Mortgage advisors are qualified financial advisors who help property buyers to make informed choices and complete the mortgage application process. Advisors spend a lot of time working closely with their customers in order to understand their personal and financial situation, so if you are considering mortgage advisor jobs it is important to think about the types of customers you will be serving.
Client Relationship
Many mortgage advisors work for a bank or building a society, providing advice on the mortgage products offered by their employers. Such advisors will typically work out of a branch office and deal with customers who have approached the lender with the intention of applying for a mortgage, although advice may also be given by phone for clients who are completing mortgage applications online.
Mortgage advisors may also take mortgage broker jobs, in which case they may be able to advise their customers on a broader range of products, from different lenders, although there may still be some limitations. Again, their clients will usually be prospective buyers, who have approached the brokerage firm for advice, although chasing leads can play a part, and advisors may meet with clients in their own homes.
Some chains of estate agents employ mortgage advisors in their offices. As when working for a broker, advisors at these agencies may be free to recommend any product, or tied to particular companies if their employer has an agreement with the lender. Customers will usually be directed to the mortgage advisors when they are in the process of buying a home through the agency.
Mortgage advisors can also work for independent financial advice groups or work. Independently for themselves, in which case they will be free to recommend products from any lender. Clients may seek help because they prefer to speak to an independent advisor or because they are experiencing difficulties with their mortgage application.
Advisors working in any capacity are required to inform their clients whether they are giving independent advice or if they are tied to a particular company: and they always have a legal duty of care to their clients.
Who Needs Mortgage Advisors?
A mortgage is one of the largest and longest financial commitments that most people will ever make, so it isn’t unusual for a buyer to seek expert advice to ensure they are making the right decisions. Demand for mortgage advisors has also grown recently due to the increasing complexity of the mortgage application process; so most buyers will now speak to advisors before making a purchase. Many advisors will, therefore, spend their time assisting individual buyers who are taking out or changing a mortgage for their own home. The advisor might be dealing with anyone from a young first-time buyer to a family remortgaging their home or a pensioner buying a retirement property.
However, there are also some more complex cases that can arise. Landlords and property developers may need advice before buying a property, in which case the advisors will need to consider the local rental market or the feasibility of the developer’s plans when determining whether the mortgage is affordable. Companies can also require advice when they are taking out a mortgage on business premises, which will again add to the complexity of the case, as the adviser will need to consider the future financial prospects of the business when determining which mortgage to recommend.
