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