The institute surveyed almost 400 qualified advisers to find out their views on the market. It found that despite Brexit related uncertainties and economic challenges ahead, four in five (80%) respondents would recommend a mortgage advice career to a young person, with 86% saying that helping customers achieve their life goals is one of the most enjoyable and rewarding aspects of their role.
Asking what respondents thought were the most significant challenges for mortgage advisers when delivering good customer outcomes, LIBF found that 50% of those surveyed pointed to restricted availability of high loan-to-value (LTV) mortgages, 54% to stress tested rates for buy-to-let (BTL) lending, 70% identified complex affordability criteria, and 50% thought there was too much regulation.
Meanwhile, 85% of mortgage advisers agreed that regulation was providing greater consumer protection, and 80% thought that the Mortgage Market Review (MMR) has improved the quality of mortgage advice given to customers.
However, 34% of respondents thought there is a need to further amend mortgage regulation for residential mortgages, with 44% disagreeing with that opinion.
Moreover, 85% of those surveyed said that simplifying the selling and buying process would have a positive effect on the market, with 93% wanting stamp duty reform.
“With the challenges and uncertainties facing the mortgage market, professional training and qualifications have a critical role to play in helping advisers navigate the challenges, ensure compliance and get the best outcomes for their customers,” said Brian Wilkinson, managing director, corporate and professional qualifications at LIBF.
“That’s what advisers say is one of the most enjoyable aspects of the role,” he added.
Wilkinson continued: “It’s encouraging that over 100,000 advisers have now qualified with CeMAP, with around 1,400 also completing advanced CeMAP Level 4 qualifications. Advisers tell us that CeMAP can also be a route to other career options, such as retail banking, wealth management and financial advice, so it’s a great foundation.”
Michael Fowler, a mortgage adviser at the Halifax and the 100,000th adviser to qualify with CeMAP, said: “CeMAP has been really helpful in preparing me for my mortgage career. Having a professional qualification gives me real confidence in my role and helps me to provide the best possible service to customers.”