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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

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We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: April 25, 2022

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. There are also brokers who specialise in first-time buyers, older borrowers, self-employed people… the list is endless.

But the take-home point is that you need a broker whose knowledge and expertise is an exact match for your needs and circumstances, and that’s something we can help you with.

Did you know… An Online Mortgage Advisor broker has access to more deals than any comparison site. Get Started to unlock more options and increase your chance of mortgage approval.

Get Started Ask Us A Question

Ask Us A Question

We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

Ask us a question and we'll get the best expert to help.

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Finding the right mortgage advisor

This part is refreshingly simple – use our free 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 identical circumstances to yours, or at least very similar.

We only work with mortgage brokers who…

  • Checkbox Purple Are whole-of-market
  • Checkbox Purple Are experts in their field
  • Checkbox Purple Have all of the necessary qualifications and accreditations
  • Checkbox Purple Have completed a 12-module LIBF-accredited training course
  • Checkbox Purple Have deep relationships with mortgage lenders across the market
  • Checkbox Purple Agree to our fair-fee policy

Make an enquiry and we’ll set up a free chat between you and your ideal mortgage broker today. There’s no obligation to take things further and your credit report won’t be affected.

We're so confident in our service, we
guarantee
it.

We know It's important for you have complete confidence in our service, and trust that you're getting the best chance of mortgage approval. We guarantee to get your mortgage approved where others can't - or we'll give you £100*

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 type of property 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 complexity of the case, 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.

Did you know… An Online Mortgage Advisor broker has access to more deals than any comparison site. Get Started to unlock more options and increase your chance of mortgage approval.

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.

 

Identification
Address history
Income docs
Bank statements

Most people provide a valid passport, birth certificate or driver’s license (full or provisional) to prove their identity to a mortgage broker, but 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)

To provide proof of your current address, you can use any of the following…

  • A passport that’s in date
  • A Driving License showing your current address
  • Council tax statement
  • Utility bills dated within the last three months
  • Bank statements

To prove your income to your broker, you can use the following documents…

  • Payslips: Covering the last three months
  • A P60: To get a complete overview of your income
  • Tax returns: If you’re self-employed

Your mortgage broker will also need to look at your bank statements. Three months’ worth is usually the requirement although some brokers may ask for six for further insight. Mortgage lenders may also request three months’ bank statements for the mortgage application.

If you have online banking or use a banking app, you can usually print your statements at home. But if you don’t have a printer or if you’re unable to do this, visit your local branch.

The thought of having a broker look over your bank statements might make you feel nervous, but there’s no reason to be. The advisors we work with take confidentiality seriously and are obligated to be non-judgemental when assessing a customer’s finances.

Get Started Ask Us A Question

Ask Us A Question

We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

Ask us a question and we'll get the best expert to help.

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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; but they will only do this with your permission and will be completely transparent about the process involved.

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 up 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.

Get matched with the right mortgage broker today

If you’re ready to get started with your ideal mortgage broker, the quickest and simplest way to do that is to use our free broker-matching service.

Our service will carry out a swift assessment of your needs and circumstances to pair you with the mortgage broker who’s best placed to help you secure a great mortgage deal. This will be an advisor we’ve personally vetted, trained and handpicked specifically for you.

Call 0808 189 2301 or make an enquiry to get started with your ideal mortgage broker today.

Ask us a question

We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

Ask us a question and we'll get the best expert to help.

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FAQs

What qualifications should a mortgage broker have?

We ensure that the mortgage advisors we work hold an industry-standard qualification 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 name of the brokerage.

Why do mortgage advisors need payslips?

Your broker will know that affordability and income will be heavily focussed on by all lenders, so to build a clearer picture of your financial situation, they will need to see your payslips.

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.

Why do mortgage advisors need payslips?

Your broker will know that affordability and income will be heavily focussed on by all lenders, so to build a clearer picture of your financial situation, they will need to see your payslips.

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.

Why do mortgage brokers need bank statements?

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 could realistically afford to borrow. A mortgage broker has a responsibility to ensure that the mortgage deals they recommend are affordable for you 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.

Who regulates mortgage brokers?

The Financial Conduct Authority (FCA). All mortgage brokers working in the UK must be either FCA regulated or an agent of a regulated firm. FCA regulation means that you, the customer, are protected against bad advice and mis-selling, among other things.

About the author

Pete, 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 found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with 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 OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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