What would you ask the Mortgage advisor?

Jay83

I am to sit down with an mortgage advisor next week and was told to prepare all my questions for this time. Apart from how much the payments are, and asking how much i can overpay without being penaltised not sure what else i want to know. What would you ask?

Thanks

ACG

The questions you have will depend on the deal he finds. The deal he finds will depend on what information you give him in the factfind.

For instance some people want to be able to make overpayments, others are not fussed - so if you want the facility im sure he will make allowances for it.

The same goes for payments, i tend to ask what peoples budgets are along with how long they would want the mortgage over. Some people will reduce the term in order to get it paid sooner, others would rather it fall miles under their budget to give them extra money each month.

The questions i usually get asked are:
How much do i charge as a fee.
When do they have to pay it.
What happens to the fee if the mortgage does not go ahead.

Some questions i would suggest you ask are:
Are you tied/multi tied/whole of market or Independent.
How do you (as in the broker) get paid.

Personally speaking, i would make sure you read what you sign. Do not pay a fee or agree to pay a fee if he does not get you a Mortgage offer.

Im sure others will add to it.

Jay83

Brilliant, that is very useful, thank you.

When you say fee do you mean mortgage fee or the mortgage broker fee? if i am getting the mortgage from a bank do they charge this extra broker fee?

betmunch

If you are going to a bank then you will not be charged a broker fee, however you will only be offered the banks own rates. Example: If you are going to see Halifax they wont tell you if Abbey will offer you more or at a better rate (Obviously!)

Make sure you are getting an advised service rather than non-advised so the person advising you is responsible for their advice.

The fees you will have to pay will be clearly documented in the KFI and they should be explained and clarified by the advisor.

I would suggest you decline any offer of an agreement in principal until you are ready to make an offer on a property, and I would suggest you get a KFI for the product you are interested in and take it to an independent broker to see if there are any other lenders that will beat the rate, it shouldnt cost any money for a comparison and could save you a fortune.

Good Luck

ACG

Jay83 wrote: »

Brilliant, that is very useful, thank you.

When you say fee do you mean mortgage fee or the mortgage broker fee? if i am getting the mortgage from a bank do they charge this extra broker fee?

I meant mortgage broker fee. But if you are going to the bank direct then your not going to have to pay a fee. It also means that they are tied to just the one provider and so your going to be limited in what deals are available to you.