November 20th, 2019. Ben Lloyd
How to Become a Finance Broker in the UK
If you are interested in property and would like to learn more about finance, then a career as a commercial or development finance broker could be for you.
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 Skills Are Required?
The ideal financial broker will have:
- Customer service skills
- Maths knowledge
- Acute attention to detail
- Ability to work to a deadline
- Ability to use a computer and software programmes
So, How Did Our Team Become Financial Brokers?
Tom Rowlands is a Specialist Property Finance Advisor, who has worked with us for three 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.
Rhodri Churches, another of our Specialist Property Finance Advisors, had a slightly different route to us.
He first started within the finance sector 18 years ago, working for HBOS (BM Solutions) after moving to Cardiff in his early 20s. He began within the premier team dealing with high net introducers, like Savills, then dealing with underwriting, business development management, etc.
He then carried out CeMAP qualifications and moved on to finance contracting/mortgage and protection broking with Lloyds/Halifax/Barclays/Bank of Ireland and broker firms, before recently joining Pure Commercial 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.
Article By Ben Lloyd
November 20th, 2019
Ben is the Director and Co-Founder of the Pure Group and Managing Director of Pure Property Finance.
Following a career in Barclays, where Ben was in the real estate finance team for 8 years, he decided that the market needed a more forward-thinking type of commercial brokerage so founded Pure Commercial Finance (now Pure Property Finance), the first company within the Pure Group.
Ben has extensive experience across the real estate sector and has participated in over £2bn of real estate transactions during the course of his career.
Ben oversees the general strategy at Pure Group and works with the senior leadership team to drive the Group forward. Ben is also on the Executive Committee of FIBA.See more articles by Ben