Mortgage advisers help their clients find and apply for a suitable mortgage.

The work involves:

• advising clients on the home-buying process
• finding out about the client's finances
• explaining about different types of mortgage
• offering a number of mortgages for the client to choose from
• helping the customer complete the mortgage application
• explaining about repayments and mortgage protection
• selling related financial products such as buildings insurance
• meeting sales targets
• dealing with estate agents, valuers and mortgage lenders
• keeping up to date with new mortgage products and any changes in the law.

Advisers in banks or building societies only sell their own company's mortgage products. In estate agents or brokers, they usually offer mortgages from a range of companies. Some mortgage advisers are independent financial advisers (IFAs) and advise on all types of financial product.

Mortgage advisers follow strict rules and guidelines from the Financial Services Authority (FSA), to make sure that they act fairly and are qualified to give appropriate financial advice.

Hours and Environment

As a mortgage adviser in an estate agents, mortgage broker, bank or building society branch, you will usually work 35 to 40 hours a week between 9am and 5pm, Monday to Friday or Monday to Saturday. In contact centres, shift work is common and may include evenings and weekends. Part-time work is available.

If you are an independent adviser, you may have to meet clients in the evening and at weekends.

You will usually be office-based, although some independent advisers work from home.

Skills and Interests

To be a mortgage adviser you need:

• good communication and listening skills
• the ability to explain complex information clearly and simply
• excellent customer service skills
• the drive and motivation to meet targets
• honesty and a trustworthy attitude
• an interest in legal and financial matters
• good mathematical and computer skills.

Entry

There are no set entry requirements for becoming a mortgage adviser. Employers often consider ‘people skills’ and a strong background in customer service, sales or financial services to be more important than formal qualifications.

You will often start as a customer service adviser in a bank or building society, or as a mortgage administrator or insurance technician in a firm of brokers. You can then progress into mortgage advice as you gain experience and Financial Services Authority-approved qualifications.

You may be able to get into the financial services industry through an apprenticeship scheme. Funding for apprenticeships is available for 16-24 year olds and some over-25s. To find out more, visit www.apprenticeships.org.uk. For information about apprenticeships in other parts of the UK, see Scotland, Wales and Northern Ireland.

See the Financial Adviser profile for details on how to become an independent financial adviser.

Training

Your training will usually be a mixture of on-the-job learning and study for qualifications in mortgage advice, possibly through a bank or building society’s structured training scheme.

As a trainee mortgage adviser you must take an industry-recognised qualification that meets Financial Services Authority (FSA) standards, such as:

• Chartered Insurance Institute (CII) Certificate in Mortgage Advice (Cert MA)
• Institute of Financial Services (IFS) Certificate in Mortgage Advice and Practice (CeMAP)
• Chartered Institute of Bankers in Scotland (CIOBS) Mortgage Advice and Practice Certificate (MAPC).

You can study for all of these qualifications by distance learning. Employers will usually support your training and pay for exams.

The IFS also offers the Advanced Certificate in Mortgage Advice and Practice, which is suitable for supervisors.

With experience, you could take further exams to qualify as a financial adviser, such as:

• CII Certificate in Financial Planning
• IFS Certificate for Financial Advisers (CeFA).

See the CII, IFS or CIOBS websites for more information on their qualifications and training (contact details in Further Information below).

You should keep up-to-date with new products and financial regulations throughout your career. CII, IFS and CIOBS all offer a range of short courses and formal continuing professional development (CPD) schemes.

Opportunities

As a mortgage adviser, you could work for banks, building societies, estate agents, firms of mortgage brokers or insurance brokers all over the UK. You could also work as an independent mortgage adviser.

Jobs may be advertised in the local press, on employers’ own websites, in financial services industry magazines like Financial Adviser, and by specialist financial recruitment websites and agencies.

With experience, you could manage a team of mortgage advisers. You could also take further qualifications to become a financial adviser, and either stay within a financial services company or be self-employed.

Annual Income

Figures are intended as a guideline only.

Mortgage advisers working for a company are usually paid a basic salary plus commission. Independent advisers can be paid either by fees or commission.

Basic salaries (without commission) are usually around £18,000 to £25,000 a year.

Salaries including commission (known as OTE or 'on target earnings') may be advertised as up to £40,000 or £50,000 a year. However, these earnings are based on meeting targets and are not guaranteed.

A salary package may also include car allowance, insurance and pension benefits.

Further information

IFS House
4-9 Burgate Lane
Canterbury
Kent
CT1 2XJ
Tel: 01227 818609 25 The North Colonnade
Canary Wharf
London
E14 5HS
Tel: 020 7066 1000 51 Gresham Street
London
EC2V 7HQ
Tel: 0845 257 3772 Drumsheugh House
38b Drumsheugh Gardens
Edinburgh
EH3 7SW
Tel: 0131 473 7777