What to expect in the first meeting with your mortgage advisor 

Meeting your mortgage advisor for the first time can be a daunting prospect, whether you are a first time buyer or have gone through several mortgage applications before. The key to having a successful meeting is doing some amount of preparation beforehand so that you have everything that is needed with you. Your advisor will then take you through everything step by step and handle the rest of the process! Our guide takes you through the stages of how to prepare, what to expect from your first meeting and what to do afterwards.  

What to do in preparation  

The first stage to getting your mortgage application underway is finding the right mortgage advisor you for. It can be a good idea to speak to family and friends to see if they have a mortgage advisor they would recommend and have had a positive experience with. Research any potential advisors by reading reviews from previous customers and consider whether you want to go with an independent advisor or not. An independent advisor could be a good choice if you want to avoid a mortgage advisor who is biased towards a certain bank and provide advice only based on finding the best deal for you. An advisor local to you may also be preferential if you want to be able to pop in for quick face to face meetings.  

Once you have chosen your advisor it’s time to think about the documents that you will need to gather and bring with you. You should have: 

  • proof of your income from the last three months (payslips or business accounts, bank statements and income tax accounts) 
  • proof of identity, such as a passport or driving licence 
  • proof of address, such as a recent bill 
  • bank statements from the last three months 

Your advisor will tell if there is anything else you require but these are normally the essentials. 

What to expect during your first meeting  

So you’ve chosen your mortgage advisor and have gathered your paperwork, it’s time to meet! Here’s what to expect in your first meeting. Your mortgage advisor will ask questions to get a better idea of what you are looking for, for example size of property and location as this is determine the rough budget you will be working with. They will go through your earnings, monthly spending and credit rating with you. They will also ask how much deposit you have and all of these factors will help to decide the best mortgage deal for you. You should walk away with an AiP – Agreement in Principle which is an officially estimate of how much you can afford to borrow on a mortgage. This is a useful agreement to have as estate agents take them seriously and so will put you in a better position for your house hunting journey. An Agreement in Principle typically lasts between 30 and 90 days so this could be the push you need get your foot on the property ladder.  

What to do afterwards 

After your first meeting, you can start viewing houses or properties and make your search more serious. While you are hunting for the perfect home, your mortgage advisor will also be searching the mortgage market. They will find the best deal for you depending on your needs and budget. They will send you their recommendations so that you can come to the right decision together. Once you have found your property and made an offer, you can take the steps to complete your official mortgage application. Again, you will need to gather all of the necessary documents, these will be much the same as those needed at your first meeting. This process should be relatively straight forward as the advisor will have researched the lender and have the full idea of what is needed. A good mortgage advisor will be happy to guide you through the application process, answering any questions and making sure everything is in place.  

There you have it, everything you need to know for your first meeting as well as some advice for before and after. If you’re thinking about getting on to the property ladder soon then get in touch with the team. They are happy to have an initial phone consultation and are here to answer all of your mortgage queries.