How to Transition from Mortgage Advice to Equity Release Advice

How to Transition from Mortgage Advice to Equity Release Advice

It is not uncommon for Mortgage Advisors to progress into a different type of FS advice at some point in their careers. In fact, here at Premier Jobs UK, we have seen many advisors make the switch from mortgage advice to equity release advice. Equity release is the practice of over 55-year-old homeowners releasing tax-free cash from their property value.

Mortgage advice gives a number of skills that are directly transferable to equity release advice. As someone who has worked in mortgages your understanding of the property market, lending structures and your willingness to help others with their finances will all be applicable to your new role. To get started you will need to do some additional qualifications and extensive research before you land your first equity release role.

Skills and Knowledge

Here are some examples of the skills and knowledge that will help you to be successful in equity release:

Understanding the property market: A strong knowledge of the property market can only be of benefit to an Equity Release Advisor. Experience of the markets peaks and troughs can give you valuable insight for embarking on your Equity Release career.

Lending knowledge: For the majority of people, their homes are their biggest financial purchase. Therefore, releasing equity could have a profound impact on the clients finances. You should be able to understand this and assess any risk, tax implications or other exceptions that your client may need to know.

Communication skills: Because of the intricacies of equity release, it’s important that you can communicate to your clients so they are clear and informed on the process. You should be able to explain the risks and positives so that your client has a full understanding. It is also likely that your clients will have questions and concerns due to the gravity of the decision to release equity on a home. Being a good communicator could really help when trying to inform your clients about these questions and anxieties. 

Mortgage advice to equity release advice

Mortgage Advisor to Equity Release Advisor transition steps

1. Do some independent research on the Equity Release market:

This is a really important first step, not only so you enter the process informed, but also to gain clarity for yourself about whether it’s an industry you really want to go into. Researching will help you to understand the benefits and risks, common products and providers you’ll work with and so much more. 

You can research independently by using articles. There’s some great content out there which could really help you out. We have made content on Equity Release advice, which you may want to check out. Another great way to research is to get in touch with current Equity Release Advisors. This gives you the benefit of hearing first hand accounts of what the role is like. We recommend doing this using LinkedIn. 

Things to research:

  • The different types of equity release plans available
  • The risks and benefits of equity release
  • The different providers in the market
  • The fees charged by equity release providers
  • The FCA regulations that apply to equity release

2. Get qualified to give equity release advice: 

You must be qualified in order to give Equity Release advice. This will involve gaining  a qualification on top of the CeMAP or Certificate in Mortgage Advice qualification you already have as a Mortgage Advisor. 

There are 2 main qualifications that Advisors choose and that is the CeRER qualification awarded by the LIBF and the ER1 qualification from the CII

There are differences between the qualifications but neither is better or worse than the other, it is just down to personal preference and how you learn and study best. Typically, individuals will choose whichever awarding body they are already members of.

3. Get in touch with a Financial Services Recruiter: 

The last step in your transition once you are qualified, is to find a role. Get in touch with a Financial Services Recruiter who can help you find a role that matches you best. 

Here at Premier Jobs UK, we have some excellent Equity Release Advisor job opportunities. If you are interested or want advice, get in touch today for a free, no-pressure chat with one of our experts.