There’s a lot that goes into buying a home, so it’s no wonder that first-time buyers feel like they’re stumbling around in the dark. Rest assured, the answers are out there. While you can get a good idea of the general process online, if you want specific answers to your circumstances, your best bet is to contact an expert.

The first expert you’ll talk to is either your mortgage lender (like a bank) or a mortgage broker. While there’s nothing stopping you from simply going to your bank to see what you can get for a mortgage, you want to know all your options. That’s why going to an independent (that’s key) mortgage broker is essential.

With an independent mortgage broker, you can see multiple mortgage offerings from dozens of lenders, not just the ones the broker has partnered with. This means you can select the right mortgage for you or even decide to wait until you’re in a better financial situation.

Either way, when you start to work with an independent mortgage broker, you get more than just a list of options. You get a specialist by your side who can answer any of your questions and guide you through your specific options.

Of course, it helps if you know what questions to ask. That’s where these questions to ask a mortgage broker as a first-time home buyer guide come in handy. Use this collection of questions to ask a mortgage advisor as a first-time buyer list to make sure you cover all your bases and give you a good starting point:

What to ask a mortgage advisor: first-time buyer edition

So, what are the questions to ask your mortgage broker as a first-time home buyer? Let’s get into it:

1.    Are you certified or regulated?

Legally, all mortgage brokers in the UK need to be certified and regulated by the Financial Conduct Authority, also known as the FCA. If you want to double-check (and you should), you can double-check their certifications by looking at the FCA register. All regulated brokers will be on this list, including every broker here at Your Certified Expert.

2.    How (and how much) is your service?

It’s always a good idea to get an idea of how much the mortgage broker service will cost. Some earn their commission from the lender themselves, so you don’t need to pay for the service at all, and it’s covered by the lender you choose. With this option, your broker typically makes a 0.35 to 0.4% commission on your loan amount.

Others may charge an upfront fee. This may include a standard upfront fee or be part of a commission, meaning their fee is a percentage (like 0.5 to 1% of your loan). They may also get a commission from the lender. Regardless of the option, it is very important you understand exactly what your financial commitment is to your mortgage broker.

3.    Can I remortgage through you with the same service fee?

Fixed-rate mortgages mean you keep the same interest rate. In the UK, this is usually for 2, 3, 5, or sometimes 10 years.  Once that’s over, you’ll be moved to a standard variable rate (SVR). You’ll need to remortgage after to get back onto a fixed rate.

If there is a service fee to use your lender, it’s important to understand how long that service lasts.

4.    How many lenders do you have access to?

Since mortgage brokers are regulated, a good way to pick the best one for you boils down to how many lenders they have access to. That’s why it’s one of the most important questions to ask a mortgage broker as a first-time home buyer. Your Certified Expert, for example, has access to over 72 lenders in the UK.

5.    What type of mortgage should I get?

There are more options than you think! Your options will also differ depending on your credit score, savings, and even how you get paid. For example, you can get a repayment mortgage or an interest-only mortgage. There are also 2-year or 5-year mortgages.

Essentially, what to ask a mortgage advisor as a first-time buyer needs to revolve around the mortgage types that suit your situation, explained fully, so that you can make a better decision for your future.

6.    What are the restrictions on my mortgage?

In terms of what should a first-time buyer ask a mortgage advisor, remember that you can ask questions before, and after you get your mortgage offers or a mortgage in principle. One of the questions you’ll want to discuss is the restrictions attached to your mortgage.

For example, some mortgages are portable (meaning you can move your mortgage to a new property), and some are not. Other restrictions include early repayment charges. Have your broker walk you through the limits on the mortgage offers you are considering so you have a full picture.

7.    What documents do I need?

You’ll need to provide documentation from payslips to identity documents to make an application. Have your broker create or give you a checklist so you can quickly compile all the information needed for a speedy mortgage application.

8.    What’s my loan to value?

Loan to value, otherwise known as LTV, is usually around 95%. This means that you can get up to 95% of the home’s value covered by a mortgage. The lender sets the value, so if you overbid on a property, you may not be able to get a mortgage that can cover the cost.

Having a low LTV is great since it may mean more lenders offer lower interest rates. Getting a great deal on a property or having a larger deposit can lower your LTV.