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