| Much like a broker can help you find the | | | | study for either the Chartered Insurance |
| best companies and finance, etc, a | | | | Institute (CII) Certificate in Mortgage |
| mortgage advisor can also help you find | | | | Advice, or the ifs School of Finance in |
| the best option for you. He or she can | | | | Mortgage Advice and Practice (CeMAP). If |
| also help you in the application | | | | you want to use the services of a |
| process, and offers an excellent service | | | | mortgage advisor, whether through your |
| for anyone buying a house. The main | | | | bank or otherwise, you should look for |
| difference between a mortgage advisor | | | | these qualifications. |
| and broker is the training and expertise | | | | Once someone has passed the relevant |
| needed to do each job. | | | | exams to become a specialist mortgage |
| As well as the advice a mortgage advisor | | | | advisor, they can then take the next |
| can give you when it comes to buying | | | | step up, and become a financial advisor. |
| your house, they can also offer: | | | | The benefit to you is that not only can |
| Â- Different mortgage options for you to | | | | you then use the same person to handle |
| choose from | | | | both your mortgage and other financial |
| Â- Advice on mortgage protection, | | | | details - pensions, life assurance, etc |
| repayments, re-financing, etc | | | | - but you won't have to explain |
| Â- Offer building insurance alongside | | | | everything about your current situation |
| the mortgage itself | | | | to a different person every time. |
| Although a mortgage advisor can discuss | | | | Another area to consider if you are |
| so many different financial aspects with | | | | thinking about using an advisor to help |
| you, they don't need to take any | | | | you with your mortgage is whether or not |
| specialised training courses or need any | | | | they are being completely unbiased. For |
| professional qualifications initially. | | | | example, if you use your bank and they |
| This is another aspect that sets them | | | | provide an advisor for you to work with, |
| apart from a mortgage broker. They will | | | | you would only be getting advice on the |
| need to take a basic training course, | | | | services that the bank itself offers. |
| but this is more in customer service and | | | | However, if you were to use the estate |
| relations. | | | | agent selling the property, or a |
| The route to becoming an advisor is | | | | mortgage broker, then you would be |
| quite a straightforward one - normally | | | | offered a far greater choice and |
| starting off in a bank as a customer | | | | benefits from a much larger range of |
| service representative, or an | | | | financial companies. This is definitely |
| administrative role within a financial | | | | something to keep in mind when working |
| services company. If they decide to | | | | with a financial advisor, and will make |
| pursue the more dedicated mortgage | | | | sure that you eventually get the |
| advisor route, this is when the | | | | mortgage and advice that's right for |
| additional training will come into | | | | you. |
| effect. | | | | Remember that all advice received is at |
| The Financial Services Authority (FSA) | | | | no obligation until you sign on the |
| requires that anyone giving specialist | | | | dotted line. You should therefore not |
| mortgage advice needs to be proficient | | | | feel overwhelmed or pressured when |
| to a certain level. This means that to | | | | gathering information from a mortgage |
| be a mortgage advisor, a trainee has to | | | | advisor. |