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Mortgage adviser

If you have advanced communication skills, some marketing savvy and have a head for finance and dealing with people, then this can be a successful and potentially lucrative career for the right person.

Mortgage advisers use in-depth knowledge of the market to find mortgage products suitable for the needs of their various clients, who all have different financial circumstances. They advise them on the different pros and cons of each product and also help them determine how much they should borrow.

Types of mortgage adviser

  • Mortgage advisers usually specialise in one of the following ways:
  • Tied to a single lender - usually working in a bank or building society
  • Looking at deals from a limited list of lenders
  • Whole of market adviser.

What the job involves

As a mortgage adviser, you'll need to:

  • Meet with your clients in person to explain what type of mortgage adviser you are and how you're paid and find out about your client's financial situation, including what their monthly expenditure is and what type of product they can afford.
  • Explain the different types of mortgage and offer products for your client to choose from
  • Be ethical and realistically assess which type of mortgage is most suitable for each client
  • Ensure your customers can afford what they're borrowing, not only now but in the future, in the event that interest rates go up or their circumstances change
  • Explain about repayments and mortgage protection and advise on and sell related financial products, such as buildings or life insurance
  • Help clients complete the mortgage application and offer some general advice on the home-buying process
  • By proactive as you will need to meet sales targets, and develop relationships with mortgage lenders, estate agents, and valuers
  • Keep up to date with new mortgage products and changes in mortgage regulation
  • Respect your client's right to confidentiality and follow strict industry rules and guidelines and ensure you give impartial and appropriate financial advice
  • Understand the Financial Regulator regulatory requirements and ensure you meet these
  • Be open and cooperate fully any enquiry or investigation from the financial ombudsman.

Skills

  • Excellent ability to explain complex information clearly
  • Confidence in working with numbers and explaining figures and financial products to your clients
  • Strong and reliable customer-service skills
  • Drive and motivation to meet targets
  • Good IT skills and good time-management skills and the ability to juggle a busy workload
  • Punctuality, discretion and an honest and trustworthy approach
  • An interest in the financial sector and good mathematical ability.

Salary

Mortgage adviser basic starting salaries are usually around €24,000 to £29,000. Commission may be paid on top of this.

With a few years' experience you can expect to earn in the region of €40,000 to €55,000, including commission.

Highly experienced advisers can earn up to €70,000, including commission.

Typical employers

An established and successful mortgage adviser can work on a freelance basis for any financial institution that offers mortgage services. A graduate starting in the sector can work for:

  • Banks
  • Mortgage broker firms
  • Estate agents
  • Building Societies

Typical qualifications

There has been a considerable overhaul of qualifications and necessary credentials in this sector as a result of the financial crisis and collapse of the property market between 2008 and 2012. The most up to date information on the credentials which are recognised by the Central Bank of Ireland can be found here.