The COMPLETE guide to becoming a Mortgage Advisor!

This video is a definitive guide to becoming a Mortgage Advisor.

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Timestamps:

00:00 Context
02:10 Types of job
03:19 Employed benefits
03:45 Self-employed benefits
04:44 Lead generation
05:18 Qualifications
06:13 CeMAP
06:33 Certificate in Mortgage Advice
07:09 Revision
07:33 What makes a good Mortgage Advisor?
08:36 Targeted sales
09:18 CV
11:42 Targeted sales
12:56 Looking for roles
14:52 The interview

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Referenced content:

What do Mortgage Advisors do?
Mortgage Advisors help their clients find the best mortgage deal for purchasing their homes, for many it will be their first time so you will assist them throughout the process. You will build relationships with various clients and learn about their circumstances to provide them with the best available deal.

HOW MUCH DO MORTGAGE ADVISORS EARN?
This answer can vary depending on whether or not a Mortgage Advisor earns a salary or is on a self-employed commission-only basis. For example, an average Mortgage Advisor salary will range from around £20,000 to £30,000 a year without commission on top of this, most Mortgage Advisors can expect on-target earnings (OTE) that far surpass this number. Some other reports on Mortgage Advisor salary:

Prospects: £22,000 to £25,000 “Mortgage Adviser basic starting salary. Commission may be paid on top of this. With a few years’ experience you can expect to earn in the region of £45,000 to £60,000, including commission. Highly experienced advisers can earn up to £70,000, including commission.”

Payscale: £26,289 “Salary with total coming in at £20k – £36k”

Indeed: £36,608 “(4.2k salaries reported, updated at 1 October 2021)”

Glassdoor: £32,454 “average base pay (low of £21k high of £50k)”

HOW LONG DO MORTGAGE ADVISOR WORK?
Commonly we see that an average Mortgage Advisor will be contracted to work between 35 and 40 hours a week. We say contracted because many individuals, especially those who are self-employed, will usually surpass this number especially in the early stages where individuals have to work harder to build up a pipeline of business.

It is also common for Mortgage Advisors to work at least one day on the weekend to meet the needs of their clients. Some list of duties include:

Client meetings
Chasing providers and lenders
Generating business
Liaising with support staff (potentially)
Cross-selling protection (potentially)
MORTGAGE ADVISOR BENEFITS
Being a Mortgage Advisor is a role that can open up a huge range of potential benefits, some common ones we have identified are:

Uncapped earning potential
Flexible working
Work for yourself
Rewarding
Cheaper than an average career path
Leads provided
And many more!

Types of Mortgage Advisor job
Trainee Mortgage Advisor – An entry-level job following the standard duties of a Mortgage Advisor just at a slower pace with all work overseen and checked. Can be started whilst you obtain your qualifications
Senior Mortgage Advisor – Standard duties of a Mortgage Advisor + you may be the go-to person for unusual or high-profile cases
Mortgage & Protection Advisor – Standard duties of a Mortgage Advisor + required to cross-sell protection
Mortgage Manager – Usually responsible for a team of Mortgage Advisors
New build Mortgage Advisor – Providing Mortgage Advice specifically on newly built properties
Whole of Market Mortgage Advisor – “They are usually independent mortgage advisors with no links to any specific mortgage lender. This means that you are not limiting yourself to a single lender or group of lenders that a ‘tied’ broker works with. You’ll have a much greater pool of mortgage options to choose from and because they’re free of ties to any lenders, they can offer you completely impartial advice. It’s worth noting that even ‘whole of market’ brokers don’t tend to cover absolutely every option in the market. But to get the name ‘whole of market’, they do have to cover enough options to be representative of the whole market, so you’ll still be getting a wide range of options.” – clearscore

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[jebbysphiri]

Thank you so much for this video just encouraged me to work on it, looking forward to hear from you

[Jimolikachin]

Thank you for providing this video, very interesting. Apologies if this has been covered but how would a newly qualified freelance mortgage advisor access lenders in order to source products for their clients?

[asteriadragon]

I am 42 years old and am in hospitality industry. Do I have any chance to be a MA ?

[mysticmeg]

I had to stop watching as the background music was too loud and distracting. I understand it is there to provide comfort and warmth but when the presenter is quiet, as this lad is, then the volume need to compensate.

It's a shame as is a wealth of knowledge to be gained and clearly someone has put a lot of effort into the video.