As part of the scholarship scheme, the LIBF will fully fund three places on its CeMAP scheme.
The individuals selected will receive mentoring and career support from The Mortgage Mum, supported by Mortgage Advice Bureau (MAB), which recently invested in the firm.
The successful applicants will also receive an LIBF membership for the duration of their studies.
The firms said the scheme would start small so applicants can receive “bespoke one-to-one support”, but there is potential to grow.
Applications for the scheme will open in January next year and there will be a selection process to select the first cohort of three people.
Mind the affordability gap
Sponsored by Newcastle for Intermediaries
Unsuccessful applicants will be given feedback and connected to charities to support them.
The scholarship aims to “help people into the sector who might not have considered a career in mortgage advice or would not otherwise have the opportunity”.
Applications will be welcomed from “people who have the aspirations and potential but cannot afford to invest in themselves financially”.
‘Huge barriers to entry’ in industry
Sarah Tucker, CEO and founder of The Mortgage Mum, said: “I am so excited that this vision is coming to life. We are an industry who is passionate about diversity and inclusivity, and yet there are huge barriers to entry for many people and communities across the UK, largely due to the costs involved versus the commitments they have in their lives. Some people simply cannot afford to invest in themselves.
“I believe we are overlooking exceptional talent because of this, and limiting the diversity this industry so desperately needs. We know the cost of living is restricting the risks our future entrepreneurs can take, and hopefully this initiative can help to close that gap.”
She continued: “The average first-time buyer is 33 and the average age of a mortgage adviser is in the mid-50s. We want our first-time buyers to be much younger when they get on the ladder, and this could help to change that too. By attracting diverse, younger minds, they can appeal to younger buyers and know what the consumer needs, especially with the tech that could be coming.
“And from a personal perspective, everyone deserves someone to believe in them. I’ve seen first-hand the life-changing impact of that. Once someone else believes in you, you start to believe in yourself – and that is where magic and innovation lies. With the help of LIBF, we’re so excited and committed to being the ones who say: ‘We believe in you, we’re going to invest in you and we’re here to cheer you on every step of the way’.”
John Somerville, director of financial services at LIBF, part of Walbrook Institute London, said: “We were delighted to be approached by The Mortgage Mum about this incredibly exciting scheme. We often speak about the advice gap in financial and mortgage advice and the need to attract a wider range of people into the profession so that it’s better representative of the communities we serve. Scholarships like this are just one way that we can make it a reality.
“While we work to ensure our qualifications are affordable, we know that if someone is struggling to make ends meet, education can seem like a luxury. By removing that obstacle, combined with mentorship and support, together we can help people enter the profession who would not otherwise have been able to do so.
“While we are starting small at first, this new scholarship should make a huge difference to the individuals who are part of it. We are excited to work with The Mortgage Mum as we continue to develop the programme and are in a position to launch applications in early 2026.”
