How could upskilling benefit your career as a Mortgage Advisor?

How could upskilling benefit your career as a Mortgage Advisor?
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How could improving your qualifications and skills benefit your career as a Mortgage Advisor? There are numerous advantages to upskilling for a Mortgage Advisor that could benefit your career, especially in the current economic climate. 

Mortgage Advisors are currently having to provide advice in an extremely challenging environment. Inflation and an unprecedentedly high base rate has driven mortgage rates to the highest they have been in 15 years. Aspiring or current homeowners will require more guidance to help navigate this unusual market, however many current Mortgage Advisors will either not have the experience to support them or will not have dealt with such turbulence in many years. 

Undertaking additional training could help support you and give you the skills required to thrive in these challenging times! Developing your knowledge can help to deepen your understanding of highly complex cases and equip you with the right tools to navigate challenging situations. Mortgage rates are predicted to begin falling in 2024, however it is difficult to determine when or if the market will return to pre-pandemic levels. Being able to analyse the market and help guide your clients regardless of the current economical state will be hugely beneficial to your career as well as allowing you to provide your clients a sense of stability in times of uncertainty.

Developing your knowledge through advanced training can enable you to consider the long-term repercussions or alternative scenarios of the advice you provide. This is highly beneficial for your clients as it can help to ensure that the best possible outcome is achieved for their specific circumstances. 

In the current economic climate, clients will likely be looking for options that lessen their financial burden in the short term. However, they may forget to consider the long-term implications of certain products. For example, switching to an interest only mortgage could initially ease financial demands, but your client may forget that they will need to repay the amount borrowed at the end of the term. Advanced qualifications can help you to foresee any potential issues your clients could face and implement the appropriate measures to ensure the best possible outcome. 

Developing your understanding could also help your clients as you may be able to better identify when your clients would benefit from protection. There is no guarantee the rates won’t begin to climb again, and your clients could be in a more precarious situation than they realise. Having the skills and knowledge to identify potential risks and consider your clients individual situation in detail will allow you to make appropriate recommendations, protecting your clients in the event of further economic turmoil.  

A woman studying at a coffee table

The CeMAP Diploma is an excellent option if you are looking to upskill and benefit your career. The CeMAP Diploma is provided by the LIBF and offers Mortgage Advisors the opportunity to develop a wider understanding of risks, solutions, and the implications surrounding Mortgage Advice. 

To undertake the CeMAP Diploma, you must have completed CeMAP which is a level 3 qualification that covers 3 modules. The CeMAP Diploma is a level 4 qualification, and you will only need to complete one extra module to be awarded the Diploma. This module is known as Advanced Mortgage Advice or AMA. It is split into two parts and covers all the essential technical areas required to provide regulate mortgage advice. 

To pass the CeMAP Diploma, you will need to achieve 70% on a 90-minute exam worth 50 marks. You will also be required to complete a coursework element throughout the Diploma which you must achieve 50% in to pass. 

To learn more about the CeMAP Diploma, take a look at this guide on our website that goes into more depth regarding the content, cost, benefits, and study time for the course. The LIBF also has more information on their website regarding the specifications for the course and the syllabus content. 

Upskilling and developing your understanding is hugely beneficial for Mortgage Advisors especially during these unprecedented times. Undertaking higher learning opportunities such as the CeMAP Diploma will help to deepen your knowledge and understand the wider implications, ensuring you are able to give your clients the best and most appropriate advice for their individual situation. 

Take a look at our other blog posts for more information on the qualifications a Mortgage Advisors could benefit from, such as the R05 or ER1.  

Looking for your next career move? Take a look at the job opportunities we currently have available on our website!