Tag Archives: studying cemap

What to Look for in a Mortgage Advisor

The purchase of a buying a new house?home represents, by far, the largest single investment that most of us make during our lifetimes. Most of us, similarly, require a mortgage loan in order to make that purchase, and the importance of accurate, impartial mortgage advice cannot, therefore, be underestimated. Individual mortgage brokers, or the companies that they represent, must be authorised by – and therefore bound by the rules and regulations of – the Financial Services Authority (FSA). They must, for example, provide you with so-called `Keyfacts` documents, which clearly illustrate the main points of any service or product that they may offer you.

Types of Mortgage Advisors

Independent mortgage advisors are divided into two categories,  `Independent Mortgage Advisor`and Tied Mortgage Advisor`. These descriptions are, unfortunately, rather similar so, for clarification, the former offers independent advice on the whole of the market, including protection insurance; this can be useful if you need advice on other products relevant to your property purchase. A Tied Mortgage Advisor, on the other hand, offers advice on mortgage products but is  limited in the number of lenders, and products that they can offer. Any such affiliations should be made clear to you in the `Keyfacts` document relating to mortgage services, so make sure that you are aware of the range of products on offer.

Mortgage advice, inevitably, costs money, but there a number of different ways in which you can pay a mortgage advisor, or broker. for example, most will  offer you option of paying him, or her, by fee, rather than commission, in order to avoid bias on his, or her, part towards one mortgage product over another. Commission – a fee paid by a lender in return for selling a specific product – is, of course, another alternative, and a combination of part fee, part fee commission, may also be possible.

Qualifications & Experience

Mortgage advisors should be suitably qualified, in the eyes of the FSA, which means that they should have undertaken recognised qualifications, such as the `Certificate in Mortgage Advice and Practice` (CeMAP® ) and the `Certificate and Diploma in Financial Planning`, from the `Chartered Insurance Institute` (CII), before being allowed to offer advice. If you need to check the qualifications or a mortgage advisor – and the advice that he, or she, is authorised to offer – the FSA operate a consumer telephone helpline.

In addition to `paper` qualifications, experience in the industry – for example, counselling, or advising, individual consumers on their own, specific, financial needs – is also important. Don`t be afraid to ask an advisor for whom, or for how long, he, or she, has worked in the industry, and how his, or her, experience relates to his, or her, current job. Any mortgage advisor worth their salt will happily discuss these details with you, as well as leading you through the myriad of fixed rate, variable rate and flexible mortgage products available.

Studying CeMAP solo? Here are some questions you need to ask yourself

So you’ve started out on a new career path and if you get through this first hurdle (CeMAP) then it would be the beginning of a bright future as a mortgage advisor. Yes, times may be hard at the moment but it’s a sector that will see brighter days again. After all, we are a nation of homeowners aren’t we? The desire for owning property is never going away and once the lending criteria eases up or the economy gets better….you’ll be the one smiling.

cemap studies

Lots of cemap books to study

However, CeMAP qualification stands in your way and you’ve got to crack this first. It would really be too embarrassing to tell your family, friends, and colleagues that you failed your CeMAP certification exam.

If you add up your investment in time, money and emotion, it doesn’t make sense to take the exam with any lingering doubts. You need to take the exam with confidence and be ready to pass!

Be honest and ask yourself these questions.

Have you really put in enough study time?

When you were studying did you really “get it” or were you just turning pages?

Do you know your weakest area in the CeMAP syllabus?

Are you consistently scoring over 70% in each unit?

Do you know the answers to the questions before you even see the answers?
Are you guessing at the right answer a lot?

Do you know how it feels to take the actual CeMAP exam?

Are you willing to keep on paying extra to retake the exam?

Are you confident that you will pass on your first try?

If you answered NO to at least one of the questions above, then you may need some help to get you over the line.  It can be very frustrating studying CeMAP on your own. The subject matter is not the most riveting. It helps when you have experienced CeMAP tutors that can help you make imaginative connections to the material.  It’s even better when you have a study group for motivation, support and of course to share your success with!