What to expect in a mortgage application interview

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Hope this is the right place to post.

I'm hopefully going to be a first time buyer with my partner and I've been reading up on mortgage interviews. I'm a bit nervous about this, I've been spending quite a bit on frivolous things lately and I'm unsure how this would be looked upon by a bank. Can anyone let me know what sort of questions they've been asked and how in depth the interview was. Thanks!

In my experience the "interview" was more about an upselling sales-pitch trying to make sure they got more money out of us. But that was many years ago.

Thanks @HigaDequasLuoff I'll make sure to look out for that too!

Never had one.

Guessing it's you going into a bank and them giving you a sales pitch?

Personally I would use a mortgage broker, they'll get you the best deal and are much quicker. No crappy 'interviews'

We went through a broker and they were able to get us what we needed. Not a formal interview, just a discussion of our income and outgoings.

Just go with London and Country then you will never need to set foot in a bank.

They shine a really bright light in your face and ask really personal questions, like explain the Costa coffee you bought last Tuesday and was it really necessary.

I've gone through this a few times and it was nothing like @Scholesfan describes - they went through my payslips and bank accounts to check we had money for deposit/solicitors/fees etc as well as regular money coming in. Checked what debt we had (student loans only count for affordability and not as a negative), what we had in mind re monthly repayments, length of mortgage loan, whether anything would soon be changing (from redundancy to baby) and it was nice and relaxed. They had to talk you through all the caveats and risks, and made sure you understood the process and implications. It was less an interview, more a very long chat. Take as much info with you as you can (the house you want to buy, or examples of the price bracket you're looking at, recent payslips, all bank accounts even if they're with a different bank, any other investments likes shares/bonds - you basically want to show that you're a good bet, and make them realise that they want your custom...)

Haha thanks @Scholesfan that's definitely what I had visions of

That's really helpful @Dinosauraddict thanks so much

I would also recommend a broker. We used one based some distance away, also a non local conveyancing solicitor. Never met any of them, everything done online after the initial conversation about us, our requirements etc with the occasional phone call throughout the process if required.

Filled in forms online, printed and signed things then scanned and emailed back, a few originals of some documents to send via post.

Collected keys on completion from vendors. All very simple, informal and much less scary than a sit down interview I’d imagine. I would choose this way again any time I buy/sell in the future.

Don't go to a bank. Go to a broker.

When I renewed my mortgage a couple of years ago, everything was done by a broker but then Santander phoned me up and went through every item on my bank statement for the past 3 months, asking me what it was for (unless it was a DD for a utility bill). For regular payments ie gym membership (£25) they asked if I could stop paying that if I was struggling to meet my mortgage ie was I committed to the payment or could it be stopped immediately. It was very intrusive and much more in depth than previous mortgage applications.

Be prepared to feel financially violated at someone on the other end of a phone, who you don't know from Adam, going through your most private financial information. Or maybe that was just me because I keep everything confidential!

Wow Blobby10 that sounds awful. During our application just last month, we were only asked for further information on 2 transactions between both of us from all of our statements. I was expecting a real grilling, but it just didn’t happen. We went with Natwest btw.

Spanglybangles I was borrowing to my absolute limit as they wouldn't take maintenance from exH into account (which covered the mortgage amount) which may be why they were so thorough. I was probably being a bit over-sensitive as I had just split up with H of 20 years and was feeling vulnerable

I did have to laugh when they suggested I spent £100 a month on the hairdressers and up to £300 on going out. I get my hair cut twice a year at £50 and spend way under £300 per year on going out!

Brokers charge fees and banks don't it's free and certainly not pushy sales anymore. We've just completed ours and got £500 back on completion and this was the same mortgage offered at the brokers but without the cash back. Hi to several banks and look online for best rates. Not really an interview just checking income and commited outgoings, car loans nursery fees etc no big deal, good luck

We used a broker.

Going to your bank is a kind of outdated way of doing it now.

We filled in fact finding forms about incomings and outgoings. No one ever asked us ‘what is x payment’ or anything like that. A very simple process and I hope for the sake again when we remortgage!

Not all brokers charge fees. London and Country do not.

We got £500 cashback also when using L and C.

Our broker charged £199 the first time we saw him - we never have to pay him again.
He saved us about £50 a month in interest so paid for himself within a few months.

It will be an affordability. They’re unlikely to ask about general expenditure.

They will ask how much you are looking to borrow and how much deposit you have and then it will likely be - income including bonuses, outgoings (student loan/ personal loan, travel costs, credit card balances). They won’t look at your day to day spending. Just what you are committed to.

You could go on a couple of banks websites to do an affordability yourself. Just don’t do a credit check (decision in principle) yet if you aren’t ready to proceed. As too many will impact your credit rating.

Also absolutely nothing to be nervous about! You are the customer and deserve the best deal. They want your business. It’s just a basic appointment not an interview.

MyDcAreMarvel - the fee is added to your mortgage. No mortgage broker is fee and if your L&C broker didn't make it completely clear to you how much they were getting paid for arranging your mortgage, they should have.

@OrchidInTheSun that's not true. L&C are free to use and are recommended by money saving expert.

Orchid the fee is not added on at all the banks pay L and C a referral fee.