What Is A Mortgage Advisor?

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