Enter the complicated world of brokery


How Mortgage Brokers Qualify

Qualified mortgage brokers must undergo aeach qualification can normally be completed
series of exams and receive some on-the-jobvia distance learning or through private
training  and  experience.training  institutions.
Because all financial advice in the UK isSeveral post-graduate courses are also
regulated by the Financial Services Authorityavailable that can bolster the credentials of
(FSA), mortgage brokers fall under themortgage brokers. They include the Advanced
stewardship of the regulator. The FSA hasCertificate in Mortgage Advice and Practice
determined that mortgage brokers mustand  a  qualification  in lifetime mortgages.
complete one of the approved qualifications
and receive training and guidance from otherMortgage brokers may also use their
qualified advisors before becoming authorisedqualifications 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, theygaining some experience as a financial
may advise their clients in all mattersadvisor.
relating to mortgages within a bank or
building society, a mortgage brokerage, anIn order to maintain their qualification,
estate agency, or they may establish theirmortgage brokers must participate in
own practice and work on a self-employedcontinuing professional development. This
basis.usually involves keeping up with the mortgage
industry through some form of structured,
The first step to becoming a mortgage brokerongoing  learning.
is to pass one of several qualifications that
are recognized by the FSA. They include theThere are no entry requirements for
Certificate in Mortgage Advice from theundertaking the mortgage broker
Chartered Insurance Institute, thequalifications. Therefore a finance related
Certificate in Mortgage Advice and Practicedegree is not necessary. While some employers
from the Institute of Financial Services, ormay consider industry experience to be
the Mortgage Advice and Practice Certificatebeneficial, people skills and high levels of
from the Chartered Institute of Bankers inmotivation  are  also  highly  regarded.
Scotland  (Scotland  only).
Working conditions will vary considerably
If the individual is already working for adepending upon whether the individual works
financial institution their employer mayon an employed or self-employed basis.
cover the costs of the qualifications. TheConditions will also vary between mortgage
study involved in passing the subjects forbrokerages.



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