Want to learn how to become a mortgage advisor with no experience? Start with networking and mentorships
If you want to become a mortgage advisor in the UK and you don’t know where to start, don’t worry. You do not need experience or a degree.
In fact, becoming a mortgage advisor with no experience is quite common.
You just need to know where to start. In this article, we will look at what qualifications you need to become a mortgage advisor. We will also look at steps you can take to become a mortgage advisor with no experience and whether it is worth it at all.
Here is everything you need to know about how to become a mortgage advisor with no experience.
What qualifications does a mortgage advisor need?
In the UK, the qualifications that you need to become a mortgage advisor are well-defined.
For aspiring mortgage advisors, one of the more widely recognised qualifications studied is the Certificate in Mortgage Advice and Practice, or CeMAP. The CeMAP is endorsed by the Financial Conduct Authority (FCA). You can pursue the CeMAP through your employer or independently.
Alternatively, you can pursue the equivalent Certificate in Mortgage Advice through the Chartered Insurance Institute or CII.
If you want structured experience on your way to becoming a mortgage advisor, apprenticeships and training schemes offer a practical route. Opportunities such as these can be found through resources like GOV.UK or Institute for Apprenticeships.
Do you need a degree to become a mortgage advisor in the UK?
No degree is mandatory to become a mortgage advisor in the UK. However, specific fields of study will provide you with a solid foundation in your career. Typically, the most beneficial degrees to start your career as a mortgage advisor include real estate, finance, business, and accountancy.
These courses and degrees are ideal because they can develop your financial acumen. They also bolster your understanding of property markets. This is crucial to succeeding in the role of mortgage advisor and should not be underrated.
How to become a mortgage advisor with no experience
It is possible to become a mortgage advisor without previous experience or a degree.
Being a mortgage advisor requires certain mortgage qualifications. And anyone with strong communication and client-building skills will likely excel in the role. Other requirements include a commitment to responsible and ethical lending practices and an understanding of the financial sector.
If you have no previous experience or a degree, you can still become a mortgage advisor with dedication, continuous learning, and the right certifications.
Here is a look at the different steps you can take to become a mortgage advisor with no experience:
- Earn mortgage qualification independently
- Enroll in mortgage advisor apprenticeships/training schemes
- Gain relevant work experience
- Network
- Educate yourself
Now, let’s take a closer look at each.
1. Earn mortgage qualification independently
For any mortgage advisor in the UK, earning the CeMAP or an equivalent qualification is necessary. You can pursue your certification either with an employer’s sponsorship or independently.
The option allows you to study for the qualification either while working in another role or in your own time.
2. Enroll in mortgage advisor apprenticeships/training schemes
To become a mortgage advisor with no experience, you can enroll in mortgage advisor apprenticeships and training schemes. Some employers will offer these apprenticeships and schemes.
Programs like these are designed to provide you with practical training. They also usually include classroom instruction combined with real-world work experience.
3. Gain relevant work experience
As a stepping stone in your career as a mortgage advisor, you can also gain experience in customer service and sales roles or finance.
You can start as a bank teller, for instance. From there, you will be able to work your way up gradually within a financial institution. This will provide you with valuable insight into the industry—and work experience.
This initiative shows prospective employers that you are committed to a career as a mortgage advisor. It is also a great way to show your understanding of what a mortgage broker is and the specific skills that you have to offer.
4. Network
Having a clear understanding of the role itself will help you on your way to becoming a mortgage advisor, experience or no experience.
One great way to gain insight into the role is to network and connect with experienced mortgage advisors and professionals in the financial sector. They can help you gain perspective in the mortgage industry and nudge you in the right direction.
This helps provide you with mentorship, guidance, and opportunities. After all, mortgage advisors have not only entered the profession and succeeded any number of ways.
5. Educate yourself
To educate yourself, you can learn more about mortgage markets, industry trends, and lending regulations. You do not need certifications to do this; you can keep yourself informed through books, industry publications, and online courses. All will help enhance your knowledge and credibility.
Not only will it help you stay informed, but it will also demonstrate your commitment to a career as a mortgage advisor.
For a headstart on learning more about the mortgage industry, take a look at our mortgage rates database. It tells you what the top 10 UK mortgage providers are offering, with data updated weekly.
Is it worth becoming a mortgage advisor?
Like any career, finding out if it is worth it to become a mortgage advisor is dependent on a few different factors. Let’s look at some factors that make becoming a mortgage advisor worth it.
- Earnings
- Job security
- Flexibility
- Career progression
Now, let’s take a closer look at each of these factors.
Earnings
Right off the bat, you will be happy to know that a career as a mortgage advisor offers substantial earning potential.
In the UK, entry-level mortgage advisors can start between £22,000 and £25,000. After just a few years' experience, you could be earning more than £50,000 per year. And in most senior mortgage advisor positions, you will likely earn more than £70,000.
How do mortgage advisors get paid?
With respect to earnings, you may be wondering how mortgage advisors get paid. The answer depends on whether you work for an established firm, or if you operate as an independent mortgage advisor.
Working with a firm, you will likely earn a salary. As an independent advisor, on the other hand, you are more likely to charge your clients by the hour. In other cases, it is possible to receive a commission on top of your basic salary or fees.
The reason for this is that most mortgage lenders pay advisors a commission. The commission is usually around 0.35% but can be as high as 1% of the loan size. Depending on the price of the loan amounts you are working with, you may receive a substantial influx of money, in addition to an already decent mortgage advisor salary.
Job security
Yes, job security for mortgage advisors is quite high. They are very much in demand.
High job security is due to several reasons. The biggest reason is that there is always demand for properties. This is true even with property markets in a constant state of flux (like all other markets).
Rising rent rates are also pushing many into buying property. This is putting even more competition—and urgency—behind mortgage applications. Think about it: there is a constant influx of buyers and not enough advisors to cater to this need.
Flexibility
Another reason it is worth becoming a mortgage advisor is the flexibility the role offers.
If you work as an advisor with the Mortgage Advice Bureau, you will likely have to work a set contract of hours. That might include a combination of office hours and weekend and evening shifts, depending on client availability.
If, however, you want the utmost flexibility, you might want to find self-employment as an advisor. That would allow you to run your business on your own schedule. You could even work as an online mortgage advisor, providing clients with advice online or over the phone.
Not only would that enable you to control your hours, but that could also expand your offerings to a wider market.
Career progression
Career progression is another reason why becoming a mortgage advisor may be worth it for you. Because the market is so varied, there are numerous ways to shape your career.
After you earn your qualifications and gain experience, you could move into any number of specialisms within the mortgage advisor role, including:
- buy-to-let mortgage advice
- commercial mortgage advice
- first-time homebuyer mortgage advice
- self-employed mortgage advice
And there are more.
If you want to move up into senior roles, you can work your way up to eventually manage a team of mortgage advisors in a senior management-level role.
Networking key to become a mortgage advisor with no experience
Remember: it is not only possible to become a mortgage advisor with no experience, but it is also relatively common in the UK. It just depends on how you go about it. First, you will want to determine which certification you need. Then, you can focus your energies on networking and mentorships.
This is the best way to start your exciting new career as a mortgage advisor.
To find out more about how to become a mortgage advisor with no experience, 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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