What questions will a mortgage adviser ask me?

Part of the journey in attaining a mortgage is speaking with a mortgage adviser. It helps build a relationship between yourself and them in order to help them better understand your circumstances.

The adviser will discuss your past, present and future financials, and how you may be able to deal with certain changes in circumstances if the situations were to suddenly appear.

Mortgage advisers are simply wanting to gain the confidence that you will be able to pay back the mortgage effectively and on time.

With that, here’s some questions on what they will ask, and what to bring with you as proof in case the questions arise.

Preparing

The adviser will want to gain a clear idea of your financial history, your current financial outgoings, and any plans for the future that could affect your financials.

The best way would be to quantify the questions into a past, present and future structure.

Past

• What loans have you had?
• How has your credit score measured over the last five years?
• How long have you been in full-time work for?
• Why are you in part-time work?

Present

• What’s your current job?
• What’s your yearly salary?
• What are your monthly outgoings?
• How much have you saved for the deposit so far?

Future

• Are there plans for a wedding, or children in the future?
• Are there any booked holidays?
• How many payments are left on existing loans and contracts?

Some of these questions may be personal, but they are essential for the adviser in gaining a greater understanding as to how your mortgage will be paid over the coming years and decades.

One other important point will be your credit score. They will need reassurance in what your score currently is, based on any products or services you have had to pay back in installments. Companies like Equifax can show yourself and the adviser what your credit score is, which on Experian is measured between 0 – 999. 

It also helps to bring in documents that help support any answers that you have prepared for. From payslips to proof of addresses, it can help prove your standing for your full time job, or where you’re currently paying rent at. Between contracts, payslips and even tax returns if you are self-employed, it all adds up to proof that you can afford a mortgage for the coming years.

Document Examples

• Proof of Address
• Employee Contract
• Payslips
• If self-employed, tax returns in the last three years.
• If employed, full or part-time, bring the employee contract to prove your original starting date, alongside recent payslips.

There are many avenues that a mortgage adviser will go to query your potential in obtaining a mortgage. But preparation is key here; the interview will depend on whether your answers will be sufficient for them, and the documents brought with you are good examples of evidence that a mortgage is a viable option for you in owning a property.