This role involves helping people find suitable mortgage deals and guiding them through the application process. It's a rewarding career with the chance to work independently and build long-term client relationships.
Do you need qualifications to be a mortgage broker?
Yes, you need specific qualifications to become a mortgage broker in the UK. The main qualification is the Certificate in Mortgage Advice and Practice (CeMAP), which is recognised by the Financial Conduct Authority (FCA). You must also be authorised by the FCA before you can legally offer advice or arrange mortgages.
Although a degree isn’t essential, a background in finance, banking or sales can be helpful. Many brokers start out working in banks or estate agencies to build experience and contacts.
What does a mortgage broker do day to day?
A mortgage broker helps people find the right mortgage deal based on their financial circumstances. This includes comparing products from various lenders, explaining terms and repayment options, and managing the application process. Good communication and organisation skills are key, as you’ll work closely with clients, lenders and solicitors.
You’ll also need to keep up to date with mortgage rates, changing regulations, and the property market in general. As of 2023, over 400,000 residential property transactions in the UK involved a broker, showing how central the role is to the housing process.
What salary can you expect as a mortgage broker?
Starting salaries can range from £22,000 to £30,000 a year. With experience, this can rise to £50,000 or more, and top brokers working independently or on commission can earn over £70,000 annually.
|
Experience Level |
Estimated Annual Salary |
|
Entry Level |
£22,000 - £30,000 |
|
Mid-Career |
£30,000 - £50,000 |
|
Senior/Commissioned |
£50,000 - £70,000+ |
According to the Office for National Statistics, the financial services industry employed over 1.1 million people in 2023, showing a stable demand for finance-related careers.
Interestingly, you can branch away from traditional residential mortgages, towards other specialisms and lending solutions, which may offer huge earning potential. This could include commercial mortgages, bridging lending, development finance and refurbishment finance.
Often those offering mortgages are able to cross-sell other lifelong products such as life insurance, health cover and critical illness cover - hence becoming knowledgeable in these is key too.
Is becoming a mortgage broker a good career choice?
Yes, it can be a rewarding career for those who enjoy working with people and solving financial problems. The job offers flexibility, especially if you become self-employed, and there’s good earning potential with experience.
Some considerations include whether you want to offer mortgages to households and families, or work in the commercial sector, offering commercial mortgages, or branch out into other sectors or specialisms, in the UK or overseas too.
