10 Questions to Ask Your Mortgage Broker

Do you have access to the whole of the mortgage market? – You want quotes from as many resources as possible so ideally your mortgage broker will have access to the whole of the UK mortgage market.
How will you be paid? – It’s not unreasonable to ask how your broker receives funds from your mortgage transaction. Brokers should provide this information up front.
Are there any other costs associated with your service? – It’s important to know all the fees associated with your mortgage application, including valuation fees, early repayment charges and broker fees.
Are you authorised and regulated by the FSA? – Do not work with a broker that is not regulated by the FSA. Ask for their FSA number. This includes appointed representatives of mortgage networks. You can check this on the FSA register.
How long will I be locked into my interest rate? - Ensure you know your mortgage deal inside out so you are confident it’s the product that best suits your needs.
How much will my monthly payments be? – As above, ensure you understand all aspects of your new mortgage deal.
It is possible for me to pay my mortgage loan off early? - Would there be a fee for this? – Some mortgage deals may carry a fee if you pay your loan off sooner than expected. These are called Early Repayment Charges. Be sure to know if these apply to your new mortgage deal.
Am I required to have Home Insurance in place? – Whether you are required to or not, it is always a good idea to have coverage in place for when you need it. It doesn’t hurt to ask your broker for building and contents insurance quotes.
What guidelines do you follow to protect my information? – Your mortgage broker should adhere to the Data Protection Act 1998.
What other services do you offer? – Mortgage brokers may also offer life insurance or general insurance. If you are happy with the work your mortgage broker has done for you so far, why not find out if they can satisfy your other financial needs!