Mortgage Advice is one of the things that every potential borrower should undertake when looking at mortgages. Mortgage Advice is regulated by the FSA who sets out guidelines as to what the standard of service that you can expect your mortgage broker to provide you with. The FSA also gives this information in writing and makes changes to the standards whenever necessary. The FSA also works to set out the fees that are charged by different mortgage advisors, and this information can also be found in the CMA’s Annual Mortgage Advice circular. To get more about the PLAN A Mortgage
There are many different types of mortgage advice, and each of these requires a specific level of skill from the professional that is giving it. The Financial Services Authority (FSA) requires that any professional giving specialist mortgage advice must be skilled to a certain degree. This means that in order to become a mortgage adviser, a prospective student must study for either the Chartered Insurance Institute (CHMI) Certificate in Mortgage Advice or the ifs School of Finance Certificate in Mortgage Advice and Practice. These certifications demonstrate that the person or persons studied have a minimum amount of knowledge and experience relating to mortgages, and that they have been trained in a number of different areas. If the individual has not qualified in one of these areas then they must take additional classes to gain the necessary qualification.
Mortgage Advice professionals generally hold a mortgage advice license and must demonstrate that they have a specified level of competence in order to obtain their license. In order to demonstrate this ability, the license holder must undertake at least one year of pre-study course work. The license holders must also complete a first year shadowing role, which involves undertaking the role of a loan officer and consulting with small UK mortgage lenders to assess their service. There are some financial advisers that only offer their services to licensed mortgage advice professionals and do not provide any other products. If this is the case with your chosen provider, then it is in the best interests of your loan officer to only deal with them directly and never use any other lender to arrange your mortgage.