Are Mortgage Jobs a Good Career Choice in Today’s Economy?

mortgage jobs, financial services job

If you enjoy working with both numbers and people, then considering a career in financial services would probably fit well with your profile. However, given the recent upheavals in this sector, many candidates feel a little wary of pursuing a career in finance, and particularly in the mortgage industry. It is always a good idea to consider your chosen sector’s future prospects before entering a new career, and the impulse to do so may in fact indicate your suitability for this industry, since mortgage jobs often require a good level of analytical thinking. The good news is that, if you are interested in working in the mortgage industry, the prospects are now looking a lot brighter than they have been in recent years.

A Nation of Homeowners

The mortgage industry in the UK has grown rapidly in recent decades, alongside the shift from renting to buying. Home ownership is now an integral part of life in the UK, with most people now expecting or aspiring to own their own home. Although the economic crisis stalled the property market for a while, the desire to own property has not been dimmed. As consumer confidence rises and people begin to feel more optimistic about the economy, and their own aspirations of home ownership, the prospects for careers in the mortgage industry are also looking brighter.

Recovering Property Markets

After some difficult years, the mortgage market is growing stronger, which is good news for anyone working in a sector where earnings often depend on commission. The market is gaining momentum thanks to a combination of low inflation, moderate growth, and a delay in the base rate rise, with growing competition between lenders to provide more choice and better rates for consumers. Mortgage applications and approvals are increasing, and house prices are expected to rise over the next five years. However, consumers have been affected by the recent crisis, and they remain more cautious about borrowing and more aware of the risks, which has increased demand for expert advice. All this bodes well for anyone seeking a career in the mortgage industry, and particularly for prospective financial advisors.

Prospects for Mortgage Recruitment

Despite recent challenges, mortgage careers can actually be a very good choice in the current economic climate. Demand for mortgages is likely to remain high for the foreseeable future, and a nation of homeowners is always going to require mortgage professionals. The property market is recovering well and looks set to remain relatively stable in the coming years, so the prospects look bright for anyone entering the sector today.

The recent crisis has even opened up some new opportunities within the mortgage sector. With the introduction of stricter regulation and tougher mortgage applications, there is growing demand for qualified mortgage advisors to help borrowers understand their options and make the right choices. Many lenders are currently experiencing severe delays in the mortgage application process because they are understaffed in this area, so there is high demand for both qualified and trainee advisors.

Opportunities for career progression within the industry remain varied, with many people moving between different roles, such as mortgage advising and compliance, or progressing on to different areas of finance. Many employers are willing to provide training or support employees with their studies, and internal recruitment is common, so there are often opportunities to move up within the same company.

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