4 Key Questions To Ask Your Mortgage Advisor

April 26, 2023

Securing the right mortgage for your needs can be a complicated process, which is why most people use the services of a mortgage broker. They will have the experience to know which lenders are best suited to your needs, and access to many more products than you can source alone.

To get the most out of the services of your mortgage broker, it’s helpful to think of points to discuss in advance. This will be useful so that the broker understands your requirements more fully, and so that you know what to expect from the whole process. Here are some key questions you may want to ask before you decide which broker to work with.

Are you a regulated broker?

All mortgage brokers in the UK are required to be regulated by the Financial Conduct Authority (FCA), or to be an agent of a regulated firm. This is to ensure that they are suitably qualified to give you high quality advice, and to protect you from any unfair practice or advice which might not be in your best interests.

You can check if the mortgage advisor is regulated by searching the FCA register.

Do you work with the whole of the market?

Some mortgage brokers are affiliated with high street lenders, and only have a limited range of products to offer. Find out in advance if the broker is able to work with a comprehensive range of lenders across the whole of the market. This will greatly improve your chances of being offered the most suitable deal.

What do you charge?

The majority of lenders will charge a fee. This may seem like an unnecessary expense when you have so many other costs involved in moving, but trying to go it alone can be a false economy. You are likely to save yourself a lot of time by using a broker for a start.

It is also much more likely that you will get a deal that is good value for you if you use the market knowledge and extensive access afforded by a broker. Make sure that you know what their charges are in advance, and when they expect to be paid by.

Do you deal with non-standard clients?

If you have circumstances which don’t fit the average mortgage seeker, then it’s best to be honest with your broker from the beginning. This will ensure that you receive the most appropriate advice, and could mean the difference between an approval and a rejected application.

For example, if you have a bad credit history, then getting a mortgage will be more difficult. If you are self-employed, a freelancer, or a contract worker, then you may find that some lenders will have very strict affordability criteria. Ask if the broker has experience of dealing with this type of client before you decide to take the process further.

If you fall into any of these categories, then you may even assume that getting a mortgage is impossible. However, a specialist mortgage broker may well be able to help you.

If you are looking for poor credit mortgage brokers in the UK, please get in touch with us today.

Your home may be repossessed if you do not keep up with your mortgage repayments.

Back to Blog
;window._klOnsite = window._klOnsite || []; window._klOnsite.push(['openForm', 'R6NsLH']);