What happens at a mortgage broker appointment?

You’ve finally identified and located your ideal home – now it’s time to start thinking money and the mortgage you will need to buy the property.

To secure the most professional, independent advice and information about the many competing mortgage products on the market, you might want to consult a mortgage broker. You have the first meeting lined up, so, what happens at a mortgage broker appointment and what questions are you likely to be asked?

About you

Identity

An article in the Telegraph newspaper on the 1st of April 2020 discussed potential flexibilities. Still, it reiterated that it is a requirement of the Financial Conduct Authority (FCA) for financial advisers – including mortgage brokers – to confirm the identity of their customers. This forms part of the finance industry’s collective efforts to curb the menace of money laundering.

When you go along to the first meeting with your mortgage broker, therefore, get this forma…

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What is the role of a mortgage broker?

Whether you are searching for the first time or have had a mortgage before, you will know that the mortgage market offers a practically overwhelming choice of products. It is difficult to know where to start and to decide which mortgage is likely to most suit your particular needs, requirements, and circumstances.

It may be difficult making that choice, but it is essential to get it right. A mortgage is a long-term commitment and, if you get it wrong, you might be left with many years’ of grappling with an unsuitable product that is costing you considerable unnecessary expense.

Your mortgage broker to the rescue

The role of a mortgage broker is to help you avoid just these pitfalls. Their training, expertise and professionalism are marshalled with the sole aim of matching your particular requirements with the mortgage products available.

Why use a mortgage broker?

The immediate appeal of using a mortgage broker may be in their saving you …

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Is it better to get a mortgage from the bank or broker?

A mortgage is a long-term commitment, and getting it wrong could leave you with many years’ stuck with an unsuitable deal and unnecessary expense.

So, it is likely to make a great deal of sense to seek advice from appropriately trained professionals before making any decisions about the mortgage you need to buy your home. But is it better to get a mortgage from the bank or a broker?

Where to seek advice

When thinking about looking for advice on your mortgage application, you are likely to have considered the following options:

Direct-only deals

before deciding to seek advice, you might have considered finding a mortgage lender yourself and making an application direct – it costs you nothing to do so, of course; you might be attracted by the fact that some mortgage deals are only available through exclusive direct-only deals that you would not be offered either by a broker; going through the whole mortgage search process yourself…
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How an adverse credit broker can help you get a mortgage

If you have ever missed a payment or defaulted on the repayment of debts or credit. If you have ever had to manage your debts by reaching an Individual Voluntary Arrangement (IVA) with your creditors. And especially, if you have ever declared bankruptcy - you are likely to struggle to get a mortgage.

In the circumstances described, you are said to have adverse credit – and that is what makes getting a mortgage more difficult. Any lender will look to your record of managing debt and other lines of credit as a measure of your responsibility and reliability towards any new lending in the shape of a mortgage. This is a measure of your creditworthiness.

Indeed, the industry’s regulator, the Financial Conduct Authority (FCA) advises its registered members on the need to conduct creditworthiness checks.

The biggest impact if you are in search of a mortgage is that you are going to encounter more difficulties, fewer lenders prepared to entertain your a…

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What do you take to see a mortgage adviser?

There’s a lot hanging on it. Finding a mortgage is never the simplest and most straightforward of matters. So, you want to instruct a mortgage adviser to help you. He or she are there to do just that and you want to make your first appointment count.

To set off on the right foot and to do all in your power to make the business of getting a mortgage as smooth and painless as possible, what do you take to see a mortgage adviser?

Helpfully, online listings site Rightmove suggests the answer:

photo ID; proof of address; your last three payslips or pay advice; your latest form P60; and the last three months’ worth of bank statements.

The photo ID, of course, is needed to confirm your identity and may take the form of your passport, driving licence or any other official document bearing your name and photograph. Providing your proof of identity is a required anti money-laundering measure which also prevents criminals from illegally obt…

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Why use a mortgage broker?

Getting a mortgage involves a long-term commitment – and one that is not to be taken lightly. Making the wrong decision might leave you not only with an unsuitable mortgage, but one that leaves you seriously out of pocket. Before taking the plunge, therefore, you might want to take the most appropriate mortgage advice you can find.

That advice is likely to come from a mortgage broker. A mortgage broker – or mortgage adviser or mortgage advisor as they are also known – is quite simply someone who specialises in mortgages, explains Equifax.

What are the potential advantages of mortgage brokers versus lenders?

You might be asking yourself whether it is worthwhile consulting a mortgage broker. After all, some of the shops and offices on the UK high streets are the banks and building societies in the business of arranging mortgages for their customers.

Surely, you can cut out the middleman by going straight to the mortgage lender?

Indee…

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What amount of fees do mortgage brokers charge?

When using a mortgage broker most will usually charge a fee. There are however some brokers that don't charge a broker fee at all. However the service you get and amount of involvement you get throughout a mortgage application will vary from broker to broker. Paying a fee doesn't necessarily mean that you will get a better service however we have typically found that brokers who do charge fees treat their business seriously and are committed to helping their clients. 

Brokers that don't charge fees often treat their businesses as a part time business and are happy to perhaps work part time or work flexible hours around their family needs. 

There are also a few national mortgage broker companies who have carved their niches and build strong brands around the fact that they never charge a fee. 

How brokers charge fees? Fees can be charged at several different parts of the process. Fee charged on decision in principle - some b…
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