Ardent Team

28 February 2020

What to ask a mortgage advisor

 

 

Considering a visit to a mortgage broker? Perhaps you’ve found a house you’d like to purchase or are finding out what you can afford. In either case, it’s sometimes hard to know where to start your conversation with a mortgage advisor. We’ve put together a series of questions to help you get the most out of your meeting.

 

1. What can I afford?

This one is always top of the list. You need to come away from your meeting knowing what’s realistic in terms of purchasing a property. In order for your mortgage advisor to be able to answer this question, they’ll need to know your income, monthly outgoings and savings. They can calculate a rough figure as to what you manage.

 

 2. What’s the maximum I can borrow?

Closely related to the question of what you can afford is how much you can borrow. This will depend on the current mortgage deals available and your mortgage advisor’s knowledge of what they’ll be willing to lend. In order to know how much deposit you’ll need, you’ll have to be aware of the size of mortgage you could potentially take on.

 

3. How much deposit do I need?

You might have a specific property in mind that you’re looking to purchase. In this case, your mortgage advisor can take the price of the property and work out what a sensible deposit might be.

 

4. What will the deposit I can afford to put down allow me to buy?

On the other hand, you might be a first-time buyer just figuring out which kinds of homes you could afford. In this case, you might tell your advisor how much you can put down as a deposit and they could calculate what this will enable to you afford.

 

Did you know that our Mortgage Advisors at Ardent can answer all the questions above before you’ve spent any money at all? We offer a free initial consultation followed by a follow-up conversation before you’ve committed to taking out any mortgage deals. You’ve got nothing to lose!

 

5. Can I get help with my mortgage from family members?

Maybe you’re currently renting and know it’s going to be difficult to afford to buy a property on your own. If you have family members who are willing to assist you by either paying your deposit or joining you as a guarantor on your mortgage policy, this could put your first purchase in reach. Your mortgage advisor will be able to speak to family members too and explain the different options to you all so you can make an informed choice.

 

6. Which kind of mortgage is best for my situation?

Your mortgage advisor will be able to explain the types of mortgages in general when you first meet them so you can get an idea what your options might be. After they’ve done their full calculations though, they’ll be able to tell you which deal is best for each type of mortgage available to you. At this point, you still won’t be charged at Ardent since you only pay once you’ve decided to take out the mortgage.

 

7. What’s the best interest rate that I can expect?

Professional mortgage advisors like Graham, Nick and John at Ardent will have an excellent knowledge of the mortgage market and be able to advise you on the what the going rate for the kind of mortgage you’re interested in.  They will update you if the situation changes between your first enquiry and the point of purchase.

 

8. Which lender should I choose?

The benefit of choosing an independent mortgage advisor like Ardent is that we consider many different lenders. Mortgage brokers have special access to wider range of deals than members of the public meaning they may be able to find something even more suitable for your situation than you could alone. That aside, it can be confusing to keep comparing even those on the high street or online. A mortgage advisor will be able to do the hard work for you.

 

9. Should I use the government help to buy loan?

If you’re looking to buy a new build, it might be a good idea to make the most of the government’s help to buy loan in which case, you only need a 5% deposit.  John, Graham or Nick will explain how this works and help you decide whether it’s for you.

 

10. What other costs are involved in buying a house?

You might be talking mortgages with your advisor, but they’ll be able to tell you about other costs to expect when purchasing. Estate Agent fees, stamp duty and surveying are all things to consider when budgeting.

 

We’re sure you’ll have many more questions once you’ve got started with these ones. That’s not a problem! We’re happy to meet with you and share our expertise for free at Ardent and you’ll only pay when you’ve decided which mortgage deal to take out. Please call us on 01904 655 330 or email hello@ardentuk.com.

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