In the UK to provide Mortgage Advice, you must have a qualification recognised by the Financial Conduct Authority (FCA). If you don’t have a recognised qualification, you can’t legally provide regulated Mortgage Advice in the UK.
Although there are many mortgage qualifications the two main qualifications that are recognised as industry standards come from the two main (CeMAP and The Certificate in Mortgage Advice) Financial Services qualification providers; the London Institute of Banking and Finance (LIBF) and the Chartered Insurance Institute (CII). Both of these providers have an array of qualifications covering Mortgage Advice, Financial Advice, Paraplanning and more! We have covered most of these core qualifications on our blog and YouTube channel and we will reference any relevant in-depth content throughout this blog.
What is CeMAP?
The Certificate in Mortgage Advice and Practice (CeMAP) is an industry-standard qualification for Mortgage Advisor’s and is awarded by the London Institute of Banking and Finance (LIBF). For more in-depth detail on the CeMAP qualification check out our YouTube video on the subject.
CeMAP is broken down into three units commonly known as:
CeMAP 1 consisting of…
- UNIT 1: Introduction to the Financial Services Environment & Products
- UNIT 2: UK Financial Services and Regulation
CeMAP 2 consisting of…
- UNIT 3: Mortgage Law, Policy, Practice & Markets
- UNIT 4: Mortgage Application
- UNIT 5: Mortgage Payment Methods & Products
- UNIT 6: Mortgage Arrears & Post-Completion issues
CeMAP 3 consisting of…
- UNIT 7: Assessment of Mortgage Advice & Knowledge
Benefits of CeMAP
- CeMAP can be the start of a lucrative career as a Mortgage Advisor; the job board reed stated that the average Mortgage Advisor earnings were around £50,000
- As an experienced Mortgage Advisor, you can start to build up your bank of clients and as such build up your pipeline of business
- Many Mortgage Advisor roles have uncapped earnings. Plus, you could have the option to become a self-employed Mortgage Advisor which typically will provide the added benefit of flexible working
Being a Mortgage Advisor is a fulfilling career whereby you can make a real impact on people’s lives by allowing to get involved in the property market
- Many Trainee Mortgage Advisors need some level of CeMAP for entry-level jobs
What is the Certificate in Mortgage Advice?
The Certificate in Mortgage Advice is a level 3 qualification that meets the FCA’s qualification requirements for mortgage advisers. Upon completion, it allows CII/PFS members to provide professional Mortgage Advice in the U.K and also to use the Cert CII (MP) designation in their name.
It is broken down into two units; one compulsory unit which is CF6 (Mortgage Advice) and then an additional unit of either R01 (Financial Services, Regulation and Ethics) or CF1 (UK Financial Services, Regulation and Ethics). For more in-depth detail on the Certificate in Mortgage Advice qualification check out our YouTube video on the subject.
Benefits of Certificate in Mortgage Advice
- Broken down into separate units making it more manageable
- Some choice in what units you do
- The result is instant when using MCQ
- Extra study material is available if you need it
It allows you to access the benefits that come with being a Mortgage Advisor which means:
- Uncapped earning potential
- Costs less than a degree
Cost differences between CeMAP and Certificate in Mortgage Advice
- CeMAP = £570 (£190 per module)
- Certificate in Mortgage Advice =
- Option 1 (R01 + CF6) = Member = £440.40 or Non-member = £573.80
- Option 2 (CF1 + CF6) = Member = £376.22 or Non-member = £459.00
Therefore, the Certificate in Mortgage Advice option is the cheaper option by around £193.78 (if you are going with the cheapest option). However, by going with the Certificate in Mortgage Advice you will also incur an annual membership fee of £130 plus a one-off admission fee of £37.
Which qualification is quicker?
CeMAP takes, on average, 12 months to complete and in 2019 the LIBF reported that “the total qualification time for completing CeMAP is 230 hours.”
Whereas, the Certificate in Mortgage Advice has a Total Qualification Time of around 160 hours.
Therefore, the Certificate in Mortgage Advice is quicker by around 70 hours. Although, it should be noted that different students for different qualifications could take longer or shorter depending on various other factors such as personal commitments, their level of understanding and more.
What assessment methods are used?
For CeMAP, students are tested using a range of methods including objective exams, case studies and also multiple-choice questions.
The CII also test their candidates using multiple-choice questions (MCQ) to assess individuals, the benefit of these being that the result is instantaneous – meaning no waiting around for results to come back!
Which is better overall; CeMAP or the Certificate in Mortgage Advice?
Both qualifications hold equal footing in that, both will be recognised at the same level by prospective employers.
Both are great options for different reasons, and it is important to remember that ultimately, either one will get you to your desire goal of becoming a qualified Mortgage Advisor. Although it sounds cliché, the better qualification is the one that most appeals to you the most and most suits your personal life.
Whichever qualification you decide to take, you must have your next steps planned out ready for when you become qualified. Give us a quick call or email to register your details with us so that when you pass you can immediately start your job search.
Telephone: 0208 0044 154
To view our Mortgage Advisor vacancies, click here: https://www.premierjobsuk.com/index-search_results.html?JobCategory=95