How to become a mortgage broker in the UK

If you are seeking a career change, you may wish to consider a career in the mortgage industry. A job as a mortgage adviser can be extremely satisfying if you delight in providing people with advice and enjoy supporting their financial needs. Discover how to become a mortgage broker in the UK.

Skills

To become a mortgage broker, you need to: - Enjoying helping people and providing guidance on financial issues, - Be intent on achieving a successful career, - Hold the desire to either become an employee or set up your own business and work for yourself.

Initial qualifications

Mortgage broker jobs are popular as they do not require a degree. You will need to pass the mortgage advisor exams. However, your success will not necessarily be dependent on the academic qualifications that you hold. The exams you will need to take are known as CeMAP exams. CeMAP CeMAP stands for Certificate in Mortgage Advice and Practice. In order to pass your mortgage advisor qualifications, you will require a strong desire to work in a highly competitive industry. Your CeMAP qualification will take around 200 hours to be completed. Core modules
The qualification is made up of three core modules. These include UK Financial Regulation, Mortgages, and Assessment of Mortgage Advice and Knowledge. You can work towards your CeMAP exam at your own pace, meaning that you can continue your current job while you train to be a mortgage broker. CeMAP is a Level 3 qualification on the Qualifications and Credit Framework (QCF). This means that it is roughly equivalent to A-level study.

Advisor status

Once you have passed your CeMAP examinations, you will need to achieve competent adviser status. This can take between six to twelve months. During this time, you will be expected to work and learn on the job. Once you have achieved competent adviser status, you will be able to work independently.

Advanced qualifications

DipMAP Following the achievement of competent adviser status, you may go on to study for a Diploma in Diploma in Mortgage Advice and Practice (DipMAP). This is a Level 4 qualification, meaning that it is roughly equivalent to first year degree level study. The qualification has been designed for mortgage advisers who wish to affirm their commitment to continuing professional development. The DipMAP qualification comprises of two units: - Financial Services, Regulation and Ethics (FSRE) and, - Advanced Mortgage Advice (AMA). The course is designed to be studied over 370 hours. It is possible for students to complete the course within nine months.