4 Key Questions to Ask a Mortgage Adviser Before You Commit

Choosing a mortgage is one of the biggest financial decisions you will make in your life. It is not just about borrowing money to buy a home, but also about finding a deal that suits your income, lifestyle and future plans. Because of this, working with a mortgage adviser can be extremely helpful.

Mortgage advisers are there to guide you through the process, explain the different products available and help you make choices based on your personal needs. But before you put your trust in any adviser, it is essential to ask the right questions to make sure you are getting the best advice and value.

This article shares four key questions that you should ask a mortgage adviser before moving forward. These questions will help you understand their services, how they are paid, and how much support they will offer throughout the process. Knowing this information will make the journey to getting your mortgage far less stressful and more successful.

What Type of Mortgage Products Can You Offer Me?

One of the first things you should find out is what kinds of mortgage products the adviser can offer. Not every adviser works with the same lenders or types of deals. Some may only offer mortgages from a small number of providers, while others might have access to a much wider range of options. This can affect the advice they give and what you are offered.

It is also important to make sure they understand your needs and can match them to the right type of mortgage. Different deals suit different people, and a good adviser will be able to explain this clearly so you can make the right choice.

Are You Tied to a Specific Lender or Whole of Market?

Some mortgage advisers are linked to one bank or a group of lenders. This means they can only offer you the products those companies have. Others are what is called "whole of market" advisers. They can look at deals from lots of different lenders. This usually means you have more choice and can find a mortgage that better fits your situation. Make sure to ask which kind of adviser they are so you know how wide your options will be.

Do You Offer Fixed, Variable and Tracker Mortgages?

Mortgages come in different forms. Fixed rate mortgages have the same interest rate for a set time. This helps you plan your payments. Variable rate mortgages can change, meaning your payments could go up or down. Tracker mortgages follow the Bank of England base rate. Ask the adviser if they offer all of these, and which one may suit your budget and long-term plans.

Can You Help with Government or Specialist Schemes?

There are government-backed schemes like shared ownership or Help to Buy, and specialist deals for certain professions or buyers with low deposits. These can be a big help, especially if you are a first-time buyer or need support getting on the property ladder. Some advisers have experience with these, while others may not offer them. Make sure to ask if this is something they can help with.

What Mortgage Term Lengths Are Available?

Mortgage terms can range from just a few years to as many as 40. A shorter term usually means higher monthly payments but less interest paid overall. A longer term reduces your payments each month but could cost you more in the end. Your adviser should talk you through the options, including how they affect your finances now and in the future.

How Are You Paid, and Will I Be Charged a Fee?

Before you agree to work with a mortgage adviser, it is important to understand how they are paid. Some advisers charge you a direct fee. Others receive a payment from the lender when your mortgage is approved. Some advisers are paid both by you and the lender. Knowing this helps you understand if they are truly offering unbiased advice.

If the adviser charges a fee, ask how much it will be and when it is due. Also check if the fee is fixed or based on the size of your loan. Make sure to ask if the fee is refundable if the mortgage does not go ahead, and whether you will still owe money if you do not take their advice.

Advisers must explain their payment method clearly. They should also give you a written document showing this. This lets you compare advisers and make sure you are not paying more than you need to. A trustworthy adviser will be open and honest about all fees and will not try to hide any charges from you.

How Will You Help Me Choose the Right Mortgage Deal?

Choosing a mortgage can be confusing, especially with so many terms and numbers to understand. A good adviser should take the time to get to know your needs and goals. They should ask about your income, spending, savings, credit score and any future plans you may have. This will help them suggest deals that truly match your situation.

Ask the adviser how they compare different products. Do they look at just the interest rate, or do they also look at fees, flexibility, repayment options and penalties? For example, a mortgage with a low interest rate might have high arrangement fees that make it more expensive overall. A good adviser will explain all of this clearly.

Also find out if they will give you a clear list of the best deals, or just recommend one. Some people like to see a few choices and compare them before deciding. A clear explanation of the pros and cons of each option helps you feel more confident. The adviser should always take the time to answer your questions and explain anything you do not understand.

What Support Do You Offer During the Application Process?

Once you decide on a mortgage deal, the next step is to apply. This can involve a lot of forms, checks and back-and-forth with lenders. Having someone to support you during this process can make a big difference. A good adviser will not just leave you to figure things out on your own.

Ask the adviser what kind of help they provide from start to finish. Will they guide you through the paperwork, speak to the lender on your behalf and keep you updated? Will they help if anything goes wrong or if extra information is needed?

Will You Handle the Paperwork and Submissions?

Filling in forms for a mortgage can be time-consuming and must be done correctly. Errors or missing documents can slow things down or lead to your application being rejected. Ask if the adviser will fill in the forms for you or check them before they are sent off. This helps avoid delays and reduces the chance of mistakes.

Can You Keep Me Updated on Progress?

It can be stressful waiting to hear back from lenders. Some advisers offer regular updates by phone or email, so you always know where things stand. Others might only get in touch if there is a problem. Make sure to ask what you can expect, so you are not left in the dark during the process.

Will You Liaise with Estate Agents and Solicitors?

The mortgage process often involves talking to other people too, like estate agents and solicitors. Some advisers will speak to them for you, helping move things along more quickly. This can save you time and stress, especially if you are busy with work or family. It also helps keep everyone on the same page and ensures important details are not missed.