10 questions to ask your mortgage adviser

Buying a Property
Joe Phelan's picture
Ten questions that will help you find the right mortgage adviser for your situation.
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Taking out a mortgage is a big deal. It is like that your mortgage will be the biggest loan you take out in your life; or, put another way, it will most probably be the most significant debt you will ever have to your name.

Picking a mortgage is not a decision that should be made lightly. There are thousands of different products available - currently around 6,000, to be more accurate - so how can you be sure you are choosing the right one for you? Speaking to a mortgage adviser, who is adept at understanding all the complexities that come as part of the mortgage package, can certainly help, but what questions should you be asking them?

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1) How do you charge your clients?
Get this clear in your head as early as possible. Some advisers may charge commission, while others might be happy to take a set fee. By understanding how fees are charged, it may even be possible to negotiate a better deal for yourself.

2) What do you do that I couldn’t do myself?

Impartial advisers can search the whole of the market, meaning they are not tied to any lender and are not biased towards any particular product. Many advisers specialise in particular scenarios, such as assisting first-time buyers or helping with remortgagingIt can be difficult to completely analyse all potential costs via a comparison site, and a mortgage that looks great on the surface could eventually end up costing far more than other options.

3) Are you independent and able to cover the entire mortgage market?

All advisers featured on VouchedFor are independent, meaning they are not tied to any particular products or lender. However, for peace of mind, you may want to discuss why they are independent, and how this helps them in their role.

4) How long will the mortgage process take?

This will differ from person to person. However, an adviser will generally be able to assess all aspects of your situation and give a rough estimate of how long the process will take.

5) Why is the mortgage you picked best for me?

If you have provided all of the relevant information about your circumstances, then the mortgage picked out by your adviser will very likely be the best one available to suit your demands. However, it is always worth getting a firmer understanding of why it is the most appropriate. There may be alternatives that, upon closer inspection, you would prefer to go with.

6) What deposit should I have?

This will differ from person to person, but a general rule is the larger your deposit, the better. The amount you can put down in the form of a deposit will make a significant difference when it comes to finding the best deal.

7) What qualifications do you have?

All professionals listed on VouchedFor have been thoroughly checked to guarantee the validity of their credentials and education. However, they will not be put out should you asked them about their qualifications; in fact, they’ll more than likely be very happy to show them off!

8) Can you give me a breakdown of all costs?

Ensure you are aware of the mortgage’s associated costs. The last thing you want is to be hit with unexpected fees further down the line. Also, make sure your adviser discusses the future SRV costs associated with your chosen lender, and when they will affect your payments.

9) Can you offer professional advice with regard to other things?

Many mortgage advisers will be able to offer guidance in other aspects of your home purchase, such as sorting out insurance or discussing the ins and outs of buy-to-let properties (should that be something you are interested in).

10) Will you be able to assist me in the future?

It is very likely that you will want to assess the performance of your mortgage every few years. It may be that the amount you are paying back increases down the line, or it could transpire that, since taking out your initial mortgage, a better option has become available. Your mortgage will continue to play a significant role in your finances for decades, so setting up regular appointments with a trusted professional could benefit you greatly.

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