Mortgage Adviser
Career information and advice on being a Mortgage Adviser

In your role as a Mortgage Advisor you will act as an agent who sources mortgage loans on behalf of individuals or businesses.  A mortgage is a loan used to purchase or refinance a home. The property that is being purchased is used as security for the loan.

There are number of mortgage choices available so as a Mortgage Advisor it will be your responsibility to advise and inform mortgage borrowers on the most suitable mortgage products available for their needs and circumstances.

Your role as a Mortgage Advisor may differ slightly depending on your working environment.  If you work as a Mortgage Advisor in a bank or building society environment you would be expected to sell only your company’s products.  If you work as an Independent Financial Adviser (IFA) or for an Estate Agent you would be able to offer products from a range of companies.

Your Functions May include

Your day-to-day functions will include advising clients on the home-buying process and negotiating with product suppliers for the best possible rates. 

You will also be expected to contact clients and set up meetings, either within an office environment or in clients' homes. You will be required to explain about different types of mortgages, how to complete the mortgage applications forms, types of repayment plans and mortgage protection plans. 

In order to assess whether the mortgage you recommend is suitable for your client, you will need to decide whether the product meets your client’s requirements and preferences.  In order to do this you need to gather information about your client’s financial assets and liabilities and discuss this information with them to understand what would be best for them.  This will allow you to make an informed recommendation.  A product will be deemed suitable for your client if the client can afford it over the repayment term and it fits the client’s needs and circumstances. 

You will also liase with professionals, such as Estate Agents, Solicitors and Valuers.  It is advantageous to maintain business relationships within the housing industry in order to obtain referral work.  It will be your responsibility to check any referral information you receive so you have a complete picture of who you are doing business with and where this business has come from.  This is necessary in order to prevent you from unknowingly accepting fraudulent applications.  It is very important that you maintain detailed records to comply with the regulations of the Financial Services Authority (FSA).

Your success as a Mortgage Advisor will be based on meeting sales targets on a monthly basis. You will be expected to report  on the number of mortgage applications you have filed, the status of these applications, and any new business contacts that you have made.

Your day-to-day tasks will also include checking industry publications and the Internet for any regulatory developments affecting the industry.  You will be looking for news surrounding lending issues, housing policy, regulation, legal issues, home-buying, home selling, taxation, the buy-to-let sector, etc.  You may also be expected to attend seminars to widen your knowledge base.  You will be expected to keep your client informed on any changes to the market place.