest in legal and financial matters is also helpful, as well as good mathematical and computer skills and respect for confidential information. What training do you need? You would normally start as a customer service advisor in a bank or building society, or as a mortgage administrator or insurance technician in a firm of brokers. You could progress into giving mortgage advice as you gain experience and qualifications. You may be able to get into the financial services industry through an apprenticeship scheme.As a trainee mortgage advisor you must take an industry-recognised qualification that meets regulatory standards, such as a Chartered Insurance Institute (CII) Certificate in Mortgage Advice (Cert MA), or an ifs School of Finance Certificate in Mortgage Advice and Practice (CeMAP).
What are the opportunities for career progression? You could work for banks, building societies, estate agents, firms of mortgage brokers and insurance brokers in most places in the UK. You could also work as an independent mortgage advisor.
With experience, you could manage a team of mortgage advisors, or you could choose to become a self-employed independent advisor. You could also take further qualifications to become a financial advisor.
What is the salary? Mortgage advisors working for a company are usually paid a basic salary plus commission. Independent advisers can be paid either by fees or commission.
Basic salaries are usually PS18,000 to PS25,000 a year.
. ? Financial Skills Partnership: 0845 257 3772, www.directions.org.uk ? Institute of Financial Services: 01227 818609, www.ifslearning.ac.uk ? Chartered Insurance Institute: www.discoverrisk.co.uk, www.cii.co.uk ? Details provided for information only.
Jobs are not necessarily available.
Becoming a mortgage advisor you could help people buy their dream home