Being a Mortgage Advisor is a career that is very varied, it is not as simple as starting the role as there are many different niches and entry points you can go down. According to a 2019 ‘Which?’ survey of over 3,500 homeowners, almost 40% used a mortgage broker when buying their current home.
In this blog, hopefully, we will be able to provide some clarity on the types of Mortgage Advisor jobs and the different levels of seniority.
What are the different types of Mortgage Advisor job?
- Whole of Market Mortgage Advisor – Whole of Market Advisors are able to provide advice on ‘the whole of the market’ meaning that they can often research from an extensive range of lenders to source the most suitable option as they are not tied to one or a set of lenders. However, they still might not cover every available mortgage.
- Multi-tied Mortgage Advisor – Tied Advisors can also be multi tied, meaning they are still tied but to more than one lender. This could be tens or even hundreds of different lenders including all of the best options on the market, yet they would still be considered as tied. This can create an negative connotation, that multi-tied Mortgage Advisors can’t provide the best advice. However, a benefits of being multi-tied, is that the Mortgage Advisors typically work closely with a number of lenders and build close working relationships, which helps when cases have issues. Plus, they might be able to access exclusive deals
- Single tied Mortgage Advisor – The opposite end of the spectrum to Whole of Market Advisors are single tied Advisors. Usually these will be come from one of three places: a bank, building society or lender, and these individuals have to sell products from a one place, hence single tied. Single-tied Mortgage Advisors typically are employed directly by the lender and cannot provide advice outside of their own products. However, they may have exclusive deals only and their direct relationship with the underwriters can be invaluable to help work on cases.
- Online / Robo Mortgage Advisor – Firstly; no, unfortunately you won’t be working with WALL-E:
However, online Mortgage Advice is a growing trend in the industry despite some questioning whether it can truly be a viable long-term option. If it does, it’s not even a job you can do as a human! This is because ‘robo advice’ uses artificial intelligence to generate suitable advice for clients which is then usually checked over / confirmed by a qualified professional.
- Mortgage and Protection Advisor – They have all the standard duties of a Mortgage Advisor just with the additional requirement to cross-sell protection as part of their role. Advisors often do this once they hold the R05 qualification. This role can be a great opportunity to ensure your clients’ mortgages are protected, earn additional commission and further aid your clients through the process; it’s not just more work for the sake of it!
- New Build Mortgage Advisor – newly built properties are a huge market in the UK with many young people using recent schemes introduced by the government to get on to the property ladder with “home ownership among young people rising after a decade of decline” a trend that will surely continue for years to come.
- High net worth Mortgage Adviser – This role is suitable for those with skill of working with high net worth (HNW) clients. It will follow the usual role of a Mortgage Advisor just dealing with high net worth clients, which often involves complex cases
What are the levels of seniority for Mortgage Advisors?
- Trainee Mortgage Advisor – This is an entry-level job that follows the standard duties of a typical Advisor just at a slower pace with all work overseen and checked. Commonly, you can start this role whilst you obtain your qualifications with some companies even supporting you both financially (paying for exams and materials) and logistically (giving time for study)
- Mortgage Advisor / Mortgage Broker – Advisors help their clients find the best deal for purchasing their homes, for many it will be their first time so you will assist them throughout the process. You will build relationships with various clients and learn about their circumstances to provide them with the best available deal.
- Senior Mortgage Advisor – One for experienced individuals. This role will usually follow the standard duties of a Mortgage Advisor plus you may be the go-to person for unusual or high-profile cases. On top of this you may be required to train and support Trainee Advisors overseeing their cases and training them up to competent advisor status (CAS).
- Mortgage Manager – To do this role, you often need to be an industry veteran. Managers are usually responsible for a team of Advisors, in some cases you will not provide any advice and solely focus on supporting multiple Advisors in a business. You may provide training sessions to the team and oversee general Advisor operations