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  • FIRST POST
    • PhilJenn
    • By PhilJenn 12th Jul 17, 10:18 AM
    • 2Posts
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    PhilJenn
    Mortgage broker qualifications question
    • #1
    • 12th Jul 17, 10:18 AM
    Mortgage broker qualifications question 12th Jul 17 at 10:18 AM
    Hi all, first post here so hopefully I'm posting in the right section!

    I'm a first time buyer and looking for a mortgage advisor/broker, preferably fees free.

    So I read the MSE FTB guide 2017 and have noted the three questions to ask brokers.

    I'm wondering though, would the question 'are you qualified?' be relevant if speaking to London&Country? I think that some advisors may not be qualified yet as gaining training through their company, so therefore should I be requesting to deal with a qualified individual (ie. CeMAP) or can I be confident that I'll be given the same quality of advice given the company they work for?

    Many thanks in advance!

    Phil
Page 1
    • amnblog
    • By amnblog 12th Jul 17, 10:54 AM
    • 9,514 Posts
    • 3,678 Thanks
    amnblog
    • #2
    • 12th Jul 17, 10:54 AM
    • #2
    • 12th Jul 17, 10:54 AM
    You should not be offered mortgage advice from someone who is not 'qualified' Phil. It is against FCA regulations.

    There is no regulatory requirement to be experienced.

    Be careful what you look for as 'fees free' may not be right for you.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • tain
    • By tain 12th Jul 17, 1:53 PM
    • 461 Posts
    • 587 Thanks
    tain
    • #3
    • 12th Jul 17, 1:53 PM
    • #3
    • 12th Jul 17, 1:53 PM
    Hi all, first post here so hopefully I'm posting in the right section!

    I'm a first time buyer and looking for a mortgage advisor/broker, preferably fees free.

    So I read the MSE FTB guide 2017 and have noted the three questions to ask brokers.

    I'm wondering though, would the question 'are you qualified?' be relevant if speaking to London&Country? I think that some advisors may not be qualified yet as gaining training through their company, so therefore should I be requesting to deal with a qualified individual (ie. CeMAP) or can I be confident that I'll be given the same quality of advice given the company they work for?

    Many thanks in advance!

    Phil
    Originally posted by PhilJenn
    We've recently spoken with L&C regarding a first time mortgage. We didn't ask if the person was qualified (presumed they were due to the size of L&C), but they were definitely inexperienced. They gave us advice they were 'certain' of, and it was only when I kept pushing and disagreeing that they spoke to a manager who agreed with me.

    Tl;dr - as amnblog said, being qualified is nothing compared to being experienced and knowledgeable. Go with recommendations.
    • David White
    • By David White 12th Jul 17, 2:44 PM
    • 811 Posts
    • 346 Thanks
    David White
    • #4
    • 12th Jul 17, 2:44 PM
    • #4
    • 12th Jul 17, 2:44 PM
    Tl;dr - as amnblog said, being qualified is nothing compared to being experienced and knowledgeable. Go with recommendations.
    Originally posted by tain
    Can't echo this enough, CeMAP is necessary for the job but by no means makes you good at it.

    You could go from zero knowledge to passing CeMAP within a few weeks if you were good at studying or sat through a course.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • amnblog
    • By amnblog 12th Jul 17, 3:36 PM
    • 9,514 Posts
    • 3,678 Thanks
    amnblog
    • #5
    • 12th Jul 17, 3:36 PM
    • #5
    • 12th Jul 17, 3:36 PM
    You could go from zero knowledge to passing CeMAP within a few weeks if you were good at studying or sat through a course.
    Originally posted by David White
    ..and you'd still only be good for making the tea in my office.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • kingstreet
    • By kingstreet 12th Jul 17, 5:08 PM
    • 31,573 Posts
    • 16,864 Thanks
    kingstreet
    • #6
    • 12th Jul 17, 5:08 PM
    • #6
    • 12th Jul 17, 5:08 PM
    It's probably more pertinent to ask someone if they have CAS rather than their level of qualification.

    CAS = Competent Advisor Status.

    This means I have the necessary qualifications, have observed the correct number of observed interviews; have undertaken the correct number of interviews when I've been observed and have been signed-off by a supervisor to give one to one advice without having to be observed or directly supervised by a mentor or supervisor.

    TBH this is still not a measure of experience. Mortgage advising is like driving. You learn 'once you've passed your test', so to speak. In our market, knowledge of newbuild maximum loans to value, offer/product expiry periods and treatment of builder cash incentives is something which builds with experience, rather than out of a book or a training course.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • PhilJenn
    • By PhilJenn 18th Jul 17, 10:33 PM
    • 2 Posts
    • 0 Thanks
    PhilJenn
    • #7
    • 18th Jul 17, 10:33 PM
    • #7
    • 18th Jul 17, 10:33 PM
    Sorry for the late response everyone, thanks for your input!
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