Recommended questions for mortgage appointment

Dird

Hi,
I'm building a list of questions for my appointment on Monday. I'm sure I thought of a couple others before but have forgotten since, anyone got any others you think I should ask?
I know my first (5y fixed/8y total) & second (5y fixed/9y total) choice mortgages.

My current questions are:
1) 5 year fixed means 60 months? (I guess he'll say the date on the site, so slightly under 60 m)
2) AIP mainly affordability calc? If passed & no credit issues then main app a formality?
3) Main app for specific duration or returns list of acceptable durations? If former & 8 years rejected, can easily re-submit for 9? Extra charge?
4) What fees are compulsory for me? Redemption = exit fee? (they have a page with a huge list of fees)
5) Valuation - how soon is possible?
6) Surveyor - picked/arranged by you? Cost? How soon?
7) Overpayments monthly/annually? Pay larger chunks some months means a charge that month or balanced over the year?

Any suggestions welcome

betmunch

1. Maybe, most products have specific end dates.
2. No
3. Would be surprised if you can't just change the term depends if the advice is still good with a longer term.
4.definitely check this.
5. Another to check
6. Chosen by the lender, the cost will be in the KFI.
7. Depends on the lender again will be specified in the KFI.

Also worth checking product switching during the app in case they bring out a better product. Costs? Re-underwrite?
Service timetable for each aspect of the application.
Documents they do/don't want to see.
If they have a solicitor panel, and if so who's on it.

They should cover all this in your appointment and a lot more so make sure you get the answers you need

Dird

betmunch wrote: »

Also worth checking product switching during the app in case they bring out a better product. Costs? Re-underwrite?
Service timetable for each aspect of the application.

The advisor emailed me a list of everything he wants to see/know. I've got it all except the house build date & vendors name (waiting on estate agents to find out/tell me).
I've added "solicitor panel" to the list of questions, I assume this is who they accept? One of the details he wanted was my solicitor's name/address so hopefully they just accept any accredited firm.

Costs = fees, no?
What would I ask about re-underwriting?
I wouldn't do any switching before the fixed period ends. There is a £90 redemption fee which I guess would be the fee charged if I changed after the fixed period?
Service timetable is how long they think it will take?

If I did an experian check at home now would that flag up on my report/be viewed as negative?

libf

Dird wrote: »

The advisor emailed me a list of everything he wants to see/know. I've got it all except the house build date & vendors name (waiting on estate agents to find out/tell me).
I've added "solicitor panel" to the list of questions, I assume this is who they accept? One of the details he wanted was my solicitor's name/address so hopefully they just accept any accredited firm.

Costs = fees, no?
What would I ask about re-underwriting?
I wouldn't do any switching before the fixed period ends. There is a £90 redemption fee which I guess would be the fee charged if I changed after the fixed period?
Service timetable is how long they think it will take?

If I did an experian check at home now would that flag up on my report/be viewed as negative?

A lot of mortgages have fees to pay at the application stage, although I think you're a FTB so most lenders waive the application fees for FTBs.

You can look at your own credit reports as much as you like without it showing that you have.

Dird

libf wrote: »

You can look at your own credit reports as much as you like without it showing that you have.

OK great. Then I'll do the Experian 30 day trial as I can cancel & get £3 cashback too

Yep, FTB. According to the site they have a £130 "processing" fee which should be the only charge. My concern was/is if they submitted at 8 years then simply changed the term to 9 year & re-ran it might incur £130*2 but will clarify on Monday.

Edit: Experian says 999/999 :-o how similar is their checks to those a bank carries out?

betmunch

Dird wrote: »

Costs = fees, no?
What would I ask about re-underwriting?
I wouldn't do any switching before the fixed period ends. There is a £90 redemption fee which I guess would be the fee charged if I changed after the fixed period?
Service timetable is how long they think it will take?

If I did an experian check at home now would that flag up on my report/be viewed as negative?

You misunderstand, I meant costs for changing product mid application.
If they bring out a cheaper product can you change to it without charge? will they re-underwrite you if you do change product?


Service time table is exactly that, ask them how long their average time from application to offer is.

betmunch

Dird wrote: »

Edit: Experian says 999/999 :-o how similar is their checks to those a bank carries out?

Not similar at all, I hope you didn't pay for that score!

Dird

betmunch wrote: »

Not similar at all, I hope you didn't pay for that score!

They paid me. Will cancel the 30 day trial once my cashback is confirmed :P

Why do people bother with it if it isn't accurate then?

libf

Dird wrote: »

They paid me. Will cancel the 30 day trial once my cashback is confirmed :P

Why do people bother with it if it isn't accurate then?

The number is useless, but the rest of the information is useful.

And if you want an ongoing check the noddle is free, although it checks CallCredit which is not as well used.

Dird

libf wrote: »

The number is useless, but the rest of the information is useful.

Oh OK. I didn't find it that helpful as I pretty much just got "4 Positive score factors. 0 Negative score factors"

At least it seems I won't be linked to any of my dad's debt though.

Lots of random insurance companies doing "Insurance Quotations" too :f

betmunch

Dird wrote: »

They paid me. Will cancel the 30 day trial once my cashback is confirmed :P

Why do people bother with it if it isn't accurate then?

Because they think it's relevant.

It's just marketing by the CRAs.