Mortgage brokers that are qualified must pass a series of examinations and have some on-the-job training and experience.
Mortgage brokers are governed by the Financial Services Authority (FSA), which is responsible for all financial advice in the United Kingdom. Before becoming authorised mortgage brokers, the FSA has established that mortgage brokers must complete one of the recognised qualifications and get training and supervision from other certified advisors.
Once licenced, mortgage brokers can work for a bank or building society, a mortgage brokerage, or an estate agency, or they can start their own practise and work on a self-employed basis.You can get additional information at North Strathfield mortgage brokers.
The first step toward becoming a mortgage broker is to pass one of the FSA’s recognised requirements. They include the Chartered Insurance Institute’s Certificate in Mortgage Advice, the Institute of Financial Services’ Certificate in Mortgage Advice and Practice, and the Chartered Institute of Bankers in Scotland’s Mortgage Advice and Practice Certificate (Scotland only).
If the person already works for a financial institution, the credentials may be covered by their company. Distance learning or private training schools are typically used to finish the study required to pass the subjects for each qualification.
Several post-graduate courses are also available to help mortgage brokers improve their credentials. The Advanced Certificate in Mortgage Advice and Practice, as well as a qualification in lifetime mortgages, are among them.
Mortgage brokers can also use their credentials and experience to start a career in financial planning. Passing a few more examinations and acquiring some experience as a financial advisor will be required.