CeMAP 3 (ASEW/ASSC): The Case-Study Exam, Its Syllabus and How to Practise

CeMAP® 3 is the Assessment of Mortgage Advice Knowledge, the last of the three modules in the Certificate in Mortgage Advice and Practice awarded by Walbrook (LIBF). It is a single unit, so this page is both the CeMAP 3 module guide and the ASEW unit guide. It covers the ASEW paper, which uses England and Wales law; where the Scottish paper (ASSC) differs, we say so. Facts were checked on 30 October 2026 against Walbrook's CeMAP course page and the CeMAP qualification specification. cemapexam.co.uk is an independent study aid with no link to LIBF, and our case studies are original, not past papers.

What is CeMAP 3 (ASEW)?

CeMAP 3 (ASEW) is the synoptic fifth unit of CeMAP: one exam of 6 case studies that tests whether you can apply MRT1 and MRT2 knowledge, plus FSRE® regulation, protection and adviser skills, to realistic customers. It carries 5 credits and 50 study hours.

"Synoptic" means it pulls the other units together. The specification says ASEW "primarily tests mortgage knowledge gained through the MORT module", adding FSRE fundamentals, protection and soft skills. If CeMAP 2 gave you the facts, CeMAP 3 asks you to use them for one customer at a time.

The old CeMAP 3 exam was called ASSM, and Walbrook treats an ASSM pass as equivalent to ASEW/ASSC (see what changed in CeMAP). Protection, once a CeMAP 2 unit, now sits mainly in this unit's LO5 and AC4.7.

As of October 2026, CeMAP 3 registered on its own costs £160, a resit costs £120, and the full three-module CeMAP costs £735, according to Walbrook's CeMAP page.

Key fact: Walbrook lets you take the units in any order, but its course page recommends finishing CeMAP 2 before CeMAP 3. The suggested path in the specification puts ASEW/ASSC last.

How is the CeMAP 3 exam structured?

The CeMAP 3 exam is 6 case studies, each followed by 10 linked multiple-choice questions: 60 questions worth 1 mark each, in 2 hours. The pass mark is 42/60 (70%), merit is 48 and distinction is 54.

Feature	CeMAP 3 (ASEW/ASSC)
Format	6 case studies × 10 linked MCQs
Marks	60
Time	2 hours
Pass	42/60 (70%)
Merit	48/60 (80%)
Distinction	54/60 (90%)
Answer options	Not stated by Walbrook; our mocks use 4
Time per case	About 20 minutes (our arithmetic, not an official rule)

The exam runs on demand on Brightspace with remote invigilation, so there is nothing to book. Toilet breaks are not allowed, so plan for the full two hours. Walbrook states same-day results for FSRE but not for ASEW. The exam and assessment information page has the delivery rules, and our pass mark guide compares all five units.

Each case is a customer fact-find: ages, jobs, income, debts, the property, goals and existing cover. The ten questions then range across the syllabus, from an LTV to a disclosure rule, a protection gap and a conveyancing step.

A worked mini case study

This case is original, written for this page. An exam case is longer and carries ten questions; this one carries three.

Owen and Freya Lister. Owen (34) and Freya (32) are married first-time buyers renting in Bristol. Owen is a permanent software tester earning £46,000 a year. Freya is a part-time pharmacy technician earning £24,000. She is 14 weeks pregnant and plans nine months' maternity leave on statutory pay. They have saved £32,000, and Freya has a £3,800 credit card balance. They have agreed £320,000 for a freehold terraced house, subject to contract, and want to borrow £288,000 over 30 years on repayment. They want a payment that will not change for at least five years. Owen has death-in-service cover of four times salary; neither has personal protection.

Question 1. What loan to value (LTV) are they asking for? A) 10% B) 80% C) 90% D) 111%

Answer: C. LTV is the loan divided by the property value: £288,000 ÷ £320,000 = 0.90, so 90%. Option A is the deposit percentage and D divides the value by the loan. Lenders use the lower of price and valuation; more examples are on the loan to value page.

Question 2. Both qualify as first-time buyers. How much SDLT is due on the purchase? A) £0 B) £1,000 C) £3,500 D) £6,000

Answer: B. Under the SDLT residential rates in England from 1 April 2025, first-time buyers pay 0% up to £300,000 and 5% from £300,001 to £500,000. So 5% × £20,000 = £1,000. Option D is the standard-rate answer (2% × £125,000 = £2,500, plus 5% × £70,000 = £3,500). The relief applies only because the price is £500,000 or less and both buyers are first-time buyers.

Question 3. Which action best meets the adviser's affordability and suitability duties? A) Leave the maternity leave off the fact-find, as Freya's job is permanent B) Record the planned leave, disclose it to the lender and check the payments are affordable on the reduced household income C) Recommend a two-year discounted rate to keep payments low during the leave D) Arrange interest-only for the leave period, then switch to repayment

Answer: B. MCOB 11.6.2R requires the lender to assess whether the customers can afford the loan, so a known fall in income is material. Leaving it out would make the application misleading. Option C ignores their stated need for five years of payment certainty. Option D needs a credible repayment strategy under MCOB 11.6.41R, and they want repayment.

In the exam, the same facts would carry seven more questions: perhaps the loan to income (£288,000 ÷ £70,000 = 4.1 times), whether to clear the card, the protection gap with a baby due, when the ESIS is due and when the purchase becomes binding. The answering method and a full five-question worked case are on our CeMAP 3 case studies page.

Exam tip: Underline the customer's stated priorities in the case ("payment will not change", "cautious", "wants to retire at 60"). In our experience, two or three questions per case turn on them, and the most tempting wrong answer is usually cheaper but ignores what the customer said.

What does LO1 test: mortgage solutions and suitability?

ASEW LO1 tests whether you can match mortgage solutions to a customer's circumstances: AC1.1 to AC1.6 cover circumstances, affordability and sustainability, rate types, products, repayment methods and alternative home finance. Our question weighting gives it 20%, joint highest.

The official outcome reads: "Analyse the key features of different mortgage solutions and their suitability for different customers' circumstances."

AC	What it covers (our summary)
AC1.1	The factors that shape a customer's circumstances
AC1.2	Affordability, suitability and sustainability of a solution
AC1.3	Interest rate options
AC1.4	The product range
AC1.5	Repayment methods
AC1.6	Alternative home finance and government-backed incentives

What it tends to test (our reading, not an official weighting). LO1 is the backbone of most cases: which rate type or repayment method suits, LTV and LTI arithmetic, and whether a term running past retirement is sustainable. Shared ownership, Right to Buy in England and Islamic home finance appear here too.

Common trap. Choosing a tracker or discount because it is cheapest today when the case says the customer wants certainty.

Drill it with the mortgage solutions topic drill.

Exam tip: Most LO1 questions have two technically possible options. The answer is the one that meets the customer's stated priority.

What does LO2 test: specialist lending and property purchase?

ASEW LO2 tests specialist lending and less usual purchases: buy-to-let and consumer buy-to-let, second charge loans, bridging, second homes, self-build and auction purchases, plus the legal and tax side of owning property, across AC2.1 to AC2.7.

The official outcome reads: "Analyse the key features of different forms of property purchase and specialist mortgage lending and their suitability for different customers' circumstances."

AC	What it covers (our summary)
AC2.1	Customers borrowing for buy-to-let, second charge and bridging
AC2.2	Second homes, self-build and auction purchases
AC2.3	Legal issues in a property purchase
AC2.4	Bridging and second charge solutions
AC2.5	Buy-to-let and consumer buy-to-let customers and solutions
AC2.6	Additional funding on a secured basis
AC2.7	Tax implications of property ownership

What it tends to test (our reading). Landlord cases usually need an interest cover ratio (ICR) calculation; each lender sets its own ICR and stress rate, so the case gives you the figures. Expect the exit route on a bridging loan, a second charge against a further advance, and self-build stage payments. Tax points include the 5% SDLT surcharge on additional dwellings and the 20% tax credit an individual landlord gets on mortgage interest. Our buy-to-let mortgages guide covers the calculations.

Common trap. Treating an "accidental landlord" letting a former home as unregulated: that can be consumer buy-to-let, which has its own protections.

Practise with the specialist lending topic drill.

Key fact: Second charge mortgages moved into the FCA mortgage regime (MCOB) on 21 March 2016, the Mortgage Credit Directive date. Before that they sat under consumer credit rules.

What does LO3 test: MCOB, ICOBS and consumer credit rules?

ASEW LO3 tests the rules behind mortgage lending, advice and insurance sales: MCOB lending and advice rules (AC3.1–3.2), insurance conduct rules (AC3.3), the Consumer Credit Acts for secured lending (AC3.4) and MCOB arrears and default rules (AC3.5).

The official outcome reads: "Apply the rules and regulations governing mortgage lending, mortgage advice and the sale of associated mortgage protection arrangements." The syllabus still says "ICOB". The FCA's current sourcebook is ICOBS, so learn the ICOBS rules.

What it tends to test (our reading). These are the rule points we see most often in cases, all in the FCA Handbook, MCOB:

• ESIS timing. The ESIS must be given before the application is submitted (MCOB 5A), not at offer.
• Reflection period. The customer gets at least 7 days to reflect after a binding offer (MCOB 6A.3.4R). There is no cancellation right on the mortgage itself.
• Execution-only bans. Execution-only is barred for a statutory Right to Buy purchase, a mortgage whose main purpose is debt consolidation, and shared equity (MCOB 4.8A.7R).
• Affordability stress. Lenders must consider rates over at least 5 years and assume a rise of at least 1% (MCOB 11.6.18R).
• Arrears information. A customer in arrears must receive the arrears information within 15 business days (MCOB 13.4.1R).
• Insurance cancellation. Pure protection policies have a 30-day cancellation period. Buildings and contents insurance has 14 days (ICOBS 7.1.1R).

Our MCOB rules guide maps each chapter to the syllabus.

Common trap. Older study material still mentions an "interactive dialogue" trigger that forced advice. The FCA deleted it on 22 July 2025, so it no longer applies.

Drill the rules with the regulation topic drill.

Exam tip: When a question names a document, ask when it must be given and to whom. Timing is the most common way a rule question is built.

What does LO4 test: ethical and sustainable advice?

ASEW LO4 tests whether your recommendation is ethical, affordable and sustainable for the customer in the case, across seven criteria (AC4.1 to AC4.7) from purchase advice to equity release, landlords, bridging and protection. Our weighting gives it 20%, level with LO1.

The official outcome reads: "Apply the principles of ethical and sustainable advice to suit customers' circumstances."

AC	Advice area (our summary)
AC4.1	Sustainable, affordable solutions
AC4.2	Regulated advice for purchasers
AC4.3	Releasing further equity
AC4.4	Buy-to-let, consumer buy-to-let and investors
AC4.5	Bridging and second charge
AC4.6	Other home finance
AC4.7	Mortgage-related protection

What it tends to test (our reading). LO4 questions read like "what should the adviser do next" or "which recommendation is most suitable". Typical cases: debt consolidation onto a mortgage, a further advance against a remortgage when an early repayment charge applies, signs of vulnerability, or an insistent customer. The syllabus does not name the FCA Consumer Duty, but it is current regulation and fits the "fair outcome" logic of this outcome. See the FCA's Consumer Duty page.

Common trap. Picking the answer that wins the case for the firm, such as a higher loan or an extra product, over the one the customer needs.

Use the ethical advice topic drill.

Exam tip: If one option protects the customer and another only protects the firm or the adviser, the customer-focused option is almost always the answer.

What does LO5 test: mortgage protection?

ASEW LO5 tests mortgage protection: why customers and lenders need it (AC5.1), the rules for selling and advising on protection and property insurance (AC5.2), and state help with mortgage payments such as Support for Mortgage Interest (AC5.3). Our weighting gives it 15%.

The official outcome reads: "Analyse the need for and main features and functions of mortgage protection." This content used to be the separate old CeMAP 2 protection unit (MRPP).

What it tends to test (our reading). Matching cover to the mortgage: decreasing term assurance for a repayment loan, level term for interest-only, and an income protection deferred period that ends when sick pay stops. Expect protection gaps, such as a household reliant on one income. Support for Mortgage Interest is a loan, not a benefit, with a 3-month wait for Universal Credit claimants, according to GOV.UK. Our mortgage protection guide covers each product.

Common trap. Questions that treat market practice as a rule. No regulation sets the deferred periods or benefit caps for accident, sickness and unemployment cover; those come from the policy terms.

Practise with the protection topic drill.

Key fact: Pure protection policies, including income protection and term assurance, carry a 30-day cancellation right under ICOBS 7.1.1R.

What does LO6 test: the house-buying process?

ASEW LO6 tests the house-buying process in England and Wales: the roles of estate agent, valuer and conveyancer (AC6.1a), the steps to exchange and completion (AC6.2a), and the mortgage-related legislation listed in AC6.4. Our weighting gives it 10%, the smallest share.

The official outcome reads: "Analyse the house-buying process, the key parties involved and some mortgage-related legislation."

What it tends to test (our reading). The core point is when a purchase becomes binding: in England and Wales, at exchange of contracts, not when an offer is accepted "subject to contract". Expect questions on who does what, exchange to completion, and the 14-day SDLT return deadline. The conveyancing process guide walks through each stage for both jurisdictions.

AC6.4 (England and Wales) names this legislation and law:

1. the Consumer Protection from Unfair Trading Regulations 2008 and 2014 (2008 Regulations);
2. contract law;
3. the principles of agency;
4. consumer credit legislation;
5. the legal obligations of guarantors;
6. lenders' rights and the borrower's covenant;
7. the Financial Services and Markets Act 2000 and Financial Services Act 2012, including MCOB;
8. the Mortgage Credit Directive.

Common trap. Assuming the buyer can still walk away freely after exchange. From that point, withdrawing means breach of contract and usually losing the deposit.

Drill this outcome with the house-buying topic drill.

Exam tip: LO6 carries the fewest marks in our weighting, but the binding point and the order of events are easy marks to bank.

What is the difference between ASEW and ASSC?

ASEW and ASSC are the two versions of the CeMAP 3 exam. The codes appear to mean England & Wales and Scotland, because only LO6 differs, with Scottish criteria on offers, missives and laws such as the Mortgage Rights (Scotland) Act 2001 (largely replaced in 2010 by the Home Owner and Debtor Protection (Scotland) Act 2010).

No official Walbrook page defines the two codes, so treat "Scotland" as our inference from the syllabus. The format, marks and LO1–LO5 wording are the same for both papers. The differences sit in LO6:

LO6 criterion	ASEW (England and Wales)	ASSC (Scotland)
Parties	Estate agent, valuer, conveyancer, legal adviser	Estate agent, valuer, legal adviser
Process	Exchange, completion, private treaty	Conditional and unconditional offers, acceptance, conclusion of missives, private bargain
Legislation	Consumer protection, contract, agency, FSMA, MCD and others	Scottish policies, including the Mortgage Rights (Scotland) Act 2001 (largely replaced in 2010), Matrimonial Homes Act and sequestration

A Scottish case would presumably use Land and Buildings Transaction Tax rather than SDLT (our reading). Our CeMAP 3 practice uses England and Wales scenarios only, and we have no ASSC practice yet. Walbrook does not explain on its public pages how you choose between the two papers, so confirm with Walbrook when you register. The full comparison is on our ASEW vs ASSC page.

Key fact: In Scotland a purchase becomes binding at conclusion of missives, the exchange of formal letters between solicitors, rather than at exchange of contracts.

Your CeMAP 3 study plan

A CeMAP 3 study plan takes about 4 weeks, ideally straight after MRT2: two weeks working through LO1 to LO6 with topic drills, then two weeks of timed 6-case mocks until you score 85% or more three times in a row.

Start with the free CeMAP 3 diagnostic: two complete case studies (20 questions) that show where you stand before revising. The free quick practice is also two whole cases, with an explanation for every answer. Then sit the free CeMAP 3 mock 1 under the real conditions: 6 cases, 60 questions, 2 hours.

Week	Focus	Practice
1	LO1 and LO2: products, suitability, landlords, bridging, tax	Solutions and specialist lending drills; the numeric questions in CeMAP calculations
2	LO3 and LO5: MCOB, ICOBS, protection, state help	Regulation and protection drills; review every wrong answer's rule reference
3	LO4 and LO6: advice judgement, conveyancing	Ethical advice and house-buying drills; one full timed mock
4	Timing and consistency	Two or three full mocks, about 20 minutes per case

Exam tip: Our readiness rule, the same as in the app, is three mocks in a row at 85% or more and every topic at 80% or more. The margin above 70% allows for unfamiliar cases on the day. It is a guide only; there is no pass guarantee.

The diagnostic, quick practice and mock 1 are free with no account. Mocks 2–10, the topic drills by learning outcome and the calculation drills come with Pro, and one plan covers all five units. If MORT is rusty, go back to CeMAP 2 for a week first: ASEW rewards that knowledge more than anything else.