Post-MMR, MCD and post-Brexit market, many homebuyers are feeling left in the dark about their options and need independent guidance more than ever with their mortgage applications. A knowledgeable and reliable mortgage adviser therefore becomes a vital element and a key facilitator in the purchasing equation. However, as a career choice, mortgage broking is all too often dismissed as a purely administrative role.
What is less commonly recognised is that relationship building is probably the single biggest part of what we do as an industry which is why there is so much more to it than ticking boxes and number crunching. In spite of this, mortgage broking still fails to present itself as one of the most appealing options to the graduate market even though many of them will look to pursue a career in finance.
Some of the latest graduate research shows the banking and finance industry as one of the primary growth areas of graduate placements for 2016, with the number of overall UK graduate vacancies on offer having risen by 7.5% year on year.
Despite this, many graduates will be unaware of the numerous placements that can also be found at smaller, more bespoke financial institutions such as independent mortgage brokerages looking for fresh talent and a wide range of skill sets.
Some of the benefits of these placements include working in a supportive and exciting environment that focuses on individual training and the development of core business skills. Furthermore, and although there is additional training in the form of the CeMap exams, these costs are covered by the employer so the individual receives a valuable industry qualification with the added reassurance that the company is truly invested in the future of their new talent.
Through the Private Finance Academy, new recruits are welcomed into a team of experienced mortgage advisers and work alongside them by conducting research and assisting with real-life applications from day one.
Simon Marsh, a senior mortgage consultant who joined Private Finance in January 2014, describes his experience as one of the best ways to gain access to a career in finance: “Having trained through the academy route at Private Finance, I can thoroughly recommend it as one of the best ways to embark on a career in finance. I began my career assisting senior brokers with the progression of their cases and moved on to shadow and paraplan for one senior broker, conducting research and providing solutions to clients’ needs.
“This was really the best way of training as I worked side by side an experienced broker, who passed on invaluable knowledge regarding the analysis of client situations.
“When I first joined Private Finance I thought I could push myself through the system quickly. I read everything I could and absorbed as much as possible, but I eventually realised that there really isn’t any substitute for time and experience, so just let the system do its job. My advice to those looking to get into the industry is be patient. It can take a while before actually taking on your own clients but it’s well worth the wait as you become a much better broker for it.”