The 10 Best Questions to Ask Your Mortgage Broker

While working with a mortgage broker might be on your radar, it can sometimes be stressful not knowing the ‘who, what, and how’, when it comes to the best rates, deposits, and deals.

Thankfully – a trusted mortgage broker will have the answers to all of your questions!

But what questions do you need to ask?

At Boon Brokers, we believe that understanding what your mortgage broker can offer and how they plan to help you through your mortgage journey is essential. Choosing the right mortgage broker can truly transform your homebuying experience, easing your stress and saving your money.

In this article, we walk you through the top 10 questions you need to be asking your mortgage broker so that you can ensure you’re securing the best mortgage deal that is tailored to your circumstances. Let’s jump in.

Q1. Are You a Regulated Mortgage Broker?

First things first, only brokers who are authorised by the Financial Conduct Authority (FCA) can legally provide regulated mortgage advice in the UK

As such, when you first make contact with a broker, it’s crucial that you ask for their FCA registration number and take a few extra minutes to verify their credentials on the FCA’s online register.

This simple step ensures that you’re working with professionals who are under constant regulation and meet the strict standards of conduct, competence and transparency.

Q2. How Many Lenders Do You Have Access To?

A broker’s access to lenders will be determined by their specific “lender panel”. Typically, there will be two types of brokers access:

1. Whole-of-market Access
2. Restricted Panel Access

As the name would suggest, a whole-of-market brokerage will have access to the entire mortgage market. This will include popular high-street banks to more specialist and niche providers that may be able to offer certain borrowers unique features for non-standard income or unusual properties.

In comparison, a restricted panel access brokerage will be limited to only a select number of their chosen lenders.

So how would this difference affect your mortgage?

A whole-of-market mortgage broker who has access to the 90+ lenders will be able to offer you the best mortgage deal out of a wider-pool of offers. A whole-of-market panel will generally increase your chances of finding deals with lower rates and more flexible terms.

Whereas, working with a restricted mortgage broker will limit the amount of mortgage deals that they would be able to offer you. For example, a restricted broker may work with a maximum of 10 lenders, and so will only be able to offer you mortgage deals from those 10 lenders – limiting your offers.

As such, it is always important to ask your broker for the size and access of their lender panel.

Q3. What Documentation Will I Need to Provide?

A common truth in life – making sure that all your paperwork is in order can help save time. But what documents will you need to have to hand

Thankfully, most brokers will provide a complete A-Z checklist of everything you will need for your mortgage application, start-to-finish.

However, it is always best to be prepared and ask from the off.

Clarify whether your broker requires certified copies or scanned originals, and ask if they offer a secure online portal for document uploads.

The most common documents you need to provide for a mortgage application are:

• Proof of Identity (a valid passport or driving licence)
• Proof of Address (recent utility bill or council tax statement dated within three months)
• Evidence of Income (latest three months of payslips and a P60 if employed; SA302 tax calculations plus business accounts if self-employed)
• Bank Statements (three to six months, showing salary credits and expenditures)
• Details of Financial Commitments (credit cards, personal loans, etc.)

Brokers who are using a streamlined digital process – like Boon Brokers – can kick-start affordability and credit checks immediately, helping save time and reducing any back-and-forth.

Most importantly, being proactive here will mean fewer delays at the underwriting stage and a faster move-in date.

Q4. How Much Will I Be Charged?

The amount you will be charged for any broker service is vital to know upfront.

Broker fees can vary significantly, with some brokers unfortunately being quite creative in how they itemise their fees. As such, making sure you have everything in writing and have outlined exactly what payments you will receive is crucial, before you proceed. Typical fee structures include:

• Flat Fee (a payable fee on application that can range from £200 – £2,500)
• Percentage Fee (typically 0.3–0.5% of the total loan amount)
• Fee-free Broker (the broker is paid by the lender, with no fee to you)

Having a clear total cost figure will prevent you overrunning on your budget and will provide you with a benchmark to compare rival offers on a like-for-like basis. For a detailed report on the most common mortgage broker fee breakdowns, check out our mortgage broker costs guide.

At Boon Brokers, we’re proud to offer a fee-free service, ensuring you receive expert whole-of-market advice at no extra cost to your pocket.

Q5. Who Will Be My Point of Contact Throughout the Mortgage Process?

Knowing who will be your main point of contact throughout your mortgage journey can be a crucial question for those who want to have a dedicated, single point of contact.

Many broker firms will have a team of brokers, all of whom will be involved in processing your application and providing you with information as you move forward in the process. However, this model of communication may not be your preference.

Other brokers, including us here at Boon Brokers, assign a dedicated mortgage broker who will be responsible for your case from your first enquiry through to your mortgage completion. We believe that offering a single point of contact provides clarity and comfortability as you get to know your broker and your broker gets to know you.

If you have a preferred setup then it is important to clarify who will be in charge of your case, and who you will be speaking to at each stage.

Our best advice is to ask exactly how queries are logged and tracked, and what the expected response times are. Confirm whether your adviser prefers email or phone, and make sure that you would be able to agree on a regular and updated schedule that suits your diary.

Q6. What Type of Mortgage Is Best for Me?

Most importantly, your personal circumstances, requirements, and financial situation should dictate what mortgage product is right for you.

With a variety of different mortgage products on the market today, asking you mortgage broker for a detailed explanation on the different types and which product would match your situation is key. But the most important question is “Why?”.

An established and trusted broker will explain more than just the pros and cons of each mortgage type, they will be able to tailor a mortgage product to your specific requirements, whether that is a focus on affordability, repayments, remortgaging, or future plans.

It’s always best practice to ask for scenario comparisons. Having insight into what monthly payment would be over five years with a total interest cost comparison will help you weigh options in clear, concrete terms.

For a quick overview, we’ve provided some information on the 4 main types of mortgages below:

• Fixed-Rate: Locks your interest rate for a fixed term (typically 2, 5 or 10 years). This can help provide clear and predictable payments and protection from any market rises.
• Variable-Rate: Follows the lender’s standard variable rate. Importantly, this rate can change at any time – often cheaper initially but can be riskier if the rates suddenly rise.
• Tracker Rate: A tracker mortgage rate will follow the Bank of England base rate, plus a fixed margin (e.g. base rate + 1%).
• Interest-Only: You pay only the interest during the term of your mortgage, repaying the capital at the end. This is often used by investors or those with clear repayment plans.

Q7. What Are the Current Mortgage Interest Rates?

Mortgage rates will fluctuate daily. The changes are driven by bond markets, lender funding costs and Bank of England announcements. As such, you will need to ask your mortgage broker exactly what the interest rates are at the time of your application.

Most importantly, you will need to decide on the best rates that are available at the time of your application. Ask your broker for detailed information on:

• Fixed-Rate Offers: The best fixed rates currently available, including any broker-only or exclusive offers.
• The Lender’s Standard Variable Rate: The rate that you will revert back to after an introductory period.
• Tracker Rates: An up-to-date outlook on the Bank of England’s base rate and subsequent tracker offers.

It can also pay dividends to discuss an overview of the market outlook. A trusted mortgage broker will be an expert in their field and will stay up-to-date on how the mortgage world is evolving. If economics are predicting a base-rate rise in the next quarter – your broker will know.

Subsequently, locking in a five-year fixed rate now may offer long-term savings despite slightly higher initial fees.

Visit the Boon Brokers mortgage rate comparison calculator for an insight into the current interest rates.

Q8. How Much Can I Borrow?

Working out how much you can borrow is perhaps one of the most important questions and calculations you will need the answer to.

It can be advantageous to use an online mortgage calculator to get a rough estimate of your borrowing power, however, the exact amount you can borrow will depend on your financial profile and your chosen lender.

While each lender will have their own unique calculations that can change regularly, a trusted broker will be able to match your affordability and borrowing amount to a variety of lenders – advising you on the lenders who are most likely to offer you the most.

This is achieved by stress-testing your finances and your broker will typically require the following information: annual income, outgoings, credit score, and deposit size.

There are some key follow up questions that you can ask, including:

• What Is the Lender’s Income Multiplier?

Lenders will typically lend up to 4.5× your salary, but some lenders can offer higher multipliers under certain circumstances..

• How Will Improving My Debt-to-Income Ratios Improve the Rates Offered?

Reducing your current debt-to-income can provide you access to better rates, and so it might be best to wait if you have a pay rise on the horizon.

• Will Improving My Credit Score Drastically Affect My Offerings?

Defaults or missed payments can often reduce your borrowing power and rates. It is always best to ask how much of an impact your credit score is having on your application.

For a complete guide to improve your borrowing power, check out our latest article on How to Get a Bigger Mortgage.

Q9. How Much Deposit Will I Need?

We know that affording a sizable deposit can often be a challenge, and while some lenders will offer 5% deposit mortgages it is a general rule of thumb that a higher deposit will unlock the most competitive mortgage rates and products.

It’s very important to have an open and ‘frank’ conversation with your broker about your affordability and how much you plan on submitting as a deposit for your mortgage application. Ask to experiment with different amounts, and ensure that your broker explains all the facts and figures behind your loan-to-value rates.

In addition, it is always worth asking if there are any additional Government Schemes available that could help boost your deposit amount or overall affordability.

Q10. Will You Be Able to Arrange Insurance?

Your mortgage is a huge financial and long-term commitment, and so it should be protected.

Many brokers will have a large panel of insurers in all the areas you make sure you’re covered and your property is protected.

Make sure that you ask about the different types of insurers that are available, and to compare the most competitive cover offers for:

• Life Insurance
• Income Protection
• Critical Illness Cover

Having this protection in place at the completion of your mortgage can help provide you with the peace of mind that your home and loved ones are protected.

Speak to a Dedicated Mortgage Broker Today

Making sure that you work with a mortgage broker that is going to secure the best mortgage deal for you goes beyond interest rates and fees; it’s about finding a mortgage product that aligns with your personal goals and requirements.

At Boon Brokers, our dedicated fee-free specialists combine whole-of-market expertise with a personal touch. Here to help you – we’ll guide you through every stage, from the initial consultation through to completion, making sure that you’re informed each step of the way.

Contact Boon Brokers Today for a no-obligation chat and start your mortgage journey today.