If you're looking to become a mortgage advisor in the UK, you must obtain a degree in mortgage counseling that is recognized by the Financial Conduct Authority (FCA). This can be done through a combination of on-the-job learning and studying for an industry-regulated degree through your employer. The Certificate in Mortgage Counseling and Practice (CeMAP) is the industry standard and is approved by the FCA. It is a Level 3 course, which means it is equivalent to a Level A course.
You don't need a degree to become a mortgage advisor, but the transferable skills of finance or business degrees could be useful. In addition to having a strong understanding of the mortgage and real estate markets, mortgage advisors must have a number of general skills to successfully help clients and get them back to doing business. A mortgage advisor or broker helps people access and choose the most appropriate mortgages based on their circumstances and objectives. Mortgage advisors use their in-depth knowledge of the market to find the right mortgage products for their customers. If you decide to become a linked mortgage advisor, you can only recommend your employer's products, such as mortgages from a bank. On the other hand, if you're self-employed, you can expect to earn around £1,000 per mortgage.
The average salary of a mortgage consultant will range from 20,000 to 30,000 pounds a year with no fees. In addition, most mortgage counselors can expect to earn adjusted earnings (OTE) that far exceed this figure. You could also consider creating your own mortgage broker firm, where you would have overall responsibility for a team of independent advisors and would manage the business administration, promotion and marketing activities associated with the management of the company. The CeMAP (Certificate in Mortgage Counseling and Practice) is the go-to degree for mortgage advisors, and you don't need any previous experience in the financial services industry to start studying to get your degree. To become a qualified mortgage advisor, you must complete this Level 3 course which is approved by the FCA.