What to ask your mortgage adviser?

Mortgages can be complicated. There are many lenders and products, each with its own criteria, so where do you start if you want to buy your next home (or your first, or an investment property)?

Unless you can buy outright, it usually makes sense to start by speaking with a mortgage adviser to find out where you stand and what you can afford. Here are two questions to ask to make the most of their expertise:

Question 1: What can you offer that is not available on the high street?

A lender can only offer its own products, while a broker may be able to compare products from a range of lenders. That range varies between brokers, so ask your adviser whether they search the whole market or work with a selected panel of lenders.

If you are still early in the process, your adviser may help you get organised and make yourself more appealing to potential lenders. This might include registering on the electoral roll (if you are eligible), paying down credit card balances and changing specific spending habits.

Question 2: Can you help me with anything else?

Your adviser should be able to explain how the process works, so ask about anything you don’t understand.

Your adviser may be able to introduce you to estate agents (if you are selling your home to buy another) and conveyancers, and explain what to expect in terms of timescales. Having competent professionals involved can make the process smoother.

Moving house is also a good time to review your other financial arrangements, such as life, health and income protection insurance, pensions, wills and investments. Ask your adviser which of these they can advise on themselves and which they would refer you to another professional for.

We’d love for you to pick our brains about the topics listed above and more! So, if you’re thinking about buying a home, contact us right now! You can read more about our services on this page Mortgage broker Coventry.