Questions to ask your Mortgage Adviser? Taking out a mortgage is likely to be the biggest debt you will have in your lifetime. Choosing a mortgage is not a decision to be taken lightly.
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Questions to ask your Mortgage Adviser
- How do you charge your clients? Get this clear from the outset. Some mortgage advisers charge a fee upfront or on completion, others are paid commission from the lenders. Some mortgage advisers charge a combination of a fee and commission.
- Are you independent and able to cover the entire mortgage market? Our mortgage brokers all cover the whole of the market.
- How long will the mortgage process take? This will vary from person to person and your adviser should be able to give a rough estimate. Other factors have an impact here for example if you are waiting to sell your own house to release deposit funds.
- What deposit should I have? Your mortgage broker will be able to provide quotations based on various levels of deposit. Generally the higher deposit you put down then a lower interest rate can be obtained.
- What qualifications do you have? All our mortgage brokers are CeMap certified. CeMap is the certificate of mortgage advice and practise.
- Can you give me a breakdown of all the mortgage costs? Make sure your mortgage adviser gives you a breakdown of all the costs and fees. The last thing you want is unexpected fees further down the line.
- Can you provide advice on other areas of finance and insurance? Many mortgage brokers will be able to offer guidance on home insurance, life insurance, income protection and pension planning.
- Will you review my mortgage in the future? Building a relationship with your mortgage broker is beneficial as they will monitor your mortgage payments and advise when savings can be made. This will save thousands over the lifetime of the mortgage.
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