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
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
Getting started with a mortgage broker is straightforward. Some brokers offer a free initial consultation where they’ll assess your circumstances and explain how they can help.
You can typically reach out by filling in an online enquiry form, calling directly, or booking an appointment either in-person, by phone, or by video call. The broker will use this initial conversation to understand your needs and recommend suitable mortgage options.
Finding the right mortgage advisor for your circumstances
Not all mortgage brokers are the same; they tend to have a specific area of expertise. Some, for instance, specialise in customers with bad credit, while others are buy-to-let mortgage experts. Some brokers specialise in first-time buyers, older borrowers, and self-employed people… the list is endless.
Finding a broker whose expertise matches your circumstances means they’ll know which lenders are most likely to approve your application and which products suit your needs best.
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What questions your mortgage advisor will ask you
Your mortgage broker will carry out a fact-find to understand your needs, circumstances, and mortgage goals.
Expect them to ask you questions, like:
- 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 where did it come from?
- What property type do you want to buy, and where is it located?
- What monthly outgoings do you have?
- Do you have any credit issues?
- Do you have any dependents?
This initial consultation usually takes around 15-30 minutes, but can sometimes take longer depending on the case’s complexity.
Once your broker understands your circumstances, they’ll search for suitable mortgage products and talk you through your options. They’ll explain which lenders might be a good fit, what rates you could expect, and highlight anything that might affect your application.
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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)
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Tailored advice from an expert
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Get the best deal available for you
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Do mortgage brokers run credit checks?
Your mortgage broker will typically ask you to provide your own credit report so they can understand if there are any issues with your financial situation and avoid unnecessary credit searches. This allows them to give you advice without affecting your credit score. Your broker will explain this process during your initial consultation. When you apply for a mortgage in principle, the lender may run a soft credit check (which doesn’t affect your credit score). Most lenders will then do a hard credit check – which does appear on your credit file – when you submit your full mortgage application.
You can access your credit reports before you get started with your broker heading to our credit reports hub.
What your broker will assess
Your broker will review information about:
- Your level of income and its source
- Any outstanding 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 limit your choice of lenders and your ability to obtain a mortgage.
Checking your credit reports before applying for a mortgage can flag any issues and help you and your broker prepare. You may be able to make improvements before applying to increase the likelihood of mortgage approval and securing the best possible deal.
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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
All OnlineMortgageAdvisor brokers have these qualifications. If you want to double-check the credentials of an advisor, 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.
Ready to get started with a mortgage broker?
Online Mortgage Advisor works with over 176 lenders with access to more than 12,190 mortgage products including exclusive products that you can’t access directly, giving you access to some of the most competitive rates available.
- Whole of market access – Our advisors have access to a wide range of lenders and products
- Specialist knowledge – Expert advisors for every type of mortgage situation
- Proven track record – Highly rated by our clients
Call 0330 818 7026 or make an enquiry to get started with Online Mortgage Advisor today.
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