A mortgage advisor sometimes called a mortgage broker (they’re the same thing really!), helps people find mortgages that are suitable for their circumstances.

That’s the simple answer, but let’s take a closer look at the details…

What Does A Mortgage Advisor Do Daily?

The main part of a mortgage brokers job is to help people find mortgages, sometimes saving them money in the process, definitely saving them time, and also just offering reassuring guidance and advice – getting a mortgage is a big deal for most people!

To enable a mortgage broker to get their mortgage broker a good deal, they will need to know a lot about an applicant’s current finances, and their financial history. This means a mortgage broker offers quite a sensitive service where confidentiality, credibility, and professionalism are a must.

As a mortgage advisor needs quite a lot of information about their clients, they will spend a large amount of time liaising with clients and getting to understand their needs and circumstances. This can be done over the phone, but many people prefer to do this in person – at least the first meeting anyway.

Aside from liaising with clients, a mortgage advisor will spend time looking for suitable mortgages for their clients. They will also spend time liaising with other agencies involved in the process of buying a house, such as solicitors and estate agents.

It is also important for mortgage advisors to invest time in keeping their own knowledge up to date and current. This could be by familiarising themselves with new schemes and following market changes, for example. This enables them to give the best possible advice to clients and build their reputation as great mortgage advisors.

Where Do Mortgage Advisors Work?

Mortgage advisors can be found in banks, building societies, and sometimes estate agencies. They can also be found working for mortgage broker firms or insurance brokers.

It is important to note, however, that some mortgage advisors may be able to access more products, but they may be tied in with a handful of advisors, usually on a commission basis. To get access to the widest range of products, you may want to look for a ‘whole of market’ advisor or service – these advisors will look at the entire market for you.

Are Mortgage Advisors Qualified?

Mortgage advisors don’t need a degree, but professional qualifications and industry experience are standard across the industry. The Certificate in Mortgage Advice & Practice or ‘CeMAP’ is the benchmark qualification recognised within the industry.

Most mortgage advisors will come from a financial background but there is no set path – our own mortgage advisor, Simon Burnett worked in banking becoming a financial advisor, then took his CeMAP qualification.

Before choosing a mortgage advisor, you should check their credentials and that they are suitably experienced enough to be giving advice.

All mortgage advisors must also be an ‘approved person‘ with the Financial Conduct Authority – you can check that they are on the FCA website.

As mentioned, mortgage advisors are usually privy to a lot of personal detail about their clients, so professionalism is essential in the role.

Can A Mortgage Advisor Help Me?

Yes! If you are a person looking to obtain a mortgage, then a mortgage advisor can help you. From first time buyers to people looking to remortgage, a mortgage advisor can save you money, time, and offer their professional advice.

We have some tips here on deciding between a mortgage advisor and a bank – often one of the first things people consider when they want to get a mortgage.

The great thing about independent mortgage advisors is that they are often able to help people in circumstances that are less than ideal or have more complex situations. As they can access more lenders, they can choose deals where you will have a higher chance of being approved for a mortgage.

If you are looking for advice on a mortgage, please contact us and we will be more than happy to help.