Questions to Ask a Mortgage Broker

Here at Money Bulldog we know the importance of obtaining reliable and trustworthy Mortgage Advice. To help you on your way to the right mortgage we have compiled a list of extremely important questions to ask a mortgage broker before proceeding with your mortgage, as well as questions that any good mortgage broker should be asking you!

So, whether you are a first time buyer looking for your first home, or a homeowner looking to remortgage through a mortgage broker for the very first time, here are some useful questions you can ask to help you to ensure that you are dealing with a broker who has your best interests at heart.

You can find a local whole of market broker on a site like Unbiased* or if you don’t mind doing things online then you can use the free online whole of market mortgage broker Habito*.

General Questions

  • Do you charge a fee?
  • If so, how much is the fee and when is it payable? Upfront, or on completion?
  • Are you a whole of market broker? (Meaning do they have access to every lender/mortgage available?) 

First Time Buyers

Buying your first home can be daunting and you need to be sure that any mortgage advice you receive benefits you. Any mortgage broker who has your best interests at heart should be asking at least some of the following questions.

  • Do you understand the full commitment of a mortgage?
  • What are your plans for the future? Do you plan to change jobs, move area or start a family?
  • Do you understand the Difference between fixed and variable rate mortgages?
  • Do you understand that your deposit is at risk and also what is your attitude to risk?
  • Do you clearly understand all of the fees involved in setting up a mortgage, including any early repayment penalties?

Remortgage Clients

Remortgaging your home can often reduce your monthly mortgage payment if the right deal is chosen. In some cases though, the fees involved can far outweigh any financial benefit. Make sure you’re clear on the following points before committing to a new mortgage deal.

  • Do the fees involved with the set up of this mortgage outweigh any monthly savings I might make on my repayments?
  • Have the benefits and pitfalls of fixed and tracker rate mortgages been fully explained to me?
  • Does the mortgage advice I’m being given take into account my future plans and my attitude to risk?
  • Have the benefits and pitfalls of long term fixed rate deals been fully explained given the current interest rate climate?

Moving Home

  • Have you given your mortgage advisor the correct figures regarding your outstanding mortgage and deposit amount?
  • Is the property you are looking to buy of a non-standard construction?
  • Have all the implications of the housing chain been explained?   

A Good Broker Goes The Extra Mile

From my experience a good mortgage broker will do his utmost to go the extra mile and ensure that the mortgage deal you end up with fits your needs, not the needs of the broker himself. A good broker will also take on the burden and stress of sorting out your new mortgage deal, keeping the lines of communication open so that the mortgage process runs as smoothly as possible through to completion.