New Model Business Academy has announced the launch of a mortgage adviser apprenticeship programme, two days after securing a long-awaited government funding grant.
NMBA, part of the SimplyBiz Group, launched its first financial planner apprenticeship in April 2018 with funding from the Education and Skills Funding Agency.
The undisclosed value of the government funding for the academy will go toward the first instalment of its previously announced mortgage adviser apprenticeship.
NMBA says it expects to take on its first cohort of mortgage advisers this autumn.
The 15-month programme will see apprentices complete qualifications through the London Institute of Banking and Finance alongside a soft skills course.
NMBA joint managing director Janice Laing says: “We are confident that the mortgage adviser apprenticeship programme contains comprehensive elements of both technical and soft skills and I am certain it will prove an attractive option for many who are considering their future options.”
Figures from the Association of Mortgage Intermediaries estimate the number of pure mortgage advisers dropped to a low of around 12,000 in 2016, down from 30,000 ten years previously.
Laing says: “There is serious need for new blood in the mortgage advice sector and figures show a significant reduction for such a vital business area.”
SimplyBiz Mortgages chief executive Martin Reynolds adds: “It is essential that a robust advice process remains at the heart of mortgage sales and the NMBA apprenticeship scheme will ensure that all the right foundations are in place.”
The grant money that will fund the development of the mortgage adviser scheme will also be used to strengthen its current financial adviser apprenticeship, the first instalment of which had 40 students.