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Boomin Answers: What to Prepare for a Mortgage Interview?

How much mortgage can I get? Here’s how to prepare for an initial mortgage discussion.

Faye deGavre

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Jan 07, 2022

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4 min read

Boomin Answers: What to Prepare for a Mortgage Interview?

Before you begin viewing properties, it’s a good idea to find out how much you can borrow as a mortgage. Armed with a figure, you can then make sure you’re only viewing properties you can afford. Once you’ve used a mortgage calculator and have a general estimate in mind, it’s then time to get in touch with a mortgage advisor who can help secure you a more accurate figure. Ahead of this discussion, there are a few things to prepare.

What’s the purpose of a mortgage interview?

A mortgage interview enables your mortgage advisor to ensure you are a suitable candidate for a mortgage. They will want to learn about your finances to ensure you have the ability to pay back the loan. Not just now, but in the future too when interest rates fluctuate.

Your finances will undergo a stress test. This is to see if you can meet your monthly mortgage repayments if interest rates rise.

The aim is for the lender or broker to help you choose the most appropriate mortgage for your current needs and circumstances. At the end of the session, whether that’s one long discussion or several shorter meetings, you should have a clear view of your finances and feel confident that you can comfortably afford your mortgage.

How to get ready for a mortgage interview

Prepare your finances

Central to any mortgage discussion is the lender or advisor assessing if you can afford mortgage repayments. They’ll ask you about your income (the money you have coming in) and expenses (the money you’re likely to spend). Jot down the figures – your income, debt, monthly outgoings and how much you’ve saved for the deposit.

It’s also worth checking your credit history. Make sure there’s nothing that could stand against you. If you spot an error, get it corrected.

What documents do I need?

As part of the preparation for your meeting with a mortgage lender, it’s worth gathering documents about you and your finances. Among others you can think of, gather:

  • Proof of income (3-6 months of payslips, bank statements and a P60 if possible)
  • Proof of identity (for example, a passport or driving license)
  • Proof of address (for example, a recent utility bill, bank statement or council tax statement)
  • Details of any earnings outside of a regular job
  • Details of any debts (loans, store cards, etc.)
  • A list of any and all assets, such as other properties

How long does a mortgage application take? Working with a mortgage broker and having these documents to hand means you can progress as much as possible in the first conversation.

Other questions

The mortgage advisor and lender want to firmly grasp your current situation and how future plans might impact what you can afford. As such, they may ask personal questions to see if you’ll feel financially stretched further down the line. You could be asked:

  • Do you expect your income to decrease?
  • Do you expect your outgoings to increase?
  • Do you have any children or dependents?
  • Do you have plans to leave your job, become self-employed or start a business?
  • Have you taken out a payday loan?
  • How much is your deposit and how did you get it?
  • What are your pension contributions?

They could also ask you about having children in the future, car loans, property renovation and repairs.

Use your mortgage discussion to ask any questions you have. This is your chance to understand how much you can borrow. It’s a time to turn your dreams into reality – and that means being realistic. Do your research first to be sure you can give accurate answers.

Are you ready for a mortgage interview?

  • You’ve saved a deposit and you can access your savings
  • You have used a mortgage affordability calculator to get an idea of how much you could borrow
  • You’ve gathered paperwork and figures about your financial circumstance

Some mortgage brokers may charge a fee for their services. How much do mortgage advisors charge? Ask for their fees upfront so you are prepared for this cost.

Find your next home

Once you know how much you can borrow, you have a budget. Now you can get serious about looking for your next home to buy. Get started by searching on Boomin.

Faye deGavre

Content Writer