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The UK Mortgage Industry provides vital support to the UK economy and to the lives of people across the country. It serves people at every stage of life, whether they’re looking to find their first home, begin a journey on the property investment ladder or remortgage their existing property for greater financial flexibility for themselves and their families. Career starters will be instrumental in providing support to people, no matter where they are on their home-buying journey.
In June 2022, the FCA reported that some £76.9 billion was advanced to mortgage borrowers in the first quarter of 2022, and a further £82.5billion worth of new mortgage commitments were added to the pipeline in the same period.
The opportunities to both progress through the ranks and find a new career in the mortgage sector are plentiful, with no experience needed to get started. Having a great university degree is fantastic, but so are other educational backgrounds and experiences; employers in the sector understand that talent and potential come in many forms. That’s why it is an industry that enables people to better their lives and financial position every day.
For many people, a mortgage will the single largest financial commitment they ever make, and is a precious decision when it usually involves securing a long-term home for them and their family. Working in this sector means making a real difference to the course of people’s lives, and just as there’s no such thing as a typical mortgage borrower, neither is there a typical mortgage professional.
Like any sector, there is always a host of new terms and acronyms to decipher. We have produced a helpful Working in Mortgages Glossary to help you beat the jargon.
If you are applying for your first job in the industry, understanding what goes on behind the scenes in the mortgage world will help you put together a top-quality job application. The guides below will take you through the mortgage application process from the mortgage adviser’s and the lender’s point of view, alongside helpful tips on the qualifications you may need and how to prepare for an interview. We also have a useful infographic for those who may be considering self-employment, explaining the differences to employment and the pros and cons of owning your own business.
Below is a beginners’ guide to some of the key entry points and job functions in the mortgage industry. Currently the focus is on industry-specific roles, however there are also plenty of opportunities in business areas that are not unique to mortgages such as technology, marketing and communications, human resources, finance and recruitment. Some roles that perform the same function may have different names so we have used ones that we feel are the most common. This is something we will add to over time, so should be seen as more of a starting point than an exhaustive list.
These roles are based in firms providing regulated financial advice on mortgages and protection insurance. The firm might provide advice on other financial products too such as pensions and investments, or it may focus solely on the mortgage advice journey. Advisory firms do not work for a single lender – they may be fully independent and advise on the whole of the mortgage market, or they may be restricted and recommend products from a selected panel of lenders. Either way, here are some of the key positions you are likely to come across in an advisory firm.
A Mortgage Adviser or Broker helps people to find the best mortgage deal to suit their needs – most commonly in the private residential and buy to let markets, though some specialise in mortgages for corporate clients. This may be in an employed capacity, where you earn a regular salary, or self-employed, where you earn fees and commissions on a case-by-case basis. Many mortgage advisers also provide advice on protection, but sometimes there will be a separate Protection Adviser to handle this aspect of the advice process.
This role involves understanding a wide range of consumer requirements and circumstances, so it is normal (though not essential) to spend some time in the industry learning the processes and getting the right qualifications before training to be an adviser. The entry point to this role is typically a ‘Trainee Mortgage Adviser’ opportunity, which allows you to learn on the job as you go through a learning and supervision programme. Good interpersonal and relationship-building skills are essential for this role, as you will be key in helping customers navigate through one of the biggest financial decisions of their lives.
Example Requirements
A Protection Adviser arranges insurance for people to suit their needs. The term ‘protection’ refers to a range of insurance products, for example:
Other products that an Adviser may arrange include Accident, Sickness and Unemployment (ASU) and products that cover specific outgoings such as Mortgage Payment Protection Insurance (MPPI). Some Advisers may also arrange General Insurance (GI) – this typically refers to products such as buildings and contents insurance.
This role involves speaking to customers to understand and assess their circumstances and requirements, collecting information to pass onto insurers (this includes information on a person’s physical and mental health), liaising with insurers to obtain quotes, discussing the available options with a customer, answering questions, providing a recommendation and arranging cover. Some Advisers may provide assistance after arranging cover, such as providing support when a customer needs to make an insurance claim.
Example requirements
The role of the administrator in an advisory firm is to support the Adviser by ensuring everything happens in a timely and efficient manner, and keeping everyone up to date on progress. Getting a mortgage is a complex process which involves liaising with different parties, completing and chasing up application forms, requesting and uploading various documentation, and maintaining accurate records and clear communication throughout. It’s therefore important for an administrator to be well-organised, highly personable, and committed to delivering excellent customer service.
This role may be combined with the role of a Paraplanner, or it may be purely administration-focussed. It can also serve as a stepping stone on the way to becoming an Adviser, as administrators gain exposure to many aspects of the advice process.
Example Requirements:
Paraplanners support Advisers by carrying out research based on the clients’ needs and circumstances, identifying the most suitable products to recommend, and compiling the recommendation reports that are ultimately presented to clients. Some Paraplanners are also present in client meetings and provide an extra point of contact for clients.
Paraplanning is closer to the technical side of giving financial advice, so you will be expected to develop strong product knowledge and a clear understanding of how to translate client needs into suitable recommendations. You will also need an awareness of regulatory processes and requirements, and strong report-writing skills. This job is sometimes combined with that of a Mortgage Administrator , or even a Trainee Mortgage Adviser , depending on the needs of the business.
Example Requirements:
The financial services industry is regulated by the Financial Conduct Authority (FCA), and consumer mortgages are no exception. Even where firms are giving unregulated advice in areas such as Buy to Let, they must still be able to navigate the wider regulatory environment to know where the boundaries lie between authorised and unauthorised activities.
Compliance departments and teams are responsible for ensuring firms are adhering to all the rules and requirements. They must also keep pace with any upcoming regulatory changes, and ensure the firm responds appropriately. It is a complex and specialised area of the business, so it suits those who are detail-oriented, with the ability to take in and interpret large amounts of technical information. Often the first step into this area of the mortgage industry is a role as an Assistant.
Example Requirements:
These roles are based in firms providing regulated financial advice on mortgages and protection insurance. The firm might provide advice on other financial products too such as pensions and investments, or it may focus solely on the mortgage advice journey. Advisory firms do not work for a single lender – they may be fully independent and advise on the whole of the mortgage market, or they may be restricted and recommend products from a selected panel of lenders. Either way, here are some of the key positions you are likely to come across in an advisory firm.
A Mortgage Adviser or Broker helps people to find the best mortgage deal to suit their needs – most commonly in the private residential and buy to let markets, though some specialise in mortgages for corporate clients. This may be in an employed capacity, where you earn a regular salary, or self-employed, where you earn fees and commissions on a case-by-case basis. Many mortgage advisers also provide advice on protection, but sometimes there will be a separate Protection Adviser to handle this aspect of the advice process.
This role involves understanding a wide range of consumer requirements and circumstances, so it is normal (though not essential) to spend some time in the industry learning the processes and getting the right qualifications before training to be an adviser. The entry point to this role is typically a ‘Trainee Mortgage Adviser’ opportunity, which allows you to learn on the job as you go through a learning and supervision programme. Good interpersonal and relationship-building skills are essential for this role, as you will be key in helping customers navigate through one of the biggest financial decisions of their lives.
Example Requirements
A Protection Adviser arranges insurance for people to suit their needs. The term ‘protection’ refers to a range of insurance products, for example:
Other products that an Adviser may arrange include Accident, Sickness and Unemployment (ASU) and products that cover specific outgoings such as Mortgage Payment Protection Insurance (MPPI). Some Advisers may also arrange General Insurance (GI) – this typically refers to products such as buildings and contents insurance.
This role involves speaking to customers to understand and assess their circumstances and requirements, collecting information to pass onto insurers (this includes information on a person’s physical and mental health), liaising with insurers to obtain quotes, discussing the available options with a customer, answering questions, providing a recommendation and arranging cover. Some Advisers may provide assistance after arranging cover, such as providing support when a customer needs to make an insurance claim.
Example requirements
The role of the administrator in an advisory firm is to support the Adviser by ensuring everything happens in a timely and efficient manner, and keeping everyone up to date on progress. Getting a mortgage is a complex process which involves liaising with different parties, completing and chasing up application forms, requesting and uploading various documentation, and maintaining accurate records and clear communication throughout. It’s therefore important for an administrator to be well-organised, highly personable, and committed to delivering excellent customer service.
This role may be combined with the role of a Paraplanner, or it may be purely administration-focussed. It can also serve as a stepping stone on the way to becoming an Adviser, as administrators gain exposure to many aspects of the advice process.
Example Requirements:
Paraplanners support Advisers by carrying out research based on the clients’ needs and circumstances, identifying the most suitable products to recommend, and compiling the recommendation reports that are ultimately presented to clients. Some Paraplanners are also present in client meetings and provide an extra point of contact for clients.
Paraplanning is closer to the technical side of giving financial advice, so you will be expected to develop strong product knowledge and a clear understanding of how to translate client needs into suitable recommendations. You will also need an awareness of regulatory processes and requirements, and strong report-writing skills. This job is sometimes combined with that of a Mortgage Administrator , or even a Trainee Mortgage Adviser , depending on the needs of the business.
Example Requirements:
The financial services industry is regulated by the Financial Conduct Authority (FCA), and consumer mortgages are no exception. Even where firms are giving unregulated advice in areas such as Buy to Let, they must still be able to navigate the wider regulatory environment to know where the boundaries lie between authorised and unauthorised activities.
Compliance departments and teams are responsible for ensuring firms are adhering to all the rules and requirements. They must also keep pace with any upcoming regulatory changes, and ensure the firm responds appropriately. It is a complex and specialised area of the business, so it suits those who are detail-oriented, with the ability to take in and interpret large amounts of technical information. Often the first step into this area of the mortgage industry is a role as an Assistant.
Example Requirements:
These roles are based in the banks, building societies and other companies that offer mortgage loans to customers. This might involve providing Direct to Consumer (D2C) mortgages, or distributing mortgages through intermediaries (a.k.a. mortgage broker and financial advisory firms). Occasionally lenders will use both D2C and intermediary-only distribution channels for different product ranges. There are many career paths within the mortgage lending side of the industry to choose from; here is just an overview of some of the key areas.
The purpose of the Business Development Manager or BDM is to generate a steady supply of new business for the mortgage lender. You would do this by building strong relationships with the intermediaries who recommend products to clients (i.e. Mortgage Brokers or Advisers). You would also provide high-quality product information to advisers and support them through the application process.
It is fundamentally a sales-oriented role and may be remunerated through a combination of base salary and performance-related commission. However, your performance will be determined by your relationship and trust-building skills rather than your ability to pull off a ‘hard sell’. Note as well that this tends to involve a lot of travel with some overnight stays, so it is usually essential to have a full driving licence.
Example Requirements
This role is similar to the role of an adviser in a brokerage or financial advice firm, with the main difference being that you would be employed directly by the lender, and only offer advice on their range of mortgage products.
The process still requires strong relationship-building skills and the ability to match client needs with different mortgage types. The qualifications and technical knowledge required are also the same.
See Mortgage Adviser or Broker in the Advisory Roles section above for further detail.
The underwriter is considered the decision-making role of the business that approves the mortgage applications on behalf of the company’s board or credit committee. They have to obtain and maintain a lending mandate – which is a deed issued by the company’s credit committee giving an individual the authority to make decisions on behalf of the company. The mandate will always have a value linked to it, for example, £500,000, which represents the monetary amount that the individual can sign off.
Example Requirements
The case manager is an administrative-based role responsible for the packaging and processing of the mortgage application through to completion. Although the responsibilities of the case manager vary from lender to lender, their purpose remains similar.
Example Requirements
The broker support role acts as the company’s customer service representative. Although this role traditionally was for managing the inbound/outbound calls the company may receive, this has evolved into managing live chats or even video calls.
It is the responsibility of the broker support operative to handle calls and provide updates to all the relevant parties who may call. This will often include having to communicate with other departments in the function and therefore requires an in-depth knowledge of the mortgage application process.
Example Requirements
These roles are based in the banks, building societies and other companies that offer mortgage loans to customers. This might involve providing Direct to Consumer (D2C) mortgages, or distributing mortgages through intermediaries (a.k.a. mortgage broker and financial advisory firms). Occasionally lenders will use both D2C and intermediary-only distribution channels for different product ranges. There are many career paths within the mortgage lending side of the industry to choose from; here is just an overview of some of the key areas.
The purpose of the Business Development Manager or BDM is to generate a steady supply of new business for the mortgage lender. You would do this by building strong relationships with the intermediaries who recommend products to clients (i.e. Mortgage Brokers or Advisers). You would also provide high-quality product information to advisers and support them through the application process.
It is fundamentally a sales-oriented role and may be remunerated through a combination of base salary and performance-related commission. However, your performance will be determined by your relationship and trust-building skills rather than your ability to pull off a ‘hard sell’. Note as well that this tends to involve a lot of travel with some overnight stays, so it is usually essential to have a full driving licence.
Example Requirements
This role is similar to the role of an adviser in a brokerage or financial advice firm, with the main difference being that you would be employed directly by the lender, and only offer advice on their range of mortgage products.
The process still requires strong relationship-building skills and the ability to match client needs with different mortgage types. The qualifications and technical knowledge required are also the same.
See Mortgage Adviser or Broker in the Advisory Roles section above for further detail.
The underwriter is considered the decision-making role of the business that approves the mortgage applications on behalf of the company’s board or credit committee. They have to obtain and maintain a lending mandate – which is a deed issued by the company’s credit committee giving an individual the authority to make decisions on behalf of the company. The mandate will always have a value linked to it, for example, £500,000, which represents the monetary amount that the individual can sign off.
Example Requirements
Excellent attention to detail
The case manager is an administrative-based role responsible for the packaging and processing of the mortgage application through to completion. Although the responsibilities of the case manager vary from lender to lender, their purpose remains similar.
Example Requirements
The broker support role acts as the company’s customer service representative. Although this role traditionally was for managing the inbound/outbound calls the company may receive, this has evolved into managing live chats or even video calls.
It is the responsibility of the broker support operative to handle calls and provide updates to all the relevant parties who may call. This will often include having to communicate with other departments in the function and therefore requires an in-depth knowledge of the mortgage application process.
Example Requirements
Have you ever wondered what a typical day looks like for someone in the mortgage industry? From new entrants to CEOs, every career field offers unique challenges and experiences that shape the day-to-day of its practitioners. In this blog series, we’ll explore “a day in the life” of professionals across the industry, providing an inside look at what it’s really like to work in these fields. We’ll dive into the routines, challenges, highlights, and surprises of a typical day and explore how different individuals navigate their particular roles. Whether you’re considering a career change or simply curious about the workings of different professions, this series offers a valuable glimpse into the daily realities of people in various careers.
