What Questions Will A Mortgage Broker Ask?
Applying for a mortgage is a daunting experience. Without the help of a mortgage advisor, the experience can be extremely stressful and you may not get the best Rate/Product.
Mortgage advisors have the qualifications, knowledge and experience to find you a mortgage that suits your circumstances. Without a mortgage advisor, you may struggle to obtain a mortgage, or you may end up with a mortgage you cannot afford.
If you are preparing to meet with a mortgage advisor, you may have some reservations. Don’t worry though, a mortgage advisor is there to help. Sure, it can be a little strange telling someone you have just met personal details, but it will be worth it in the end!
At Burnett Mortgages, we aim to get to know our clients so they feel comfortable and confident when discussing their finances and life choices.
In this blog, we are going to share the most common questions a mortgage advisor will ask you. Starting with…
What Is Your Monthly And Annual Income?
Any mortgage lender will want details of your income before they agree to give you a mortgage. Your mortgage advisor will most definitely ask for a breakdown of what you earn and how. If it’s a joint application you’ll need the income for both parties.
If you work part-time or you are self-employed, lending to you may seem like a bigger risk, so it is important to be upfront about your income and have the statements and payslips to demonstrate a breakdown of your income.
Do You Have Any Credit Cards Or Loans?
You will be asked to provide information on any existing or previous credit cards and loans you have. The mortgage lender will want reassurance that you can make regular, ongoing payments on time.
Having a credit card or other monthly payments (such as car finance) may be helpful when obtaining a mortgage, however you do not necessarily have to have credit in place to obtain a mortgage.
Do You Have Any Debt Or Adverse Credit?
Having debt isn’t always a negative thing when it comes to obtaining a mortgage. As long as you can prove that you are consistently repaying the money you owe, your debt shouldn’t hinder your chances of getting a mortgage.
Adverse credit refers to a poor credit history that might include delinquent debt, late bill payments, large amounts owed or even bankruptcy.
What Regular Outgoings Do You Have?
Aside from any credit cards, loans or debt, your mortgage advisor will also ask about your other outgoings. These might include car insurance or finance, other essential insurance, child care fees, child maintenance, gas and electricity bills, water bills, council tax, essential travel and other expenses.
Your mortgage advisor will likely ask to see your bank statements to check if you have any significant expenses. This allows the mortgage advisor to get an understanding of whether you will be able to afford the mortgage payments.
Do You Have Any Dependants?
Do you have any children, elderly adults or disabled adults that are dependent on you? If so, the mortgage advisor will ask for the names and dates of birth of any financial dependants.
If you have children, the mortgage lender may ask if you want more children in the future. If you don’t have children, they may ask if you are planning on having children in the future.
Where Is Your Deposit From?
Have you saved for your deposit? Or did you inherit it? Or was it gifted? If you have saved for the deposit yourself, this shows mortgage lenders that you are responsible with your money and you are less of a risk.
What Type Of Mortgage Do You Want?
If this is your first time obtaining a mortgage, the mortgage advisor will explain the different types of mortgages available, including fixed-rate mortgages, standard variable rate mortgages and tracker mortgages etc. They will then ask you what type of mortgage you want and will discuss the best option for your circumstances.
How Much Do You Wish To Borrow?
Obviously, the mortgage lender needs to know how much you need to borrow from a mortgage lender to increase your chances of obtaining the mortgage at a good rate.
Get In Touch
If you are looking for a trustworthy and reliable mortgage advisor to help you through the mortgage process, or if you have further questions, don’t hesitate to get in touch.
You can call Burnett Mortgages on 01302 436333 or fill out our online contact form and we will get back to you ASAP.
Burnett Mortgages is your local mortgage broker with more than 12 years of experience in financial services. Our dedicated team tailor the mortgage approach to your needs and always search the market for the very best remortgage deals.
Your home may be repossessed if you do not keep up repayments on your mortgage.