Questions to ask a Mortgage Advisor

Check out the top 10 Questions to ask a Mortgage Advisor in 2021.

Speak to a Mortgage Advisor

Top 10 Questions to ask a Mortgage Advisor in 2021?

Can I find you on the FCA Register?

Are you a whole of market Mortgage Broker?

What Mortgage Advice areas do your specialise in?

What is the full Mortgage process?

Do you charge a fee and if so, how much?

Where can I find reviews customers have left about you?

How quickly will you be able to reply to my emails and phone calls?

Will you be our direct point of contact through the whole process?

What other services do you offer?

What are the full costs involved in obtaining a Mortgage?

1. Can I find you on the FCA Register?

The FCA are who regulates Financial Advisors and therefore Mortgage Advisors in the UK.

It’s probably the most important question. This verifies that you know what and who the FCA is and that the person you are talking to should be on the FCA Register.

This should also verify to you a few other things:

That the Mortgage Advisor is fully qualified. They’d have to be to be on the register.

What the registered address and contact details are of the person you’re speaking with. So you can verify this against what they’ve told you.

And whether they have ever been in trouble with the FCA. The register will also show whether the Advisor is banned from advising on certain things.

2. Are you a whole of market Mortgage Broker?

This is to establish that the person you’re speaking with can advise you on the most and best possible Mortgages.

If they’re whole of market, it doesn’t necessarily mean they will advise on every lender. But it should give a good indication that they can recommend the vast majority and the best Lenders for you.

You would rightly think that whole of market meant just that.

But actually there aren’t many Mortgage Brokers who can recommend every lender. As there often isn’t a need for it.

That’s because some Lenders aren’t available to Brokers, and some lenders also offer no benefit to being on a Mortgage Brokers panel.

For example, if an Advisor doesn’t arrange Mortgages in Northern Ireland, why would the Mortgage Advisor need a Northern Irish Lender on their panel?

3. What Mortgage Advice areas do you specialise in?

If you have Bad Credit.

You want to make sure you are speaking with a Mortgage Advisor who regularly arranges Mortgages for people with similar circumstances to yours.

And not every Advisor will, so it’s worth checking what their specialist areas of advice are.

4. What is the full Mortgage process?

The Advisor will talk you through what the full process is. 

This will vary slightly dependent on whether you are buying your first or other home. Or whether you are simply Remortgaging for example.

5. Do you charge a fee and if so, how much?

The most obvious question to most.

No one wants to pay more than they should. If you can get the same advice and service elsewhere for cheaper. Then why wouldn’t you?

Some Mortgage Advisors charge fees. Some don’t. The larger chains tend to offer a fee free service.

But as you’d expect, you won’t get the same service that you necessarily would from an independent more localised Advisor.

Independent, Local Advisors and Advisors that provide Specialist Advice tend to charge fees.

Top tip: If you feel comfortable, you can always ask if the fee is negotiable.

6. Where can I find reviews customers have left about you?

We’re big advocates of customer reviews.

Getting a Mortgage is a huge milestone for many people. So when an Advisor does a good job, people like to praise them for it.

If they do a bad job, it should be easy to see.

A well know and reputable Mortgage Advisor should have stacked up dozens of good reviews across platforms such as Vouched For, Google, Facebook, Trustpilot etc.

Have a look and see what people have to say about them.

7. How quickly will you be able to reply to my emails and phone calls?

If you need a proactive and attentive Mortgage Advisor, this is a great question to ask.

A national Mortgage Brokers might not even provide a direct phone line to your Mortgage Advisor. And if they do, they may have set “service levels” which indicate when they are likely to reply.

For example, an automated response to your email, saying we will reply within 3 working days, isn’t really a demonstration of an attentive service.

8. Will you be our direct point of contact?

You want to establish whether you’re going to have a direct line or email to a fully qualified mortgage advisor. Or whether after the sale you’re going to be passed over to an admin assistant.

Do you have the Mortgage Brokers direct mobile number, or do you have a landline for them that you can only get them on mon-fri 9-5.

If you have a direct email and mobile number to the Mortgage Advisor, it’s likely you are going to get a quicker response.

Some larger corporate Mortgage Brokers will pass you over to a case manager or administrator once the Mortgage has been submitted for you.

This will be fine for some, but won’t be for everyone.

9. What other service do you offer?

Can they help arrange any applicable insurances you would like.

Can they put you in touch with a local and reputable surveyor or Solicitor?

10. What are the full costs involved in obtaining a Mortgage?

A Mortgage Advisor will be able to let you know in their experience.

How much things like Solicitors, Surveyor and Mortgage costs will be.

More information on costs involved can be found: First Time Buyer Mortgage Advice.

Questions you don’t need to ask your Mortgage Advisor

Are you qualified?

You want to know the answer to this question. However, this question can be answered easily by asking if the Mortgage Broker is on the FCA register.

To be an FCA regulated mortgage Broker, they have to be qualified.

CeMap is the industry standard, but some will have other equivalent qualifications.

Are you unbiased?

Instead establish or ask whether they are tied to an estate agent, developer or mortgage lender.

All mortgage brokers should be unbiased, but they’re not going to openly tell you if they’re not.

What’s next?

Speak to a whole of market Mortgage Brokers which can provide you with the specialist Mortgage Advice you need.

We have a range of reputable Mortgage Advisors waiting to take your enquiry, regardless of the complexity of your case.

So, get in touch and see how we can help you.