Upcoming meeting with mortgage advisor - what to ask & take?

WasntMe_2

We have our first meeting with a MA this coming week & want to be prepared enough.

Basically 2 things -
1) What to ask?
2) What to take with us?

I'll deal with #2 first:

The chap said we're both to bring 3 months payslips each & our P60s, a proof of address & a passport or driving licence.

Should we be taking anything else with us on the lines of forward thinking? An expenditure breakdown perhaps? A list of accounts & balances so he can see what we're working with? Is this not advised/not necessary? Anything else that may be useful? Or just leave it at the things he listed?

As for #1:

At some point in there i know we should discuss the cost of the advice.
They're listed as independent i know that much.

Anything that'd be handy to ask them?

originalmiscellany

I think being prepared will always help!
Check how they get paid - is it up front (I think legally it has to be but I might be wrong).

Take P60, a breakdown of your current spending, any loans which are outstanding at current rate, how long to go etc.

Anything you can supply will give your adviser a better understanding of who you are and what your current financial status is.

When we had ours it was a very laid back chat but we had everything (our full finance file) with us. Hope it helps?

_Andy_

"At some point in there i know we should discuss the cost of the advice."

This will be disclosed up front

ACG

With regards to what he has asked you to take thats pretty much what i ask for, but i do also ask for credit reports.
With regards to expenditure - everything he/she needs to know will be on your bank statements but they will also go through a factfind with you and that will probably have a financial breakdown on there.

With regards to the fee, they will (have to) discuss with you the fees. They will go through an IDD document and it explains whos products they offer, fees, etc.

Ask them whatever you want, i get asked all sorts. Usually along the lines of how much can i borrow, how long will it take, do i think there will be any problems etc. Your presumably paying them for their advice - ask away, thats what theyre there for.

WasntMe_2

ACG wrote: »

but i do also ask for credit reports.

I hope he doesn't. I paid the £2 for mine from one of the big ones, everything was in order, so i shredded the whole thing. My partner has just closed down both Experian & Equifax accounts too after the free trial finished.

With regards to expenditure - everything he/she needs to know will be on your bank statements

This will be a fun one then :rotfl: I remember having to go get about 2 months statements from Halifax a year or so ago....

....about 20 pages later....!!

And that's without mentioning my Nationwide, TSB, Santander, First Direct accounts ... and then there's the savings & ISA accounts.

but they will also go through a factfind with you and that will probably have a financial breakdown on there.

Aside from finding facts, what is a fact find?

Ask them whatever you want, i get asked all sorts. Usually along the lines of how much can i borrow,

This is the main reason we're seeing someone. I calculated (based on online calculators) that we could go for a £150k house with a £50k deposit & approx £2000 combined monthly net income (we actually earn more than this usually (about £2,300) but i prefer to play safe. We could borrow more i'm sure, but i want the monthly payments low & manageable so we can live relatively comfortably.
What 'comfortably' is, i don't know - another reason we need advice.
We're unaware of all the hidden costs, or the costs that you may not think of - insurances & the like - another reason for the advice. These are all things we need to find out.


At the moment we're just browsing rightmove on what we THINK we could go for. We've not actually been to any viewings yet. What we need to do is know EXACTLY what our proper budget is & then we can start moving forward.

ACG

A whole £2? :-P
If you have seen them, you obviously know there are no red/amber marks on there? Or did you just look at the score?

A factfind goes through what you want/need from your mortgage, your material facts - age, dob, occupation etc.

amnblog

Take

Last 3 wage slip(s) or 8 if paid weekly - last P60
If self employed last 3 years accounts and 3 years SA302's

Last 3 months bank statements

Proof of deposit (bank or investment statement)

Proof of address (one for each of you, credit card or utility bill dated since 1st May)

Proof of ID (current passport or photcard driving licence with paper counterpart)

Cheque book or debit card (to pay any fees)

Ask

Ask anything - that is what they are there for.

Expect

An initial disclosure document given to you at outset with MA costs and fees explained.
Lots of questions about your situation.
A guide as to your potential to lend and costs.
More listening from your MA than talking.

...and few bumps along the way

macarena123

I also found it helpful to bring in utility and council tax bills from when we were filling out the expenditure part of the application - also gives added proof of address.

If you have any credit or store cards, worth bringing along your latest statements as well.

Bottom line: better to bring more info than less, and the broker can take copies of what he wants. Should help reduce the number of questions you get further down the line.

WasntMe_2

macarena123 wrote: »

Bottom line: better to bring more info than less,

Fair point.

Regards the utility bills - we don't have them as we're living with my folks.

Credit cards - we don't have them as we closed them, but i know you were only saying.

amnblog

The MA will want something to prove you are living with your parents (unless you have only been there a very short period).

PAYE Coding notice
Bank Statement
Storecard statement

macarena123

In regards to what to ask, as amnblog said, that's what they're there for, so feel free to ask anything. I was an FTB and didn't feel embarrassed about asking - you can't be expected to know everything!

However, when talking about products with your broker, maybe think ahead of time about what's important to you long term?

Are you thinking of moving in a few years, or do you plan to stay in your new home for the foreseeable future?

Do you plan on making any substantial repayments in the next few years (over and above the normal overpayment limits)?

Do you want the security of a longer term fix rate (5 years+), bearing in mind you will pay more for this, at least at first (you may gain in the long term). Or do you want a bit more flexibility, with the added uncertainty that brings?

All of those sorts of things will help your broker determine what's a good product for you, so the more info they have about you, and your aspirations longer term, the better they will be able to place you