How to Become a Finance Broker in the UK

Take a look below to discover the typical route, as well as some of our team came to join our growing organisation.

How to Become a Property Finance Broker in the UK?

Requirements for how to become a mortgage broker in the UK differ slightly depending on the employer and the type of role you will be fulfilling. However, there are two main entry points: a relevant degree, or industry experience followed by an industry-specific qualification.

Once the basic understanding is there, studying for and passing the Certificate in Mortgage Advice and Practice (CeMAP) course is the next step. Without it, you cannot legally give financial advice to the public.

Broken into three modules with exams, this usually takes between six months and a year to complete and can be done alongside a 9 to 5 position.

Once qualified, you’re able to start applying for jobs. However, before employment, most organisations will run a credit check and a criminal record check with the Disclosure and Barring Service to ensure you’re suitable for such a position.

When practising, if you intend on handling residential borrowing, you will have to abide by FCA regulations. This ensures a standard is met and your clients receive the best quality service possible. So, becoming familiar with the authority’s regulations early on is recommended.

What Does a Finance Broker Do?

A property finance broker’s mission is to source the necessary finance clients require to make property purchases and/or developments.

This will involve understanding the client’s financial situation and their eligibility status, designing a bespoke lending application and presenting it to suitable lenders, and presenting the client with the deals most suitable to their needs.

Successful brokers will have access to a wide panel of lenders, both on the high street and off, to provide their customers with a greater probability of securing a ‘good deal’.

What is the Difference Between a Finance Broker and a Financial Adviser?

Generally, these two terms are used interchangeably. However, it is important to know a broker cannot legally provide financial advice without being FCA regulated. Therefore, it is important to understand whether a broker or adviser gives ‘advised’ or ‘non-advised’ services.

With the correct qualifications and FCA approval, an advised service can be offered where a recommendation is made based on the customer’s needs. With non-advised services, the finance deals must simply be sourced and presented. The customer must make then make their own decision without guidance or explanation.

What Skills Are Required?

The ideal financial broker will have:

• Customer service skills
• Maths knowledge
• Acute attention to detail
• Adaptability
• Ability to work to a deadline
• Ability to use a computer and software programmes

So, How Did Our Team Become Financial Brokers?

Our team have had different journeys to joining us. However, they all have the necessary industry qualifications and a vast wealth of experience in finance. Here are just a few of their stories…

Tom Rowlands is a Specialist Property Finance Advisor, who has worked with us for five years.

He studied accountancy at University and, following graduation, joined an accountancy and financial adviser practice based in South Wales.

He initially favoured personal finance advice and qualified as a financial adviser, but after spending five years within the IFA sector specialising in personal investments, pensions and tax planning, he fancied a change of pace and joined Pure Commercial’s team.

Jamie Williams, another of our Specialist Property Finance Advisors, had his first foray into finance back in October 2006 when he joined Barclays Bank as a Mortgage Specialist. The role involved completing non-advised applications with new and existing customers, and looked at various transactions including property purchases, remortgages, and internal rate switches.

In 2010, he completed his CeMAP exams and started his role as a Mortgage and Protection Advisor, also at Barclays.

He had two further roles with the bank, training new starters and Team Leader, managing eight Mortgage and Protection Advisors, before leaving to join Pure in 2017.

Like Tom and Jamie, our Team Manager, Chris Evans has been with Pure for a number of years. He started his career at Legal and General, where he worked in the protection and pensions contact centre and then wealth sales throughout his 10-year stint, before taking redundancy.

From L&G, Chris went on to work at Nemo Personal Finance in compliance, where he finished his mortgage and protection exams, and then Peter Alan where he worked as a Mortgage and Protection broker for two years.

Following this, Chris went self-employed for a few years, before putting his years of experience into practise by joining us here at Pure Property Finance.

Learn More About Property Finance

If you would like to learn more about the Pure Commercial Finance team, take a look at our Meet the Team page, and for more finance news and info, make sure to keep an eye on this blog for updates.