1 – How do you charge for your services?
It’s important to establish this as early as possible Some brokers may charge commission, whereas others may simply take a one-off set fee. With a better understanding of how your broker charges their clients, you might be able to negotiate a different rate.
2 – What will you do for me that I can’t do for myself?
Various mortgage brokers and advisors work in different ways and specialise in different scenarios. Having a clearer understanding of what exactly your mortgage broker will do for you is valuable information, particularly when you’re working with a strict budget in mind.
3 – Are you able to cover the entire mortgage market?
It helps to get a clear understanding as to how your broker operates, what they’re tied to or whether they work independently
4 – How long will it take?
Times will vary, though a decent mortgage broker should be able to give you a fairly accurate estimation once they’ve assessed your situation.
5 – Why is this particular mortgage best for me?
Put your broker on the spot and find out exactly why the mortgage they’ve picked out for you is the best. Most decent brokers worth a dime will be well-versed in the market and will typically find the most suitable based on your circumstances, though it’s always useful to double check for your peace of mind.
6 – How much deposit should I put down?
Generally speaking, the lager the deposit you put down, the better. Speak to your mortgage broker and try to gauge how much you’ll need to put down in order to achieve more affordable mortgage payments.
7 – What experience do you have?
Your mortgage broker should always be happy to talk about their achievements and qualifications. Get a feel for who you’re working with and how long they’ve been working in the industry if you want peace of mind moving forward.
8 – Can you break down the costs for me?
The last thing you want is to be faced with unexpected fees down the line. Ensure that you are fully aware of all costs and payments so that you can budget accordingly.
9 – Are you able to offer advice regarding other areas?
Many mortgage brokers specialise in other areas, for example they may be able to assist with things like insurance. It’s a good idea to find out and see if you can work with your broker for multiple aspects of your home purchase.
10 – How can you help me in the future?
It’s nice to know that you’ll be looked after down the line, and that this encounter with your mortgage advisor isn’t going to be a one off. Buying a house and taking out a mortgage is an incredibly big commitment and will play a major role in your finances for years to come. Get a feel for your broker and see how they will be able to assist you further down the road.