For some one to become a full time mortgage advisor first they must complete the 3 CeMAP exams. Without these exams no one in the UK is allowed to advice on any type of mortgage. There are 2 main ways to become a mortgage broker. Either people start off working in a bank helping out with what is called bank assurance. Providing people with quotes, for buildings and contents insurance, quotes for unsecured loans. They also help people apply for credit cards and open bank account or savings account.
The other way that brokers start out is through estate agency, nearly every estate agent either has an in house mortgage adviser who you can speak to about mortgage advice or they will have a local mortgage brokers that they refer business to.
After passing all three of the exams you are then checked for competency, after you assessment are you then allowed to offer mortgage advice to the general public. Once qualified a mortgage broker will be able to discuss with you the different types of repayment vehicle that can be used with a mortgage and the risks associated with them
Mortgage advisors will also be able to help you chose the type of mortgage rate you want to have to repay your mortgage with. You may nit know the difference between a tracker and a fixed rate mortgage. A mortgage broker can also advise you on the different types of insurance that are out there. These insurances can be from cheap buildings insurance up to complicated critical illness insurance with all the caveats.
Most first time buyer like to use a mortgage advisor as they will organise all of the paperwork for them and liaise with the lender, vendor and estate agency on their behalf. Experience buyers like to use mortgage brokers just to take the hassle away from them as they can then get on with their everyday life, knowing a professional is taking care of everything.
