Where?

Branch locations throughout the UK, some based in central contact centres, and some on the road.

Employers?

All the major banks and building societies, plus independent financial advisory groups, mortgage brokers and some estate agent chains.

Where does the role fit in?

In the UK, 70% of people live in their own home or the home owned by their parents. Compare that to Germany where less than half the population own their own home.

Our house is the most expensive commitment most of us will ever make. Having the right mortgage is therefore vital to our long-term financial welfare. A mortgage we can afford, and a pension that performs well are essential – if not for our happiness, then certainly for our comfort and peace of mind later on in life.

Mortgage advisers are effectively sales people. But mortgages are also a regulated product, which means that advisers are under a legal obligation to give the right advice, and sell customers the product that best suits their requirements and financial position.

What you do

Typical activities include:

• offering information on various mortgage products to help the customer make an informed choice
• assisting with the mortgage application process
• advising the customer about repayments and mortgage protection policies
• advising on related products such as buildings insurance and life insurance
• liaising with other professionals such as estate agents, surveyors and mortgage lenders
• keeping up to date with new mortgage products
• keeping up to date with regulatory changes

Most mortgage advisers are based in a branch office, which means that customers come to you. However, customers are increasingly making financial decisions themselves, and want to get advice as and when they need it. As a result, they may call advisers in contact centres while they fill in their own applications on the Internet.

Some mortgage advisers do not work for a bank or a building society at all, working instead for independent financial advisers (IFAs) and mortgage brokers, sometimes in estate agents’ offices. In these cases, you are not limited to selling one firm’s range of products. Instead, you are free to search the entire market for the best deal for the customer. This type of role, which will often mean visiting customers in their own homes, tends to be more commission-driven.

What you need to get the job

As with so many jobs in the financial services industry, good communications skills are the most important attribute.

This is a career for both school leavers and graduates. Most banks will put as much emphasis on their own testing as they will on qualifications, but many will insist on reasonable GCSE passes.

Many people will first join the bank or building society as a customer service and sales representative (see Customer service and sales representative – call centre and Customer service and sales representative – branch) and progress into a mortgage adviser position.

Career prospects

Mortgage advisers have a number of options:

• They can stay in the mortgage sales business, develop their career based on their sales skills and earn a reasonable income.
• They could choose to move into a sales management role in the mortgage department.
• Alternatively, they could move into other roles both in the mortgage unit, such as compliance management, or into other roles elsewhere within the bank organisation.
• Others will add to their mortgage skills by taking financial advisory qualifications, broadening the range of products they advise on, and possibly developing their careers in the bank, in an IFA company or even as an independent adviser.

Qualifications and career progression

Mortgages are regulated products, so to advise on them, you must be suitably qualified.  An appropriate qualification is the ifs School of Finance's Certificate in Mortgage Advice and Practice (CeMAP®)which ensures that students both understand the products and the UK mortgage regulation framework, so that customers get the right advice.

If you choose to work in a specialist area such as Equity release mortgages, or you want to develop your supervisory skills as a sales manager, you can take the Advanced Certificate in Mortgage Advice and Practice (Adv CeMAP®) qualification.

Income

Mortgage advisory work is very much at the sharp end of sales, so commissions will make up a fairly large percentage of income. In addition, they will usually be uncapped – which basically means that the more you sell, the more you earn.

Starting salaries vary by role, but in the banks and building societies can be in the region of:

£12,000-£14,000 during training

£18,000-£25,000 on-target earnings (OTE) thereafter

Career incomes

These also vary according to the role, the company and the success you have:

£18,000-£24,000 basic, with OTE earnings of £20,000-£55,000 when bonuses and the all-important commissions are taken into account

£35,000-£70,000 OTE earnings for mortgage sales managers

IFA groups and mortgage brokers will quote much higher OTE levels, but the vast majority of these earnings will be commission, with relatively low basic salaries.

Many firms will offer a 'large town allowance' for people who need to live in an expensive area or commute. Outside London, this will be around £1,000-2,000 where it is paid. In London, this could be in the region of £2,000-3,000.