What does it take to become a mortgage adviser?
Posted on 28th March 2022 at 11:38
Find out what does it take to become a mortgage adviser and why these professionals are key when it comes to securing a low-interest mortgage for your needs. When you're looking to get on the housing ladder, build your property portfolio or get a great mortgage deal on commercial property for your business, your mortgage adviser is the first port of call for getting you a great deal. As experts in everything from first-time buyer mortgages and remortgages to buy to let mortgages and financial advice, a good mortgage adviser can get you the best products with the lowest interest rates, designed to closely meet your needs. In this blog, we answer what does it take to become a mortgage adviser? What does a mortgage adviser do? A mortgage adviser helps people to secure the mortgage that they need to reach their goals. For example, this could include: - A couple looking to get their feet on the property ladder with a first-time-buyer mortgage - An individual looking to remortgage their home onto a better deal with a lower interest rate - An investor looking to build up a property portfolio with the best competitive buy to let mortgages on the market - A business person looking to find a competitive commercial mortgage to secure operating premises. In all instances, the mortgage adviser will work with the applicant to understand their situation and needs and then look for the best possible product that they will be eligible for. Some mortgage advisers are tied and can only recommend certain mortgage providers. But most customers will choose to use 'whole of market' mortgage advisers who scan the entire market for the best mortgage deals and who are not tied into any provider (basically for commission purposes). Whole of market mortgage advisers are free to scan the entire market and will do so to hunt down the best available deals for each customer's needs and circumstances. What does it take to become a mortgage adviser? Qualifications A mortgage adviser will have qualifications that have been accredited by the Financial Conduct Authority such as the Certificate in Mortgage Advice and Practice (CeMAP). The Level 3 of this qualification is seen as the benchmark for entering the industry, but many mortgage advisers will have additional or further relevant qualifications in financial advice and financial services. For example, some advisers may go on to do aligned qualifications such as The Certificate in Regulated Equity Release (CeRER). The important thing is to use a mortgage adviser that has the necessary CeMAP entry-level qualification. Your chosen mortgage broker will be able to provide you with information about the qualifications their advisers hold. Experience Qualifications are just the beginning when it comes to giving great mortgage advice! Many 'whole of market' mortgage advisers will already have experience in the financial services market to some degree before becoming advisers, especially for more complicated commercial mortgages. Financial experience will help advisers to really understand the requirements of each customer and match these needs expertly to the different products that banks and other lenders are offering. A customer service attitude Mortgage advisery services are based on offering a great customer experience. Any customer can simply go online and do a search for mortgage deals - especially with residential, first-time-buyer (FTB), remortgage or buy to let (BTL) mortgages, but most will choose to use a mortgage adviser who can help them to access deals that may not be available to the general public and to navigate the administrative process. A great mortgage adviser will have a strong customer service ethos and be proactive, friendly, approachable and able to talk about mortgage products in a clear and jargon-free way. Tech skills Much of the mortgage process is now carried out online - from the initial search against customer requirements through to producing personalised illustrations, liaising with the different parties involved in the remortgage or mortgage process, and carrying out necessary documentation, administration and signatory functions, where required. Today's mortgage advisers will do a lot of their roles online and liaise with lenders, solicitors and customers online to keep the process as smooth and as quick as possible. Tech skills are increasingly desirable in this world. The ability to think and act swiftly Many of the best mortgage deals aren't around on the market for long, especially when there are rumours of an interest rate change, which will prompt lenders to withdraw certain products in anticipation. Mortgage advisers need to be able to work swiftly and without delay, overcoming any hurdles or sticking points in the process to ensure that the right deal is booked and reserved in time for the customer - and then completed to satisfaction. A real love for the job! Great mortgage advisers genuinely love what they do and it shows. They take real pride in working to understand what a customer needs and then delivering it to the best of their ability - securing excellent deals in the process in terms of interest rates, affordable monthly payments and other features that the customer may value, such as a low or no arrangement fee, the option for flexible repayments, repayment holidays, overpayments and so forth. Great mortgage advisers are constantly learning and updating their knowledge so that they can be better at what they do and they are also skilled at recommending other vital products that customers taking out a mortgage need, such as insurance, accident and unemployment and life insurance to protect payments. How can Penny House Financial Services help? Our expert mortgage advisers specialise in mortgages for first time buyers, business owners and investors looking to build a property portfolio. We act as both advisers and independent mortgage brokers, scanning the whole of the market for the best mortgage products to meet our customers' unique needs. We also provide insurance policies such as life insurance, home insurance and income protection insurance to protect our customers' mortgage repayment. Find out more about what does it take to become a mortgage adviser and contact us to book an appointment with our knowledgeable, friendly and helpful team of independent mortgage advisers.
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