| Qualified mortgage brokers must undergo a | | | | each qualification can normally be completed |
| series of exams and receive some on-the-job | | | | via distance learning or through private |
| training and experience. | | | | training institutions. |
| | | | |
| Because all financial advice in the UK is | | | | Several post-graduate courses are also |
| regulated by the Financial Services Authority | | | | available that can bolster the credentials of |
| (FSA), mortgage brokers fall under the | | | | mortgage brokers. They include the Advanced |
| stewardship of the regulator. The FSA has | | | | Certificate in Mortgage Advice and Practice |
| determined that mortgage brokers must | | | | and a qualification in lifetime mortgages. |
| complete one of the approved qualifications | | | | |
| and receive training and guidance from other | | | | Mortgage brokers may also use their |
| qualified advisors before becoming authorised | | | | qualifications and experience as a base to |
| mortgage brokers. | | | | launch a career in financial advising. This |
| | | | will involve passing several more exams and |
| Once mortgage brokers are authorised, they | | | | gaining some experience as a financial |
| may advise their clients in all matters | | | | advisor. |
| relating to mortgages within a bank or | | | | |
| building society, a mortgage brokerage, an | | | | In order to maintain their qualification, |
| estate agency, or they may establish their | | | | mortgage brokers must participate in |
| own practice and work on a self-employed | | | | continuing professional development. This |
| basis. | | | | usually involves keeping up with the mortgage |
| | | | industry through some form of structured, |
| The first step to becoming a mortgage broker | | | | ongoing learning. |
| is to pass one of several qualifications that | | | | |
| are recognized by the FSA. They include the | | | | There are no entry requirements for |
| Certificate in Mortgage Advice from the | | | | undertaking the mortgage broker |
| Chartered Insurance Institute, the | | | | qualifications. Therefore a finance related |
| Certificate in Mortgage Advice and Practice | | | | degree is not necessary. While some employers |
| from the Institute of Financial Services, or | | | | may consider industry experience to be |
| the Mortgage Advice and Practice Certificate | | | | beneficial, people skills and high levels of |
| from the Chartered Institute of Bankers in | | | | motivation are also highly regarded. |
| Scotland (Scotland only). | | | | |
| | | | Working conditions will vary considerably |
| If the individual is already working for a | | | | depending upon whether the individual works |
| financial institution their employer may | | | | on an employed or self-employed basis. |
| cover the costs of the qualifications. The | | | | Conditions will also vary between mortgage |
| study involved in passing the subjects for | | | | brokerages. |