Choosing a broker can save time and money; the key is knowing the right questions to ask. If you are wondering what to ask before hiring a mortgage broker, use this checklist to compare options fairly; understand fees; and feel confident about the advice you receive.
Whole-of-market advisers can search widely; restricted brokers work from a panel. Ask for a clear explanation; confirm how many lenders they actually place cases with.
Some brokers charge a client fee; some are paid by the lender via a procuration fee; some do both. Request a written explanation that shows the total you will pay and when.
Ask for their firm reference number and check it on the Financial Services Register; this protects you if things go wrong.
First-time buyer; home mover; remortgage; buy-to-let; specialist or adverse credit. Choose a broker who regularly handles cases like yours.
An AIP; sometimes called a Decision in Principle; helps when viewing properties. Ask how long it takes and what documents you will need.
Good brokers review income; commitments; credit profile; deposit; future plans. They should explain product pros and cons: fixed; tracker; variable; offset.
Look beyond the rate. Ask about product fees; valuation; legal costs; early repayment charges; portability; and any exit fees. Request a side-by-side comparison.
Confirm one main contact; preferred channels; and typical response times. Ask for a timeline from AIP to offer to completion.
Life cover; income protection; and buildings insurance may be discussed. You are not obliged to buy; compare quotes and ensure any advice is suitable for your needs.
Ask for their complaints procedure; whether they belong to the Financial Ombudsman Service; and how they handle lender delays or declines.
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A good broker compares many lenders; this can uncover products or criteria you might miss. Banks offer only their own deals.
No. Some charge the client; some are paid by lenders; some use a mix. Always get the fee structure in writing before you proceed.
An AIP usually uses a soft search; this does not impact your score. A full application may use a hard search; your broker should explain the timing.
