Mortgage advisers help people find and apply for mortgages. It’s about giving the right advice to different people.
The role involves liaising with solicitors and estate agents to make sure things are progressing. They also work directly with their clients, keeping them informed of what’s happening and what the next steps will be. It’s a rewarding role, but it can be challenging. Mortgage advisers spend a lot of time with people. They are responsible for maintaining compliant client files and preparing annual reviews. Mortgage advisers usually work in one of the following ways:
In the UK, to provide Mortgage Advice, you must have a qualification recognised by the Financial Conduct Authority (FCA). If you don’t have a recognised qualification, you can’t legally provide regulated Mortgage Advice in the UK.
If you are just starting out in your career, have a look at options such as:
Although there are many mortgage qualifications, the most commonly recognised are:
The Certificate in Mortgage Advice has a total qualification time of around 160hrs.
CeMAP takes, on average, 12 months to complete and in 2019 the LIBF reported that “the total qualification time for completing CeMAP is 230hrs.”
At BTS, we support the CII route so the information in this profile focuses on the CII exams.
The CII Certificate in Mortgage Advice is a dedicated qualification route for Mortgage Advisers and has a total qualification time of around 160hrs.
There is no prescribed order in which units must be taken, but it is strongly recommended that you sit one of the required core units first (R01 or CF1) as these provide foundation knowledge upon which the others build. Candidates must sit two of three units that make up the certificate, these are; R01 or CF1, and CF6.
The choice between taking CF1 or R01 is a personal one. Both units cover a similar syllabus, the R01 being the more in-depth of the two as this is a level 4 unit whilst CF1 is a level 3 unit. For mortgage advisers considering progressing their career into financial advice, the R01 would be the better option as this forms part of the level 4 Diploma in Regulated Financial Planning, which is an FCA requirement for Financial Advisers wishing to provide regulated financial advice.
The CII Diploma in Regulated Financial Planning is an RQF level 4 diploma made up of six core modules, commonly referred to as the R0 exams. An RQF level 4 diploma is an FCA requirement for Financial Advisers wishing to provide regulated financial advice. For mortgage advisers looking to progress their career into financial advice, the CII Diploma in Regulated Financial Planning builds on the R01 unit from the Certificate in Mortgage Advice.
There is no set order in which to take the units, you can sit them in any order you choose. For candidates new to the industry, we usually recommending starting with R01 Financial services, regulation and ethics as this provides a sound knowledge base which is relevant to each of the other units. Then, we recommend taking R05 Financial protection as this is a level 3 unit with no multi-response questions. It is advisable to take R03 Personal taxation and R02 Investment principles and risk fairly closely together as there is significant syllabus cross-over between these two units. R04 should usually be attempted as the penultimate unit due to the knowledge required from the other units. The R06 Financial planning practice unit is usually sat as the final exam as it draws on knowledge and understanding from each of the other R0s.
Being a mortgage adviser is a career in its own right. More and more mortgage advisers are now pursuing advanced qualifications to develop their expertise within the field of financial planning.
The main examining bodies offering qualifications are:
Self-employment is a common option for mortgage advisers, but you can also find employment with banks and building societies, estate agents, and mortgage broker firms.
Apprenticeships are available in paraplanning. Find out more by visiting the Institute for Apprenticeships and Technical Education.
