Lee Martin – Winstanley Mortgage Services Claimed

You don't, but identifying the best mortgage for your circumstances, maximising your borrowing ability and identifying lenders that can help with any specific criteria needs is no mean feat, you may have to take multiple days off work for appointments if you visit banks directly, whereas a good mortgage adviser can navigate these complexities easily and quickly for you. We know the industry, what lenders are looking for and ultimately to get you best terms on your mortgage, worth it right?

This differs wildly and depends on the market an adviser works in, what their professional and business costs are, they need to make a profit after all. The main point to note is you should be given a clear indication of any fee charged, when it is due and the refund policy 'before' agreeing to proceed, that's only fair but not only that it's a regulatory requirement. Broker fees can be fixed or a percentage of the loan size, make sure you are happy with the terms before going ahead.

Independent or whole of market brokers will use ALL lenders that work with brokers, that's a great number in excess of 65 maybe. Check with your chosen adviser if they are whole of market or if they work with a a panel of lenders and ask for the details of the panel if you wish to check who is on there. If you have very straightforward needs then most brokers will have lenders that can help but if you have complexities make sure a broker has experience in that area, check reviews and you should be good to go.

If you are employed you should have at least, ,your latest 3 months payslips or 12 weeks if paid weekly, the latest 3 months bank statements showing salary credited, your latest P60 and contract of employment. Proof of your deposit is required also for your mortgage adviser and solicitor so have this readily available.
If you are self employed, then you will need your latest 3yr tax calculations and tax year overviews, ask your accountant for these. If you are a limited company director with more than a 20% shareholding you can use the same documents as the self employed individual but you may also benefit from using the company net profits before or after corporation tax, your adviser will use whichever combination of documents gets you the borrowing that you need.

The first stage of a mortgage application is an agreement in principle or decision in principle, they are the same. You can arrange one direct with a lender yourself or we can do this for you after learning about you and your requirements, we will find a suitable lender and can have a certificate available for you very quickly, this can be used to evidence to an estate agent that you are 'mortgage ready'

Many mortgage advisers have options available to be able to provide fixed cost quotes from large or small panels of solicitors, this is beneficial to you as the adviser will know which lender is being used and any issues, such as gifted deposit that need to be entered into a quoting platform, this gives you much more certainty of your final bill. You are of course free to source your own and you do not need to use the mortgage adviser or estate agent recommended firm. We find that when clients use our proposal it is easier for us to get involved when issues arise.

The short answer is yes, but it depends on various factors such as how long you have been trading, what your trading status is, are you a sole trader or a Ltd Co, or a partnership, each of these has their own requirements. Chat to your adviser who will help you understand what you will need in preparation for approaching lenders.