Questions to ask your mortgage advisor

Meeting with a mortgage advisor for the first time can feel a little daunting, especially if you’re new to the process. To help you get the most out of your meeting, here’s a handy checklist of key questions to ask. These will help you understand your options, clarify costs, and feel confident about the advice you’re receiving.

About their service

• Are you a whole-of-market advisor, or do you only work with certain lenders?
• Do you specialise in helping first-time buyers?
• Will you handle the application process for me, or just make recommendations?
• How do you charge for your service, and are there any extra fees I should know about?
• Will you also advise me on related products, like life insurance or home insurance?

About how much you can borrow

• How much am I likely to be able to borrow, based on my income and circumstances?
• Will my existing debts or financial commitments affect the amount I can borrow?
• What size of deposit do I need, and how does this impact my options?
• Are there any government schemes or incentives I might qualify for as a first-time buyer?

About mortgage products

• What types of mortgages would you recommend for my situation (e.g., fixed-rate, tracker, offset)?
• What is the difference in monthly cost between a fixed-rate and a variable-rate mortgage?
• Are there early repayment charges or other penalties I should be aware of?
• What is the total cost of the mortgage over its full term?

About the application process

• How long does the mortgage approval process usually take?
• What documents will I need to provide?
• How soon should I apply for a mortgage once I’ve found a property?
• How does a mortgage in principle work, and how long is it valid?

About long-term considerations

• What happens if interest rates go up, how much would my payments change?
• Can I overpay on my mortgage if my circumstances improve?
• What happens if I want to move home before the end of my mortgage term?