/ Mortgages

How to become a mortgage broker

Steps to become a mortgage broker

To become a mortgage broker in the UK you will need to get regulatory permission from the FCA.

You will need to get a certificate in mortgage advice and practice(CEMAP) or a suitably accepted certification for you to become a mortgage broker.

To get a CEMAP you will need to study the financial regulation modules, these include;

  • CEMAP 1
  • CEMAP 2
  • CEMAP 3

The CEMAP is a qualification accepted by the FCA as a required certification for mortgage brokers.

You don't need a degree to become a mortgage broker.

The financial regulation modules to become a mortgage broker:

  • The purpose and structure of the UK financial services industry
  • The Financial Conduct Authority (FCA) main aims, activities and relevant Conduct of Business rules
  • The house-buying process and parties involved
  • The different types of customers and mortgages
  • Assessment of affordability and suitability of different mortgage options and associated products

After the modules, you will have to pass the CEMAP exam to become a mortgage broker.

The role of a mortgage broker:

Once you become a mortgage broker you will be involved in

  • Assessing a clients financial situation and eligibility for a mortgage
  • Recommending a mortgage based on a clients affordability
  • Ensuring a client understands the risk of a mortgage and introducing them to suitable protection products

Once you become a mortgage broker you can go and work for an independent mortgage brokerage or go work within a bank where you will only be advising on the bank's mortgage products.

How much money can you make as a mortgage broker?

Once you become a mortgage broker in the UK you could make up to £20k per annum working for a brokerage. You may be able to make more if you work for yourself but you will have to handle your compliance requirements.

How long does it take to become a mortgage broker?

It can take up to 8 weeks to become a mortgage broker based on how long it takes for you to complete your FCA accepted qualification (such as a CEMAP) to become a mortgage broker.

How do I find a good mortgage broker?

You can find good mortgage brokers by reading their Trustpilot, google or feefo reviews.

How do mortgage brokers find lenders?

Mortgage brokers find mortgage lenders through the use of mortgage sourcing software.

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How to become a mortgage broker
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