What Does a Mortgage Adviser Do?

Having a career as a mortgage adviser can feel incredibly rewarding. It allows you to help people at a significant and exciting point in their lives - the purchase of their home or business.

The mortgage process, however, can be extremely stressful and time-consuming, so mortgage advisers tend to play an important role in alleviating some of that stress  for their clients, making information and the application process much easier to understand for the homebuyer or investor.

If you are someone who enjoys the satisfaction of your work being valued then perhaps this is the right career for you. 

What is a Mortgage Adviser?

A mortgage adviser generally helps their clients throughout the different stages of their home buying and mortgage application processes, including: 

• helping them find the best option available for them, 
• explaining the intricacies and risks associated with home ownership,
• providing advice on mortgage protection, repayments, re-financing etc,
• and offering building insurance along with the mortgage itself.

As it is a role that is predominantly client-facing, being approachable and a good listener are extremely important in order to gain credibility as a mortgage adviser. 

The mortgage process as a whole can be a very intimidating experience for many, therefore homebuyers place great trust in the knowledge and expertise of mortgage advisers to provide them with accurate, easy-to-understand advice. As you might expect, the main duty of mortgage advisers due to this is to build and nurture positive relationships with their customers. 

What does a Mortgage Adviser do?

Mortgage advisers are responsible for assisting their clients with perhaps one of the biggest purchases they will make in their lives - such as buying a house - so their work is paramount in shaping the homebuyers’ decision.

Due to this, it’s only natural to wonder what mortgage advisers actually do. Well, as their job title suggests, a mortgage adviser offers people advice on the different mortgage packages that are available to them in order to make informed decisions. 

More specifically, mortgage advisers are responsible for assessing and reviewing their clients’ financial situation in order to make suggestions on products suitable to their financial capabilities. They are also required to be able to explain the different types of mortgages and products available in a simple and concise way, deciding which type of mortgage is suitable for each of their clients. A good part of a mortgage adviser’s working day is spent liaising with clients, as well as estate agents and mortgage lenders either in person, over the phone or via email, in order to maintain their industry knowledge, and subsequently advice effectively.

While some mortgage advisers can work for any particular bank or institution, advising clients on products offered by the bank they work for, other mortgage advisers work independently.

Independent mortgage advisers have no ties or biases towards any particular lender and can therefore offer their clients advice on a wider range of mortgage options, from different banks and lenders, in order to identify the best option. 

What essential skills should a mortgage adviser have?

Does this sound like a career you’d like to seek so far? Well if that’s the case you must first earn a recognised certification such as the Certificate in Mortgage Advice and Practice (CeMAP) with The London Institute of Banking & Finance, to work in the UK. 

Alongside gaining an industry recognised certification, it’s also important to have certain skills that will enable you to build positive relationships with your clients. These skills include:

1) Communication skills

The role of a mortgage adviser requires constant communication, either with clients, estate agents or mortgage lenders, therefore having good communication skills is essential.

Clients will naturally have many questions to ask, so as a mortgage adviser you must be able to answer their questions clearly, explaining any technicalities they should be aware of, as well as your recommendations.

To add, it’s also advised that you get comfortable communicating over the phone or in writing via email, as these will be the primary ways through which you communicate with your clients.

2) Numerical ability

As would be expected, mortgage advisers spend a lot of time performing calculations, such as calculating rates, to help determine whether or not their clients can afford certain mortgage packages. Because of this, mortgage advisers are expected to comfortably perform calculations quickly and have the skills to work with numbers on a daily basis. 

3) Computer skills  

Although this may not be such a surprise, working with various IT systems is a daily occurrence for mortgage advisers. You must understand how to use the internet (which these days, who doesn’t?) to research mortgage products online and how to communicate with your clients via email.

Oftentimes, you will also be utilising spreadsheet software creating records to help calculate your clients’ mortgage affordability criteria, so it’s extremely important for you to be proficient in systems like Excel or Google Workspace. 

4) Self-motivation and drive 

Mortgage advisers tend to work autonomously so it’s important that you can work well under pressure, with minimal supervision.

Being self-motivated is a very useful trait to have as a mortgage adviser, along with the confidence to take on tasks of your own accord, especially for those working independently, managing their own client lists, accounts and workload. 

5) Organisation skills

Mortgage advisers work with many clients simultaneously, so it’s imperative that you can manage your time and prioritise your tasks effectively to best handle your workload and guarantee that your clients’ deadlines are met.

To add, meetings are frequently held outside of working hours, so being able to juggle a sometimes hectic schedule can prove extremely helpful.

It’s apparent that the work of mortgage advisers holds a great degree of significance for home buyers, as they place a lot of trust on their advice, and depend on their  recommendations to guide them through the entire home buying process.

While a university degree is not a prerequisite to work as a mortgage adviser, the Certificate in Mortgage Advice and Practice (CeMAP) is the leading industry qualification for aspiring mortgage advisers that will undeniably equip you with the necessary knowledge and skills to kickstart and excel in your career.

Begin your mortgage adviser career with a 100% online CeMAP certificate with LIBF Qualification and download your free course guide today!