We recommend you read the below in full prior to your first meeting with us, where we provide answers to the most common questions we get asked and outline some useful tips – all so that you are able to be as prepared as possible and get the most from your time with your advisor, and so neither party wastes their time. A few days before your meeting, set aside some time to think about what you want to achieve from it, and ensure you have as much of the information below to hand as possible.
Fees – What and when do I pay?
Probably the first thing you want to ask. We only charge you a fee when we have secured a mortgage offer for you from a lender. Unlike other providers who might charge you up front for their services, we back ourselves to find you the right deal for your circumstances, and only then charge you for our time and work in doing so. The fee we charge will be clearly documented to you, but typically it is £650.
What is the aim of the initial meeting?
What the advisor looks to achieve is that is known as ‘a financial fact find’. This is so that they fully know and understand your financial position and requirements. This is necessary before any advice or recommendation can be provided
Documents you need
It’s important you ensure you have copies of the documents listed below in advance of the meeting, so you can provide them further down the line when required. The documents we need are;
What are you looking to borrow?
How much are you looking to borrow, over what time frame and under what terms? If you have an existing mortgage please gather all information together in advance.
Understand your current income
You will need to know and be able to evidence to us exactly what you earn. This is a key part of the process, and without this we really do struggle as lenders require factual documentation.
Understand your current outgoings
You will need to have an idea as to your outgoings as the mortgage product proposed will depend on your financial circumstances.
If you’re in couple, see us together
It’s highly recommended for both partners to be present for any discussion with an adviser, regardless of whether one of you is more financially-minded. The adviser will need to hear from both of you to form an accurate picture of your goals together.
How many mortgages can Roots access?
We pride ourselves on our ability to offer over 12,000 mortgage products from more than 90 different lenders, some at better rates than going direct.
What are the steps after the initial meeting to getting a mortgage?
Once we’ve understood and agreed the most suitable mortgage for your requirements and circumstances, a decision in principle (DIP) will be completed, usually online with the chosen lender. This involves brief personal details, income disclosure and a credit search (we can perform soft and/or hard searches – but soft searches only will limit your options).
DIP decisions are normally instantaneous, and where this is the case we will provide you with a certificate of your DIP so you can provide evidence of it where required. Assuming you then are in pole position to get your chosen property, the DIP is then upgraded to a full application – once you have given us the go ahead.
Payment for the survey is made (sometimes free) and the valuer confirms to the lender if, in their opinion, the property is suitable security for mortgage purposes. A more detailed in-depth survey (homebuyers report) can be arranged at the same time, but for a slightly higher cost.
The chosen lender will require information on income, identity, proof of residency as part of their due diligence requirements. Assuming no issues arise, a mortgage offer should be issued (this is where you pay us for our services). Then, subject to the solicitor’s conveyancing process, you are now on the road to exchanging and getting the keys!
Your home may be repossessed if you do not keep up repayments on your mortgage.There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £650.