It’s important to be well prepared for your first meeting with a mortgage advisor. It’s also important to understand the purpose of the meeting — which is to see if you are eligible for a mortgage and to begin reviewing potential products. Before you book a mortgage appointment, it’s sensible to make sure your prepared.

There are many documents and other types of information that would be useful to have in place in advance. Your adviser may require you to send some documents over before the first appointment. For the first appointment, the more documents you can bring along, the more productive the meeting is going to be.

What Happens During the Meeting?

At the first mortgage meeting, the advisor will ask you about your personal circumstances and expectations. They’ll want to know what sort of property you’re looking to buy and how much you can afford to spend on one. They’ll also want to review what you earn, your outgoings, your savings, and your credit history. With this information, they’ll then be able to present you with a Decision in Principle (DIP), which simply confirms that the lender is willing to grant you a mortgage for said amount, granted all the information you provided is correct.

While you may be nervous as so much is at stake, you should remember that the person on the other side of the table or phone wants to be able to offer you a decision. It’s in their benefit to begin your property search in earnest as this will help them to find the exact mortgage product that suits your needs and circumstances.

The broker isnt a lender, they’re there to support your application so its improtant to be open and honest – even if its bad, let them know – not waste time.

If you’re applying for a mortgage with another person (your partner, or a guarantor), it’s helpful to the lender if all parties who are applying are in attendance. If you’ve booked a physical mortgage adviser appointment and someone can’t attend, they’ll need to be contactable during the appointment (over the phone or joining through video call), as the mortgage adviser is likely to need to speak with them.


What to Bring to a Mortgage Appointment?

Different lenders will have their own requirements for how you submit mortgage information to them but the broker will relay this info to you. Typically, info that will be requested is the following:

  1. Proof of identity (photo ID), such as your passport or driving license.
  2. Proof of address, such as a recent utility bill or bank statement.
  3. Proof of income, including: 
  • The last three months of bank statements. 
  • Employers’ details for the last three years (name, address, telephone number and dates you were employed there).
  • The most recent three months of pay slips, including details of any guaranteed overtime, bonus, or commission.
  • Your most recent P60 tax statement (typically issued by your employer in April/May).
  • If self-employed, you should bring the last two years tax calculations and overviews.
  • Your most recent annual mortgage statement if you already own a property.
  • Details of all your other existing outgoings, including any other loans you may have, such as car financing.
  • Details of any credit card debt you may have.
  • Full details of any county court judgements you have (or had previously), as well as details of any other arrears or defaults.
  • Information about life or critical illness insurance policies, home insurance, pensions, or private healthcare policies you may have, as well as any mortgage insurance policy you hold.
  • Your buildings insurance policy if you’re remortgaging from another lender.
  • If you’re applying for an interest-only mortgage, provide details of how you plan to pay back the amount you borrowed at the end of the mortgage term.
  • Your solicitor’s details, whether you’re buying a property or adding/removing someone from a mortgage.
  • If you’re purchasing, your broker would also want to know your  estate agents details for the valuation.

It’s also recommended that you bring along a copy of your credit report. This is easily available online for free.


What Happens Next?

As soon as you’ve found a property and had your offer accepted, it’s time to apply for your mortgage.  This may require a second appointment with your adviser. If it’s a face-to-face meeting, it makes sense to bring along the same documents listed above, as well as details of the property you’d like to buy. This includes the:

  • Property Address
  • Purchase Price
  • Estate Agents Details
  • Deposit

If it’s a leasehold property, the mortgage adviser will also need to know the remaining term of the lease and review the lease documentation. They’ll also want to know if there’s any ground rent or service charge.
At the meeting, the advisor will take you through the application process step-by-step and barring any unforeseen issues, you should leave the meeting with a mortgage in place.

If you’re looking to start your property buying journey, let us help you get started. Contact an adviser on 0330 433 2927 or enquire online today.

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