Questions to Ask a Mortgage Broker ~ Mortgage Advice

questions to ask a mortgage broker

Here at Money Bulldog we know the importance of reliable and trustworthy Mortgage Advice. To help you on your way to the right mortgage we’ve teamed up with independent mortgage broker Kevan Buller of Together Financial Solutions. Together we have compiled a list of extremely important questions to ask a mortgage broker, as well as questions that any good mortgage broker should be asking you!

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.

Kevan has been helping people find the right mortgage for over 15 years and has a wealth of knowledge to share. He has access to all the best mortgage rates available from every UK lender and can recommend the right mortgage to suit your present and future needs. If you’d like to have a chat with Kevan you can request a call back here.

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