Any mortgage advisors about?

[edgewater]

I have a phone appointment next week and the email says it’s two and a half hours long! What do they ask?

We’re asking for additional borrowing. That borrowing will increase our mortgage but it will be less than what our original mortgage was when we took it out.

They’ve asked for and got payslips and 3 months bank statements. I’m just not sure what will take 2.5 hours.

Thanks.

I work for a mortgage broker, it just takes time to ask all the relevant questions. Incomings including salary, bonuses, overtime child benefit, tax credits etc. Outgoing broken down, like council tax, childcare, travel, all household bills. Then credit commitments - loans, credit cards, car finance, student loans, sofa’s on credit ... existing mortgage details, what you want the additional borrowing for. I’d say bearers an hour honestly, but each case is different.

*nearer

Thank you.

They'll want to discuss your protection as well. Life cover and critical illness cover; you may have taken out decreasing cover when you took the mortgage originally so you won't be covered for the additional lending by that cover.

And the protection review could easily take an hour, plus and hour for the lending, the other time will be for niceties and any additional questions you may have.