Becoming a Mortgage Advisor - Any advice?

andystephens

Again, I am another person who is looking to study CeMap and become a mortgage advisor. I have been hearing conflicting information with regards to at what point you can advise on mortgages. Do you need all 3 modules, or once you have the 2 are you qualified to give advice legally.

Thanks

shameless-about-money

You need all THREE modules of CeMap. Plus you need Competent Adviser Status to be able to advise on your own.

MortgageMamma

It normally takes 12 months of post cemap training to achieve competent adviser status and not many whole of market brokerages will train.I'm just studying for advanced cemap and an internal network qualification for me to be able to take on a trainee. A lot of companies won't do it due to time, cost, and liability, but there is a skills shortage where I live so I hope I will be doing my bit to enrich the community and help someone make an opportunity for themselves

dunstonh

Having the qualification doesnt allow you to give advice. Having them allows you to seek authorisation to give advice. How you get authorisation will depend on your experience and the companies you approach.

Skippyd00

Timeforachange: I received my package from herne (I don't want to advertise, I'm simply responding as per my experience). I received 2 manuals, 21 dvds, 21 cds, ifs competence tool, online support for 12 months, and employment network support upon study completion. I paid £934.13 inc VAT and I've been advised the only extra is payment per exam.

I'm sure I could have found cheaper and fast track outlets...however, I'm happy with the materials. My concern reading other threads included that perhaps I should have studied directly with the IFS, and whether upon completion I could go straight into self employment/association.

Best wishes with your choice of study

shameless-about-money

You must now pay the IFS £390 for the three exams.

Then, on passing the exams you need to find a placement as a Mortgage Adviser Trainee.

mikeyboy

Hello,

I am 26 years old and currently work in medical sales, but after 4 years in the industry I want a complete change. I have bought a few properties myself over the last 3/4 years and have always taken a keen interest in the financial aspect of house purchases etc. Hence i have decided to take my CeMAP exams around my existing job, and then once qualified "make the leap" into mortgages.

I have recieved my CeMAP 1 workbook and study material direct from the IFS but i have a few queries and could use some advice!

Once i have completed the 3 examns (CeMAP 1,2,3) and have passsed them can i start to advise straight away? I have heard several conflicting reports, some say I need to achieve CAS prior to offering advice and that the only way of getting CAS is by being employed by a bank? is this correct?

Ideally i want to become self employed, as i have a lot of contacts who will help me get established fairly quickly (i am still aware that there is a LOT of work and effort involved in getting established, but am reallly chomping at the bit to get started!)

Do Networks accept advisors who have just passed the exams? or only once CAS is achieved?

Any help and advice would be very much appreciated!
Thanks in advance
Michael

shameless-about-money

You must get CAS first but this does not have to be through a bank.

There are a lot of companies who will contract you to them as Approved Representative, for a % of the fees, as self-employed.

I have just signed my contract for one of these.

The company or network will usually accept you with full CeMap and no experience since they provide the training and support.

I wanted a salary + commission post but it was impossibe where I live. You do find that some areas are better than others.

I will pm you some information I was given just last week, it may be helpful to you.

icklejulez

Does anyone know of any positions I can undertake whilst taking the CeMap qualifications as I would love to gain a bit of background information behind the job before I jump in head first. My current job is nowhere near an office enviroment and I have no financial expertise and I worry that I will not be able to find a job after completing the course... Also does anyone know of the salaries in NW England for a trainee mortgage advisor???

Thanks

J

shameless-about-money

The Mortgage Adviser Trainee positions are around £16K - £22K, plus commission + benefits all over the country bar London

A word of advise re the NW - do not touch Cartel with a bargepole!

If you find a local Independent Mortgage Adviser, he/she might be willing to let you go to their office for a day or two to have a look to see the work involved.