12 questions mortgage brokers say buyers must ask before committing to a new deal

Buying a home often hinges on securing the right mortgage, and many buyers turn to brokers to navigate a crowded market. A practical guide outlines 12 questions borrowers should ask before committing to a deal, with the goal of ensuring the broker can tailor options to their financial situation and risk tolerance. The questions cover everything from lender access and independence to fees, documentation and what happens if an application is rejected.

Access to a broad panel of lenders and independence are central to a broker’s ability to find the best fit. Industry professionals say a broker who works with a wide range of lenders can offer more options, while ones tied to a small set of lenders may limit alternatives. The breadth of a broker’s panel directly affects the products a borrower sees; whole-market access means high street banks, building societies and specialist lenders are all in play. That breadth can improve chances of matching unusual income, property type, or credit history to a suitable lender. Conversely, a restricted or tied proposition may obscure a better option entirely. Jonathan Bone, head of mortgages at Better, noted that a limited panel can cause borrowers to miss out on better deals elsewhere. Nicholas Mendes, mortgage technical manager at John Charcol, underscored that the breadth of a broker’s panel determines the options you'll see and that whole-market access expands the matchups.

Question 1: Which lenders do you work with? A broker with broad access can present more options, while some only work with a select panel. Industry professionals say breadth matters because it expands the range of products a borrower can consider. A narrow panel may save time in the short term but can limit the best possible outcome. Borrowers should ask for a clear list of lenders and assess whether the broker truly can search the market on their behalf.

Question 2: Are you independent? Independent brokers are not tied to any single lender, which can translate into more objective guidance. An independent arrangement helps ensure that recommendations are based on what fits the borrower rather than on an inline sales target.

Question 3: Are you regulated? Mortgage brokers should be regulated by the Financial Conduct Authority. Check the FCA’s online register to confirm that the firm or individual broker has the relevant permissions. Regulation provides an accepted standard for conduct and protects consumers if problems arise.

Question 4: How are you paid and what fees are involved? Clarity on fees and commissions from the outset helps borrowers compare value rather than rely on enticing headlines. Some brokers charge a fee for service, while others are paid by the lender through a commission. Borrowers should ask for a full breakdown and understand when fees are due—upfront, on offer, or on completion—to manage cash flow during the move.

Question 5: Who will you share my financial details with? It is important to know with whom the broker will share your information, particularly if referrals come from a third party such as an estate agent. Clear guidelines on confidentiality help protect sensitive data and ensure the broker acts in the borrower’s best interests.

Question 6: Will you do hard or soft checks on my credit file? The type and timing of credit checks can affect your credit score. Soft checks are less intrusive and can gauge eligibility, while hard checks can impact your score if not sequenced carefully. A careful plan helps preserve chances of approval while moving the case forward.

Question 7: What stress tests will be used to assess affordability? Lenders test your budget at a higher rate than you will pay initially. Knowing the stress rate or a reasonable estimate helps set a realistic price range and reduces the risk of a failed application. A broker who models this with you upfront can save time and disappointment.

Question 8: What will the true cost of the mortgage be? Headline rates can obscure additional costs such as product fees, valuation, and legal charges, as well as the length of any incentive periods. Asking for the total cash cost over two or five years allows borrowers to compare like for like. Sometimes a slightly higher rate with minimal fees is cheaper overall than a rock-bottom rate with a large upfront fee. A competent broker should lay this out clearly so the borrower can see the pounds-and-pence difference.

Question 9: Is the mortgage portable? Porting allows a borrower to stay on their existing deal when moving to a new home. While it can be a money saver, porting is not automatic approval; affordability checks still apply, and the new property must meet lender criteria. Timelines can be tight and chain complications can derail a port. Understanding the process and pitfalls upfront can save a deal from collapsing mid-move.

Question 10: Why is this deal best for me? The right structure should mirror income patterns, savings habits and tolerance for rate movement. Fixed-rate products offer budgeting certainty for families or first-time buyers, while trackers can work for those who can handle fluctuations and hope rates may fall. Offsets can dramatically reduce interest for savers and freelancers who hold cash. Early repayment charges and overpayment options should be clearly understood as part of the decision.

Question 11: What documents will I need to provide? Delays in mortgage applications often stem from missing or inconsistent paperwork. A broker should provide a precise checklist of bank statements, payslips or SA302s, identity documents and deposit evidence. Maintaining clean bank conduct in the run-up to application can speed underwriting and improve the odds of a smooth process.

Question 12: What happens if the mortgage application is rejected? Not all applications go smoothly. A broker should have a contingency plan and be prepared to pivot to another lender or product if appetite or criteria shift. Clear fee terms reduce anxiety if you need to switch; you want a broker who is proactive under pressure, not reactive after a setback.

Borrowers weighing remortgage and home-purchase options should start conversations early. Those with a fixed-rate ending or buyers entering the market can benefit from shopping around promptly. Remortgage timing matters: homeowners can lock in a new deal well before a rate expires, sometimes with no obligation to accept. Many deals allow fees to be added to the loan and charged only when the loan closes, but borrowers should consider how that affects interest over the term. For buy-to-let investors, the calculus can differ, as ongoing costs may rise more sharply with rate changes.

To aid comparison, borrowers can use online calculators that estimate the true cost of a mortgage over a set period and compare products on a like-for-like basis. This is Money has partnered with L&C to provide fee-free expert mortgage guidance, including rate searches across thousands of current offers. While rates can shift quickly, seeking guidance from a qualified broker remains the most reliable path to finding a suitable loan. The mortgage service referenced here is provided by London & Country Mortgages (L&C), which is authorized and regulated by the Financial Conduct Authority. The FCA does not regulate most buy-to-let mortgages. The consumer should remain aware that home or property may be repossessed if repayments are not kept up.