Becoming a UK Mortgage Broker | The Second Mortgage Company

How to Become A Mortgage Broker


Being a mortgage broker can be a fast paced and very exciting career path and job. If you like the idea of working closely with customers and helping them find the finance to enable them to afford their dream home, this could be a great role for you. With the thrill of the sale and a focus on client experience, being a mortgage broker can be an exciting role for anyone with a good mind for customer and client management.

For those with an interest in the property and mortgage market, looking into specific products like home improvement loans and development finance can help hone your skills yet further. The more specific the loan product, the more likely a broker is to be needed by all parties involved.

The Importance of UK Mortgage Brokers

A mortgage broker in the case of all mortgages including second mortgages, is essentially the middleman between a lender and a client looking for a mortgage. For a small percentage of the loan amount (usually 1-2%) the mortgage broker deals with all the paperwork involved in a loan and secures the loan for their client.

The broker will also package up everything from the borrower; financial information, personal information and more to send on to the lender. Mortgage brokers and lenders will have a good working relationship. The broker will likely have a ‘panel’ of lenders they work with, who they will be able to discuss the circumstances of borrowers in a way that borrowers will not be able to, dealing directly with a lender for any mortgage product.

The day-to-day duties of a mortgage broker will include; advising clients on the home buying process, finding out about a client's finances, offering clients a number of mortgage options to choose from and much more.

What Do I Need to Become A Mortgage Broker?

If you are looking to become a mortgage broker there are a few things you will need before you start. The first thing is a credit check, you will need to have a credit check which will ensure that you have a good enough credit score to become a broker.

The second thing is a background check. For a number of reasons, a background check is essential for anyone looking to become a mortgage broker. Because you are the middleman between clients and lenders it is important that you are trustworthy, as you will be dealing with client’s personal information and intimate financial dealings and details.

What Makes A Good Mortgage Broker?

There is no specific set of skills or qualifications that alone make a good broker. However, there are a number of skills that would certainly help in making someone with interest in the property and mortgage market a good mortgage broker.

For example, it is important that a mortgage broker has good customer service and communication skills, as much of the job involves liaising with clients. A mortgage broker should also have good knowledge of the industry and products they will be working with and should be able to pay great attention to detail.

A sense of ambition is also important as well as analytical thinking skills and excellent vocabulary. Lastly, it is important that a mortgage broker can work well under pressure and accept criticism as clients will often be under a lot of stress themselves. 

Routes to Become a Mortgage Broker

There are various routes through which someone could become a mortgage broker, all of which have their merits. Many mortgage brokers are taken on as apprentices to mortgage advisors and work their way up to being brokers, learning the trade while working with the company. To become an apprentice, you will need 5 GCSEs grades 9-4 (A* to C), although some brokerages may consider applicants and apprentices regardless of grades.

It is also possible to work your way into being a mortgage broker. You might work your way up from being a customer advisor in a bank or building society or as a mortgage administrator in a firm of brokers.

The other option is to apply for a mortgage adviser training scheme run by a bank and building society. For a better chance at securing the role you will need GCSEs in English and maths, and some relevant work experience in customer service, sales or finance.

Through the training scheme You will need to take a qualification in mortgage advice that is recognised by the Financial Conduct Authority. You would develop your skills through a mixture of studying for an industry-regulated qualification through your employer and learning on the job.

As a mortgage is secured against your home, your home could be repossessed if you do not keep up the mortgage repayments. Think carefully before securing other debts against your home.

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