Getting Started With a Mortgage Broker
See how an expert broker can help secure a mortgage approval and find the best deals right for you
How will you be using the property?
Author: Pete Mugleston
CeMAP Mortgage Advisor, MD
In this guide, you’ll learn how to find the right mortgage broker and how to prepare for your appointment, including which documents you’ll need and what questions you’ll be asked.
How to get started with a mortgage broker
You don’t want to choose a mortgage broker at random. Ideally, you’ll need to find one who specialises in customers with your exact needs and circumstances.
Mortgage brokers tend to have a specific area of expertise. Some, for instance, specialise in customers with bad credit, while others are buy-to-let mortgage gurus. Some brokers specialise in first-time buyers, older borrowers, and self-employed people… the list is endless.
But the take-home point is that you need a broker whose knowledge and expertise are an exact match for your needs and circumstances, and we can help you with that.
Did you know… An Online Mortgage Advisor broker has access to more deals than any comparison site.
Get Matched With The Perfect Mortgage Advisor Today
Receive a Callback From a Qualified Mortgage Advisor
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An Advisor Will Guide You Through The Entire Process
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Receive Personalised Advice
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Find Out What Rates You Could Get
Finding the right mortgage advisor
This part is refreshingly simple – use our broker-matching service to be paired with a mortgage advisor based on your needs and circumstances. This will be somebody we’ve personally vetted, trained, and handpicked for you because of their track record helping customers in circumstances identical to yours or at least very similar.
We only work with mortgage brokers who…
- Are whole-of-market
- Are experts in their field
- Have all of the necessary qualifications and accreditations
- Have completed a 12-module LIBF-accredited training course
- Have deep relationships with mortgage lenders across the market
- Agree to our fair-fee policy
Make an enquiry, and we’ll set up a chat between you and your ideal mortgage broker today. You’re not obligated to proceed, and your credit report won’t be affected.
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What questions your mortgage advisor will ask you
Your mortgage broker will carry out a quick fact-find to establish your needs, circumstances and mortgage aspirations.
Expect them to ask you questions, including…
- Have you had a mortgage in the past?
- What is your budget?
- What is your income, and how long have you been at your current job?
- How much deposit do you have, and what is its source?
- What property type do you want to buy, and where is it located?
- What outgoings do you have?
- Do you have bad credit?
- Do you have any dependents?
How long your interview takes will depend on the case’s complexity, but the brokers we work with fully understand that people lead busy lives and may have time constraints. They can be flexible and accommodating and will fit your consultation around your schedule.
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Did you know… An Online Mortgage Advisor broker has access to more deals than any comparison site.
What you’ll need to take to your appointment
Your mortgage broker will need you to bring documents to your appointment to verify your identity, address and income. Below we’ve gone into detail about the paperwork you need.
Most people provide a valid passport, birth certificate or driver’s license (full or provisional) to prove their identity to a mortgage broker. Still, other forms of photo ID will suffice, including…
- Valid Shotgun Licence or Firearms Certificate issued by your local police force
- Valid EU or EEA Member State Identity Card (Swiss Member Card also accepted)
- Identity Card issued by the Electoral Office for Northern Ireland
- Valid Blue Disabled Driver’s Pass issued by a UK Local Authority (Council)
Get Started with a Broker
Maximise your chance of approval with tailored help from a specialist
Do mortgage brokers run credit checks?
Yes, there’s a high probability that your mortgage advisor will run a mortgage credit check to determine whether you can afford the mortgage you want to apply for. Still, they will only do this with your permission and will be completely transparent about the process.
If you wish, you can run a quick credit check on yourself before you get started with your broker. You can do this for free by heading to our credit reports hub.
What to expect from your broker’s credit check
These checks often include questions regarding your…
- Level of income
- Source of income
- Debt
- Number of dependants
- Age
A broker knows that another key factor that mortgage lenders will look at is your credit history. There are multiple credit reference agencies (CRAs) that lenders may use to establish your score and check your financial history, but, frustratingly, they can all give varying scores.
If your credit reports show a history of mismanaging money and accumulating debt, this can seriously impact your choice of lenders and your ability to obtain a mortgage.
Running a credit check before applying for a mortgage can flag any issues and help you and your broker prepare. It may be the case that you can make improvements before applying to increase the likelihood of mortgage approval and landing the best possible deal.
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Get matched with the right mortgage broker today
If you’re ready to start with your ideal mortgage broker, the quickest and simplest way is to use our broker-matching service.
Our service will swiftly assess your needs and circumstances to pair you with the mortgage broker best placed to help you secure a great mortgage deal. This advisor will be one we’ve personally vetted, trained, and handpicked specifically for you.
Call 0330 818 7026 or make an enquiry to get started with your ideal mortgage broker today.
Ask us a question
Ask us a question and we'll get the best expert to help.
FAQs
We ensure that the mortgage advisors we work with hold industry-standard qualifications recognised by the Financial Conduct Authority (FCA).
This would be either…
- Certificate in Mortgage Advice and Practice (CeMAP) – this is the industry benchmark qualification for authorised mortgage brokers and advisors
- Chartered Insurance Institute Certificate in Mortgage Advice (Cert MA) – this qualification also meets the FCA’s expectations for mortgage advisors
We always check whether the brokers we work with hold these qualifications, but if you want to double-check the credentials of an advisor we’ve referred you to, you can look them up in the FCA register by searching for their name or the brokerage’s name.
Your broker will know that all lenders will be heavily focused on affordability and income, so they will need to see your payslips to build a clearer picture of your financial situation.
Having this information presented accurately for a lender can be a good idea, so see this stage as preparation. Delays can cost time, which could lead to you missing out on a current rate or deal, so always have proof of your income ready in advance.
They need to see them because your bank statements will show your broker a true representation of your spending habits, income and outgoings.
This information can help your broker understand how much you can borrow. A mortgage broker is responsible for ensuring that the mortgage deals they recommend are affordable and best suit your circumstances.
Moreover, your mortgage advisor will check that your deposit funds are available and will want to verify the source of your deposit. Some deposit sources might limit your mortgage options.
The Financial Conduct Authority (FCA). All mortgage brokers working in the UK must be either FCA-regulated or agents of a regulated firm. FCA regulation means that you, the customer, are protected against bad advice and mis-selling, among other things.
Pete Mugleston
CeMAP Mortgage Advisor, MD
Pete, a CeMAP-qualified mortgage advisor and an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete successfully went the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained and his love of helping people reach their goals led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.
Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!
Superb response and knowledgeable advisor
Steve, the financial advisor, contacted me within the hour and was very friendly, knowledgeable and professional. He seemed to relish my non standard requirement, diligently kept me updated during the day and we struck up a great relationship. Very impressed.
Peter Costello
Knowledgeable and Supportive
The team were fantastic and really knowledgeable and supportive. They answered all questions promptly and came back to me with regular updates. I have already recommended them and will use them again.
Dorothy
Prompt and Professional
A very prompt and professional service. The advise and guidance has been so valuable as a first time buyer.
Ayesha