What will a mortgage adviser ask you?

A first conversation with a mortgage adviser usually works through a similar set of areas, whatever your circumstances: your current mortgage, your income, your credit history, and why you want to remortgage. Knowing roughly what to expect means you can prepare answers in advance rather than working them out during the call.

Questions about your current mortgage and property

Expect to be asked when your current deal ends, your outstanding mortgage balance, the estimated value of your property, and whether you know of any early repayment charge that would apply if you moved before your deal finishes. An adviser uses this to work out your approximate loan to value (LTV), since lenders price and set criteria in LTV bands.

Questions about your income and employment

If you are employed, expect questions about your job, how long you have been there, and your salary. If you are self-employed, expect more detailed questions about how long you have traded, whether you are a sole trader, contractor, or company director, and what income evidence you can provide, since SA302s and tax year overviews are commonly asked for alongside accounts. Our page on self-employed remortgaging explains how different income types are generally assessed.

Questions about your credit history

Expect to be asked directly about any CCJs, defaults, missed payments, mortgage arrears, an IVA, bankruptcy or debt management plan, including roughly when they happened and whether they are resolved. This is one of the most important parts of the conversation for a bad credit remortgage, and our guide on explaining bad credit to a mortgage adviser covers how to give a clear, useful answer rather than a vague one.

Questions about why you want to remortgage

An adviser will usually ask whether you simply want a new deal when your current one ends, or whether you want to borrow more, change your mortgage term, or make another change such as adding or removing someone from the mortgage. If borrowing more is to consolidate other debts, expect questions about what those debts are and how much you owe, since our page on debt consolidation remortgages explains the risk of securing them against your home, and a regulated adviser must consider whether this is appropriate for you before recommending it.

Questions about your budget and plans

Expect to be asked about your regular outgoings, any dependants, and how comfortable you feel with different levels of monthly payment, since lenders stress test affordability against higher rates as well as your current position. You may also be asked about your plans over the next few years, for example whether you expect your income or circumstances to change, since this can affect which type of deal suits you.

A typical range of questions, by area

Questions specific to your situation

Beyond the general areas above, expect some questions tailored to your circumstances. If you are self-employed, expect more detail on how your business income fluctuates. If you are considering releasing equity or consolidating debt, expect questions about what the money is for and whether you have considered alternatives, since a regulated adviser must present options neutrally rather than assume borrowing more against your home is the right answer. If you are remortgaging jointly, expect questions about both applicants’ income and credit history, since our guide on what a financial association is explains how these can be linked.

What happens after the first conversation?

Once an adviser has a reasonable picture of your situation, they will usually explain which lenders, or type of lender, might be worth approaching, and what the next steps look like, which may include a soft-search eligibility check before any formal application with a hard search. This is a good point to ask questions of your own, such as how the adviser is paid, whether they searched the whole market or a panel of lenders, and roughly how long the process is likely to take given your circumstances.

What if you don’t want to answer something yet?

It is reasonable to say you are not sure, or that you would rather check a detail before answering, particularly for figures like an exact credit balance or the precise date of a CCJ. A good adviser would rather you check and come back accurately than guess. What tends to matter more than having every figure memorised is being willing to find out and being honest about what you do not yet know.

What this means if you have adverse credit

For homeowners with a CCJ, default, arrears or another form of adverse credit, the credit history questions are often the part of the conversation that feels most uncomfortable, but they are also the part that most shapes which lenders an adviser considers. Giving clear, honest answers, ideally alongside a brief written note of what happened and when if you are unsure you will remember every detail live on a call, tends to lead to a more accurate first recommendation. Our guide on preparing for a bad credit remortgage covers how to get this ready in advance, and our page on remortgaging with a low credit score explains more about how lenders in this part of the market weigh your answers alongside your credit file and income evidence.