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Four out of five advisers recommend mortgage advice career

Four out of five advisers recommend mortgage advice career

The majority of mortgage professionals are upbeat about the industry’s prospects despite uncertainty over Brexit and technology.

A survey of 400 advisers by the London Institute of Banking and Finance (LIBF) revealed 80 per cent of advisers would recommend a career in mortgage advice to a young person.

Meanwhile, 86 per cent said helping consumers achieve their life goals was one of the most enjoyable and rewarding aspects of their role.

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The survey was carried out as the number of people to have passed the London Institute of Banking and Finance's Certificate in Mortgage Advice and Practice (CeMap) qualification reached the 100,000 mark.

Respondents identified the restricted availability of high loan-to-value mortgages, complex affordability criteria, stress tested rates for buy-to-let lending and too much regulation as the biggest challenges they faced when looking to provide good customer outcomes.

They agreed that regulation was providing greater consumer protection and had improved advice, but were not keen to see further regulation introduced.

Advisers identified rate changes, equity release, lifetime mortgages and affordable housing as opportunities for the sector, along with a simplification of the property transaction process.

Brian Wilkinson, managing director of corporate and professional qualifications at the London Institute of Banking and Finance, said: “With the challenges and uncertainties facing the mortgage market, professional training and qualifications have a critical role to play in helping advisers navigate the challenges, ensure compliance and get the best outcomes for their customers.

"That’s what advisers say is one of the most enjoyable aspects of the role. 

“It’s encouraging that over 100,000 advisers have now qualified with CeMap, with around 1,400 also completing advanced CeMap level four qualifications.

"Advisers tell us that CeMap can also be a route to other career options, such as retail banking, wealth management and financial advice, so it’s a great foundation."

Michael Fowler, a mortgage adviser at the Halifax and the 100,000th adviser to qualify with CeMap, said: “CeMap has been really helpful in preparing me for my mortgage career. Having a professional qualification gives me real confidence in my role and helps me to provide the best possible service to customers.”

simon.allin@ft.com