20 Questions to Ask Mortgage Brokers

Buying a home is a big deal, but before you get the keys, you need to secure a mortgage, and the help of a mortgage broker can be invaluable. 

A mortgage broker is a personal guide who will guide you through the maze of home loans, interest rates, and endless paperwork.

Finding a mortgage broker is just one of the many things you’ll need to do in the process of buying a home, and it’s all good and well getting one in place, but asking the right questions is key to making the most of your mortgage broker’s knowledge. 

Here’s a compilation of insightful questions to ask your mortgage broker, helping you gain the knowledge you need about buying a home. 

Are you regulated? Qualified? Insured? 

You want to be dealing with a professional, not with someone who’s just “winging it.” These three little words – regulated, qualified, and insured – mean your broker is playing by the rules. It also means you have some protection if things go wrong. The Financial Conduct Authority (FCA) regulates brokers in the UK, and you can check their status here. 

What lenders do you have access to? 

Some brokers can only recommend from a short list of lenders, while others can scour the market far and wide. Why is this important? Well, it can affect how good your deal is. Think of it like comparing a corner shop to a giant supermarket – the more choice you have, the better value you’ll get. 

Do you have a preferred lender you work with? 

If a broker is continually pointing you at the same lender, it’s fair to say that there is probably more to the story. Transparency is key. You’re looking for the best mortgage for you, not the one that earns them the biggest commission. 

How do I pay for your services? 

Some brokers will have fees that are charged upfront, some will get paid by the lender, and others will do a bit of both. No one wants a surprise bill, especially when you’ve got multiple expenses like house deposits, solicitor fees, survey fees and more to contend with. It’s important to get clear information regarding this, so you know exactly what you’re paying for. 

Are there any other expected charges at any point? 

Hidden costs have a sneaky way of popping up when they’re least expected. Asking this question upfront helps to save you from a nasty surprise. 

Am I eligible for home-buying schemes or specialist mortgages? 

Whether it’s a first-time buyer scheme, Help to Buy, or something for the self-employed, there may be options you didn’t even know existed. But if you don’t ask, your broker might not offer this information to you. 

What are the different types of mortgages on offer? 

Interest-only, repayment, offset, there are plenty of options when it comes to mortgages on offer. Picking the wrong one can be at a huge cost to you. This question helps you get an understanding of what’s actually out there.  

Can you explain the difference between fixed, tracker, and variable rate? 

Mortgage jargon can be intimidating. Asking your broker to explain it to you is key to understanding what’s on offer and helping you determine the best route to take. 

Is there a mortgage you think would best suit my situation? 

A broker should be using their knowledge of the market to help you secure the best deal available. Their opinion does matter, and getting this advice could help you come to a better decision than one you originally thought would be best. 

How do you determine which mortgage is right for me?

You want to know that your broker isn’t just throwing darts at the wall. They should be looking at the full picture, from your income, credit score, future plans, and how much disposable income you want. Getting them to explain their reasoning shows you that they’re analytical when it comes to choosing the right mortgage. 

Can you help me understand the impact of interest rates rising or falling?

The base rate can move, thanks to the to the Bank of England. But what happens if your repayment rates go up or down? A good broker will be able to explain the ripple effect so you’re not blindsided six months in. 

What happens if my circumstances change during the mortgage process? 

Things like job changes, a pregnancy or unexpected expenses can have a big impact on your finances. It’s always worth knowing what options you have if things change mid-process. This question helps you to see if your broker has your best interests at heart, and will see you through when things might get difficult. 

What’s the total cost of the mortgage over the full term? 

The monthly payment might look good now, but what is the total cost over the 25 or 30 years? This question gives you the full picture of the real cost of borrowing, including interest, fees, and any sneaky extras. 

What’s a timeline for mortgage approval? 

Some lenders will get things done quickly, others not so much. If a deadline is looming, such as moving out of a rental property or securing a property chain, you need to know what timeframe to expect. This helps you manage the process and avoid last-minute chaos. 

Will you help with the paperwork and application process? 

Let’s be honest, mortgage paperwork is the stuff of nightmares. If your broker is prepared to help walk you through it or even take it off your plate, it’s one less headache for you. 

What information do you need from me to get started?

No one wants back-and-forth emails asking for one more document. Get a checklist upfront. Pay slips? ID? Bank statements? Knowing everything you need helps you stay in control and speeds things along. 

Can I make overpayments or repay early without penalties? 

Some lenders are completely fine with you making overpayments on your mortgage, while others will charge you a fee. Knowing this beforehand is important so you can judge quickly whether it’s the right mortgage for you. 

What happens if my mortgage application is declined? 

Sometimes it happens, but it’s not the end. A good broker will have a backup plan, and getting them to answer this question shows you how they’ll handle bumps in the road. 

Do you offer advice on remortgaging or future mortgage changes?

Finding a great mortgage broker is invaluable, and knowing they’ll be there to help when it comes to remortgaging or future mortgage changes gives you slight peace of mind. These things come round much quicker than you think. Make sure that your broker is willing to see you through future mortgage applications, mainly as they’ll have most of your information stored so the process is quickly carried out. 

Can you help me with anything else? 

From insurance to solicitors, some brokers offer a bit more than just mortgage advice. You won’t know unless you ask, and getting recommendations is always the best option in these circumstances. 

Why these questions to ask mortgage brokers? 

Asking the right questions doesn’t just help you understand your mortgage options; it gives you the knowledge to make the right decisions for you. Whether you’re a first-time buyer, looking to move, or want access to better deals, a good broker should welcome your curiosity. 

No question is too small, too silly, or too obvious.

At GMS, we believe in clear answers and honest guidance. If you’re ready to speak to someone who won’t dodge your questions, our friendly team is just a call or click away. Get in touch with us today, and we can help you secure the mortgage you need.