Your mortgage advisor is a vital source of support and information when it comes to buying your next home. But how do you make sure you’ve found the right consultant and are getting the most from their services? See below some of our top questions to ask your mortgage broker to ensure you have enough information to navigate the mortgage process smoothly:

Top Things To Ask Your Mortgage Broker:

How Much Can I Expect To Borrow?
It’s important to have a good idea of the amount you can borrow, before your even begin searching for a house. Lending amounts differ between lenders, as they take into account many different factors – particularly if you’re self-employed or own a business. Find out the amount you can borrow before you set your heart on a property out of your price range.

How Much Deposit Will I Need?

Typically mortgage lenders will ask for a 5 – 10% deposit on the house you’re going to buy, but this can differ – in some cases, such as help-to-buy-schemes you may only need a 5% deposit. Your deposit size may also affect your mortgage repayment amounts, so make sure you find this out.

Are There Any Hidden Charges?

When purchasing a house there are often costs that you not have initially thought of, such as agent fees and stamp duty. Ask your mortgage lender if there are other costs you may need to take into account when taking out one of their mortgages.

How Long Does My Interest Rate Last For?

Some mortgage brokers may offer an enticing interest rate to draw you in – find out how long this is valid for and what your interest rate will be after that period of time.

Can I lock In My Interest Rate

Because of the fluctuating nature of the market, interest rates can soar and drop regularly. You may be able to lock in a low rate for a certain period of time and, depending on the length of this lock your mortgage broker may offer a higher or lower interest rate.

How Quickly Can I Expect My Application To Be Approved?

You may be in a hurry to secure your mortgage, particularly if you are wanting to put down an offer on a property you’ve seen. There are many factors that could affect this closing date for your deal – and it’s a good idea to ask your mortgage lender so that you have a rough timeframe to work with when arranging a chain or viewing properties.

Could Anything Delay This?

There are many factors that could delay your application but understanding these in advance (and ensuring none of the delays are down to you) will help you prepare and keep things running as smoothly as possible.

Can I Repay My Mortgage Early?

Find out if there are any penalties for repaying your mortgage early, or what conditions may apply if you wish to accelerate your repayments.

Can I Shop Around For Insurance?

Some mortgage lenders will insist that you take out building insurance through them – but this doesn’t always mean you can get the best deal. Shop around on the market and ensure you have a good understanding of other insurance quotes before signing.

Do You Have Access To Select Lenders Or The Whole Market?

Your mortgage broker may have a list of preferred lenders or may only be using a selection of sampled mortgage lenders. This means they may not have access to all of the best deals across the entire market. Make sure you ask about this before investing with your mortgage broker.


Speak To A Mortgage Broker Today

You can get immediate and trusted advice to help secure your mortgage with the support of our expert financial advisors. Get in touch with our friendly team to begin the process today, by calling us on 020 8660 8613, emailing: or filling out our contact form, here.

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