Introduction
Choosing a mortgage is one of the biggest financial decisions you’ll ever make. Speaking to a mortgage adviser can save you time, money, and stress — but only if you ask the right questions.
This guide outlines the most important questions to ask a mortgage adviser before you apply, helping you understand your options and secure the best deal.
1. What type of mortgage is best for me?
A good adviser will explain whether you should choose:
- Fixed-rate mortgage
- Tracker mortgage
- Variable-rate mortgage
- Interest-only mortgage
- Repayment mortgage
They should assess your income, credit score, deposit, and long-term goals before recommending a product.
2. How much can I realistically borrow?
Mortgage affordability varies based on:
- Your income
- Monthly expenses
- Credit history
- Loan-to-value (LTV) ratio
Your adviser will calculate what you can afford, preventing over-borrowing.
3. What deposit do I need?
Ask about:
- Minimum deposit
- LTV requirements
- Benefits of higher deposits
- First-time buyer schemes
This helps you plan your savings more effectively.
4. What will my monthly repayments be?
Your adviser should give you:
- A breakdown of payments
- How interest rates affect repayments
- What happens if rates rise
- How long the introductory rate lasts
5. What fees will I need to pay?
Before applying, understand all the costs:
- Arrangement fees
- Valuation fees
- Solicitor fees
- Broker/adviser fees
- Early repayment charges (ERCs)
- Mortgage exit fees
Knowing this upfront avoids surprises later.
6. Will you check the whole market or only certain lenders?
There are three types of advisers:
- Whole of market advisers – access to most lenders
- Restricted panel advisers – only a few lenders
- Bank advisers – only their own products
Whole-of-market advisers often provide the best options.
7. What documents do I need for the application?
You may need:
- ID and address proof
- Bank statements
- Payslips or tax returns
- Employment contracts
- Credit reports
Self-employed applicants require extra documents like SA302s or accounts.
8. How long will the mortgage application process take?
Timeframes depend on:
- Lender
- Property type
- Your circumstances
Most mortgage applications take 2–6 weeks to process.
9. Are there government schemes I can apply for?
Ask about:
- Shared ownership
- First Homes scheme
- Help to Buy (if available)
- Right to Buy
These can lower your deposit and mortgage amount.
10. Do you think my credit score will affect my application?
Discuss:
- Any red flags
- Ways to improve credit
- Bad credit mortgage options
- Specialist lenders
- LTV restrictions for poor credit
11. What happens if interest rates go up?
Your adviser should explain:
- How rate rises impact repayments
- Whether a fixed rate might be safer
- Strategies to protect your budget
12. Can I make overpayments without penalties?
Overpaying helps reduce:
- Interest charges
- Total mortgage term
Check if your lender charges ERCs (Early Repayment Charges).
13. What insurance or protection do you recommend?
Ask about:
- Mortgage protection insurance
- Income protection
- Life insurance
- Critical illness cover
Protection helps secure your mortgage if your income stops.
14. Can you give me an Agreement in Principle (AIP)?
An AIP:
- Helps you know your borrowing limit
- Makes property offers stronger
- Shows sellers you’re serious
15. What lender is best for my situation?
The adviser should compare:
- Rates
- Fees
- Criteria
- Lending policies
- Flexibility
They must justify why a lender is right for you.
Conclusion
Asking the right questions helps you choose the best mortgage deal, avoid hidden costs, and ensure you’re financially prepared. A good adviser will be transparent, supportive, and able to break down complex terms into easy-to-understand guidance.
Take your time, ask confidently, and make sure the adviser works in your best interest.