Mortgage

Does the path to becoming a qualified broker need adjusting?

Are further qualifications for brokers needed?

David Sharpstone (pictured left), director at CIS Mortgage Advice, said the current state of entry into the mortgage broker profession is often criticised for its low barrier, with concerns raised about the adequacy of training and qualifications required before individuals are entrusted with providing crucial financial advice.

“Indeed, it is not uncommon for aspiring brokers to undergo an accelerated four-week CeMAP crash course before being unleashed on to the general public, armed with the authority to shape clients’ financial futures,” he said.

This rapid path to qualification, Sharpstone added, raises questions about the depth of understanding and experience possessed by newly minted brokers, particularly when confronted with complex scenarios such as clients with minor credit blemishes.

In such cases, he believes there is a risk that inexperienced brokers may default to traditional adverse lenders, without fully exploring alternative options offered by high street lenders with more flexible policies.

This oversight, Sharpstone said, could have significant implications for clients, potentially resulting in tens of thousands of pounds in additional costs over the term of their mortgage deal.


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