Both qualifications are the industry standard on your way to becoming a mortgage advisor in the UK
If you want to become a mortgage advisor in the UK, there are qualifications you will need to get.
The certificate in mortgage advice is up there with CeMAP as the industry standard (though there are options). Not only will it make you appealing to employers, but it will truly help you serve your clients better from Day 1.
In this article, we will break down what the certificate in mortgage advice is. We will also show you how to get it and how it compares to CeMAP.
Here is everything you need to know.
What is the certificate in mortgage advice UK?
First, let’s look at what the certificate in mortgage advice is.
If you want to be a mortgage advisor in the UK, you will need the Level 3 Certificate in Mortgage Advice. The certificate is offered through the Chartered Insurance Institute (CII).
You will also need this certificate if you work in a support role to an advisor. The main function of the certificate is to develop an understanding of the mortgage sector and the mortgage process. It will also enable you to meet individual client needs – this includes knowing the best mortgage interest rates in the industry.
Certificate in mortgage advice: who is it for?
The certificate in mortgage advice is ideal if you want to give mortgage advice or if you are working in a non-advisory role in the mortgage market. This may include technical consultants or anyone in support roles who want to progress.
Successfully completing the certificate in mortgage advice meets the qualification requirements for the Financial Conduct Authority (FCA) for mortgage advisors.
Completion requirements
The certificate in mortgage advice includes two core units from a choice of three. Upon successful completion, these provide you with 34-40 CII credits. Those credits can then be used toward further CII qualifications.
Here is how the credits break down, as outlined by the CII website:
- Financial Services, Regulation and Ethics (R01)—20 CII credits or UK Financial Services, Regulation and Ethics (CF1)—15 CII credits
- Mortgage Advice (CF6)—20 CII credits
Learning and assessment
As part of the enrolment in the certificate in mortgage advice qualification, you would typically access the following materials:
- study text, either printed and/or digital (with digital updates)
- RevisionMate online study support, which includes tests at the end of each chapter
- exam guide containing guidance and a practice exam
- assessment entry
What qualifications do I need to give mortgage advice?
In the UK, there are several ways to become a mortgage advisor, even with no experience. These include, as we’ve just seen, getting your certificate in mortgage advice. There are, however, other qualifications you can get to give mortgage advice.
In this section, let’s look at some of the more common qualifications.
University
You do not need to have a degree to become a mortgage advisor in the UK. It can, however, maximise your chances of success. This is especially true if you have a degree in the right field. Here is a look at some relevant subjects to the role of mortgage advisor:
- Accountancy
- Business management
- Finance, financial services, or financial studies
- Real estate
For a degree course, you usually need two or three A Levels or equivalent. Make sure you check the entry requirements prior to applying. The reason is they can vary, depending on the university.
College/private training
Included in this section is the certificate in mortgage advice, which we have already looked at. An alternative to that certificate is the certificate in mortgage advice and practice, or CeMAP. The CeMAP is the industry standard to become a mortgage advisor in the UK. Like the certificate to mortgage advice, it is also approved by the FCA.
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.”
The CeMAP is a Level 3 qualification that is equivalent to an A Level. Most employers in the UK require that you hold a CeMAP.
To get your CeMAP, there are no formal entry requirements. But you should have good English and Math skills. A general certificate of secondary education (GCSE) in those subjects would be beneficial for you.
The London Institute of Banking and Finance (LIBF) has more information on CeMAP qualification. Numerous private training companies and colleges offer this qualification, so it is important to research the one best suited to you.
For further CeMAP qualifications, you can look into Level 4 CeMAP Diploma, for instance.
Other qualifications and courses
Aside from mandatory qualifications, there are other qualifications and courses that can help you become a mortgage advisor. These include the following:
- Level 3 extended diploma in business
- T Level in finance
Typically, you would need four or five GCSEs grades 9 to 4, or A to C, or equivalent. For a T Level, this includes Maths and English. Before applying, make sure you check the entry requirements and course duration. Each training provider and college might be different.
Keep in mind, you are not guaranteed success with qualifications and courses. It will, however, show companies that you are keen on the job and could give you a competitive edge. Additionally, some employers might even provide support and resources to complete your qualifications.
What is the best course for mortgage advisor?
The best course for mortgage advisors is the CeMAP or the alternative certificate in mortgage advice.
CeMAP is the benchmark qualification for mortgage advisors in the UK and is respected throughout the mortgage industry. The CeMAP covers mortgage markets, laws, and regulations. It also provides you with the skills, knowledge, and confidence to start working with clients.
Once you qualify for CeMAP, you can offer professional mortgage advice. And your new skillset will be highly valued as you start your exciting career journey.
Studying for the CeMAP: key takeaways
In this section, let’s look at some of the key things you should know before you study for the CeMAP:
- CeMAP is a RQF Level 3 qualification that is accredited by Ofqual and is awarded by the London Institute of Banking & Finance.
- The qualification is divided into seven units spread out over three modules. You can study at your own pace via self-study, live webinar, or in a traditional classroom.
- Every module is assessed through a two-hour multiple-choice exam. The exam can be taken at more than 150 locations throughout the UK. You can also take the exam anywhere you like through remote invigilation.
- Once you pass the exams, you will be awarded the CeMAP certification. At this point, you can add the designation CeMAP after your name. The designation indicates to potential employers and future clients that you are qualified to work as a mortgage advisor.
Is certificate in mortgage advice the same as CeMAP?
While there are many mortgage qualifications, two main qualifications are recognised as industry standards.
These are the certificate in mortgage advice and CeMAP, which are offered through financial services qualification providers. The providers are the London Institute of Banking and Finance (LIBF) and the Chartered Insurance Institute (CII).
Both providers offer a range of qualifications covering mortgage advice, financial advice, and paraplanning, among others.
Since we have defined each individually, let’s compare some key differences between the two.
CeMAP vs. certificate in mortgage advice: cost differences
CeMAP costs £570 (£190 per module).
Costs for the certificate in mortgage advice break down this way:
- Option 1 (R01 + CF6): Member = £440.40 or Non-member = £573.80
- Option 2 (CF1 + CF6): Member = £376.22 or Non-member = £459.00
This means, if you go with the cheapest option (option 2), the certificate in mortgage advice is cheaper than CeMAP by roughly £193.78. Keep in mind, however, that the certificate in mortgage advice will also cost you an annual membership fee of £130, plus a one-off admission fee of £37.
CeMAP vs. certificate in mortgage advice: which is faster to get?
CeMAP takes an average of 12 months to finish. In 2019, the LIBF reported: “the total qualification time for completing CeMAP is 230 hours.”
The qualification for the certificate in mortgage advice is roughly 160 hours, meaning the latter is quicker by about 70 hours.
It should be noted that different students may take longer (or shorter) for different qualifications, depending on factors like their level of understanding and personal commitment.
CeMAP vs. Certificate in mortgage advice: which is better overall?
Both the CeMAP and certificate in mortgage advice hold equal footing. Both are recognised at the same level by employers.
While they are great options for different reasons, ultimately, they will get you to your desired goal of becoming a qualified mortgage advisor.
When deciding between the two, you should go with the one that most appeals to you and suits your personal life the best.
Certificate in mortgage advice is the standard, but you have options
The certificate in mortgage advice and CeMAP are the industry standards for qualifications to becoming a mortgage advisor in the UK. But remember, there are more options. Whichever you decide to take, it is important to understand the requirements ahead of time. Preparation is the first step on your journey in your new career.
To find out more about how the certificate in mortgage advice, 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.
Did you find this information on the certificate with mortgage advice useful? Let us know in the comment section below.
