10 questions your mortgage broker might ask you

Key Takeaways

• Financial transparency: Brokers require detailed information on your deposit, income, and monthly spending to calculate accurate affordability.
• Documentation: Be prepared to provide 3–6 months of bank statements to verify your outgoings and financial habits.
• Credit history: Honesty regarding past or current debt is vital; undisclosed issues can lead to mortgage rejection later in the process.
• Market access: "Whole of market" brokers (like us) offer a broader range of products compared to those tied to specific lenders.

What to expect when speaking with a mortgage broker

During the first chat with a mortgage broker, they will:

• Review your deposit or equity, income, debts, and regular spending.
• Ask what type of home or remortgage deal you want and your preferred monthly budget.
• Explain one-off costs such as stamp duty, valuation, and legal fees.
• Ask about any credit issues you may have had 
• Tell you which documents to gather next (photo ID, the last 3 months’ bank statements and payslips, proof of deposit, etc.).

If the figures stack up, the mortgage broker will then go over your best options, and set about finding the best mortgage deal for you from the lenders they have access to. At Tembo, we have access to 20,000 mortgages and over 100 lenders, including familiar high-street banks!

What will a mortgage broker ask a borrower?

• How much have you saved for your deposit? Your broker will need to know how much you’ve saved as a down payment. You’ll usually need a deposit of at least 10%, although it is possible to get a mortgage with just 5% saved. You’ll usually have access to more deals and more competitive interest rates if you save 20% or more.
• Do you have family help? Whether your parents are giving you a couple of grand towards your own home or they’re handing you a full deposit, your mortgage broker needs to know. A gifted deposit isn’t the only way that family can help you onto the property ladder. They could help you with an Income Boost, for example. This involves adding their income to your mortgage application so you can increase your affordability and get a bigger mortgage.
• How much do you earn, and how secure is your income? Before your mortgage broker can compare possible mortgage deals, they’ll need to know how much your household earns and where the money is coming from. This will include your earnings, any self-employment profits or rental income, as well as state pensions, benefits and child maintenance payments. By sharing this information with your broker, they can work out how much you can afford to borrow and which lenders could offer you the loan you need.
• How much do you spend each month on average? Your broker needs a realistic figure for everyday spending so they can check if the mortgage is affordable. Preparing a simple budget beforehand will help.
  Lenders usually review 3–6 months of bank statements, so your broker may ask to see them too. This early sense-check spots anything that could reduce your borrowing power or cause a lender to decline your application.
• Do you have any debts? Your broker needs to know about all credit commitments, including:
• Credit cards and personal loans
• Payday loans and store cards
• Buy-now-pay-later (BNPL) and hire purchase agreements
• Court judgements or debt management plans. Lenders use this to ensure you can manage mortgage payments alongside existing responsibilities.
• Have you struggled with debt in the past? Your credit score doesn’t need to be perfect, but the healthier your credit report, the easier you’ll usually find it to get a competitive mortgage deal. Lenders want to see a track record of paying creditors back on time, and they may offer you a less competitive interest rate or reject your application completely if you’ve struggled with debt in the past. It’s important to be honest with your mortgage broker, as anything you omit may mean you end up being rejected by a mortgage lender later down the line.
• Where are you in your property search? Have you found a property you’d like to buy, or have you only just started looking? Your broker will want to know where you are in your property search so they can understand your timeframe. This also makes it easier to plan ahead for credit checks, property valuations, conveyancing arrangements and common homebuying milestones.
• What type of property are you hoping to buy? Do you have a particular type of property in mind? If so, your mortgage broker will ask you to describe it. For example, how much does it cost? Arough estimate is fine. Mortgage brokers ask these questions because the type of property you want to buy can influence the mortgage deals available. For example, getting a mortgage on a leasehold property can be harder than getting a mortgage on a freehold home. Some people find it harder to get a mortgage on a new build, with some lenders requesting a bigger deposit than they would if the property were built, say, 100 years ago. A broker can help you navigate the complexities of mortgages and property types, improving your chances of securing the right mortgage for your needs. Some brokers even have access to special homebuying initiatives. Here at Tembo, for example, we have the Deposit Unlock Scheme, which is only available on new build homes.
• What type of mortgage are you looking for? You might prefer a fixed-rate mortgage for payment security or a tracker mortgage that rises and falls in line with the base rate. You might prefer an offset mortgage for the flexibility to overpay, but don’t rule out standard residential mortgages, as they’ll often let you overpay a set amount each year. You might also have a specific term in mind, such as a longer-term mortgage to keep monthly payments low. Don’t worry if you’re not sure which type of mortgage you need. Your broker can explain the different options and make recommendations based on the information they gather about you.
• Are you using any government schemes? You might have a government scheme in mind already, such as Shared Ownership or Right to Buy. If so, your broker will look for compatible mortgages and compare your chosen scheme to possible alternatives. In some cases, you may be better suited to a standard residential mortgage or a first-time buyer initiative you’ve never even heard of.

What questions should a borrower ask a mortgage broker?

• How many lenders do you have access to? Not all mortgage brokers have “whole of market”. Some will only have access to a much smaller pool of mortgage deals, and sometimes they’ll only have access to one lender. Making sure you’re going with a whole of market broker (like Tembo) can ensure your broker can compare your eligibility to a bigger range. We have access to over 20,000 mortgages from our panel of over 100 lenders, as well as a range of little-known, budget-boosting schemes!
• How long will it take to get my mortgage approved? Whether you’re buying or remortgaging, getting your mortgage offer is one of the first milestones you want to hit as quickly as you can. Asking your broker how long this aspect of the process will take can help you decide if they are the right broker for you, especially if you need to move quickly! On average, our customers receive a mortgage offer in as little as 10 days.
• Do you offer a rate-checking service? If mortgage rates change rapidly, or your house purchase is drawn out, it can sometimes make sense to reapply for a mortgage after you’ve had your initial offer to lock in a lower rate. Not all brokers will offer this service, or they may charge. At Tembo, our customers can request a rate check for free at any time up to 4 weeks before the exchange or completion date - all they have to do is ask their dedicated mortgage advisor!
• Are there any early repayment or exit fees? Some lenders apply hefty charges if you overpay, switch deal or repay the mortgage early. Ask your broker to explain when these penalties kick in and how they’re calculated so you’re not caught out later on.
• How much do you charge? It’s easy to think that going with a no-fee broker is the best option. But often, charging a fee allows a broker to give much more time to your individual case, as they aren’t reliant on processing cases as quickly as possible. Your house purchase is a significant financial commitment, so it's worth ensuring you get the best mortgage option for your situation. Read our guide on How much does a mortgage advisor cost for more information.
• Have you won any awards? Like all industries, there are plenty of awards out there which help to show which mortgage broker services stand out from the rest. Here at Tembo, we’ve been voted the UK’s Best Mortgage Broker at the British Bank Awards by our customers four years running!. Customer feedback and reviews are also important. That’s why we’re proud to also be rated Excellent on Trustpilot, from over 3,000 reviews.
• Can you arrange a mortgage pre-approval for me? Getting pre-approved gives you a realistic price range and can strengthen your offer when you find a property. A good broker will gather the paperwork and submit it to a suitable lender so you know where you stand before you start bidding.
• Can you help me with other aspects of the house-buying process? Getting a mortgage is only one part of the home-buying process. A good mortgage broker will help you navigate the other steps. At Tembo, we partner with a panel of trusted conveyancers and surveyors if you need help choosing who to go with.
• Can you help me with mortgage protection and insurance? Not all mortgage brokers help with mortgage protection insurance or similar types of cover, such as income protection. But the company may have a specialist team that can help you find the right option for you.