The most common questions buyers asked mortgage advisers

April 5, 2017 by Brendan

Advice & Tips

Buying a home for the first time can be a really stressful experience, especially as it is one of the most expensive purchases you will ever make. Mortgage advisers study on a CeMAP course so that they are professionally qualified to provide appropriate advice.

One of the most common questions asked is whether purchasing a new home or an older property will increase the chances of being accepted for a mortgage. As it can be harder to re-sell a new build, lenders often favour an older property. Lenders will often ask for a higher upfront deposit on a new home, as they increase in value at a slower rate.

Another frequently asked question concerns the multiples of income which can be borrowed. This differs according to the lender, who conduct affordability checks to decide the amount which can be borrowed. For a borrower who has minimal outgoings, the amount borrowed will be higher.

Queries regarding the total mortgage term are also common. Although mortgage terms vary in length now, with some covering 30 or 35 years, the lender often still wants to see that you will have repaid the debt before retirement age.

Credit scoring is another area which attracts a lot of questions, as buyers want to know what their credit score should be to increase the chances of a mortgage application being accepted. However, there is no specific score and the lender will consider a number of factors before approving or rejecting a mortgage application.