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14 Sep 2021

The Most Important Questions to Ask your Online Mortgage Advisor

If you’re preparing for your first meeting with an online mortgage advisor, it’s a good idea to have a couple of questions in mind. With the mortgage world being a little overwhelming at times, asking these questions will help you understand the process better and help you get the most out of your meeting.

Buying a property is likely to be one of the most important purchases in your life. With this in mind, it’s vital that you fully understand what to expect, what’s needed from you and what you can realistically afford. Getting professional mortgage advice can help with this.

Keep the following questions in mind next time you get in touch with a mortgage advisor, that way you’ll find out everything you need to know.

How much do you charge?

Most brokers will usually let you know how much they charge for their services straight away, but in case they don’t, it’s always a good idea to check as soon as you can. Although it may seem like another fee piled on top of the already large sum of buying a house, using a mortgage broker can usually help you save money in the long run.

Depending on the complexity of your situation, mortgage fees will vary, and some may not charge a fee at all, they will be paid a procuration fee from the lender instead.

How many mortgage lenders do you work with?

Ideally, you want to work with a mortgage advisor who can look around the whole market to find you the best deal possible. However, some mortgage advisor’s will only be able to work with specific lenders, meaning they will have a limited choice of mortgage options. Try and find a ‘whole of market’ broker, they won’t be loyal to any specific lender. 

How much can I borrow?

This is one of the most important questions, it'll determine the rest of your mortgage journey and the type of property you can buy. Your advisor will look at things like your earnings, credit history, employment and how much you already borrow to get a rough idea of what you can afford. This will usually be done with a questionnaire to check how you might handle monthly mortgage payments.

What deposit will I need?

The deposit will depend on the value of the property you’d like to buy and how much the lender is prepared to lend you. Usually, the more money you can put down on a deposit the better mortgage deal you can get. It’s your mortgage broker’s job to find the best deal for you, including the best deposit for you to pay, in line with how much you can afford.

For those with a bad credit history or those who are self-employed, you might be asked to put down a larger deposit.

What type of mortgage is best for me?

This is where a mortgage advisor’s experience, knowledge and expertise will really come in handy. They can talk you through all your available options, taking into account your future plans and personal preferences to find the one that suits you best. It’s a legal requirement for a mortgage broker to get you the best deal possible, making sure that you can afford it, so you're in safe hands.

What documents do I need for a mortgage?

You will be taken through every stage of the mortgage process with an advisor, so they will be there to help you put the application together. But if you like to be prepared, it’s a good idea to ask what documents they will need from you to fill out this application. That way, you can make sure you have all the paperwork ready for when it’s needed. Usually, you will need the following (but it’s best to check with your advisor just to be sure).

-              Three months of payslips

-              Three months of bank statements

-              Latest P60

-              Proof of ID

-              Utility bills to prove your address

-              Your other financial commitments such as loan repayments

How long should the process take?

The process varies for every case, so ask your mortgage advisor how long they think the process will be for you specifically. A range of checks and processing means that the mortgage process isn’t a quick one. Be prepared to wait around a month from submitting your application to receiving a mortgage offer.

To sum up

Applying for a house and a mortgage is an exciting experience, but you want to make sure you’re prepared with the right questions so you can make sure you’re getting the best deal!

If you're looking for an online mortgage advisor, we'd be happy to help you at Mortgages Online - get started here!


Laura Waller

Laura Waller has been working in the mortgages industry since 2013, joining an independent brokerage in Essex. Laura has CeMAP 2 & 3 – Certificates in Mortgages Advice and Practice. Since then Laura oversees marketing for Mortgages Online, using her experience and expertise to write articles and blogs about mortgages and related topics.

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