How to prepare for a mortgage interview | moneyfacts.co.uk

Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 25/06/2020

At a glance

  • A mortgage interview enables a lender or broker to evaluate if you are safe to lend to.
  • Preparation is critical to success in a mortgage interview – get your finances in order and collate the right paperwork.
  • Book your mortgage appointment as early as you can – it may take weeks to process your mortgage application.

What is the purpose of a mortgage interview?

A mortgage interview enables your mortgage adviser or mortgage lender to check if it is reasonable to give you a mortgage. They will want to know more about your ability to pay back the mortgage and your current and potential future circumstances.

Four steps and you're ready for your mortgage interview

There are four steps to prepare for your mortgage interview:

1. Get your finances in order

Central to any mortgage interview is the lender or adviser assessing how likely you are to be able to pay the mortgage back. A good credit score, avoiding going overdrawn and a stable income all help to show you are less of a risk to the lender.
You can find out more about preparing your finances in our guide How to improve your chances to get a mortgage.

2. Think about your future situation and the effect on your finances

The mortgage interviewer also needs to check that a mortgage is suitable for you now and in the future as your circumstances potentially change. If you are likely to start or expand your family during the mortgage deal, then it could be less affordable for you. Career changes, sabbaticals or working a different place or country will all potentially affect your ability to pay your mortgage.

3. Be prepared with your paperwork to avoid delays

You should bring to your mortgage interview your last three payslips, most recent P60, recent bank statements including a list of regular payments such as standing orders and direct debits, a mobile phone bill or utility bill showing your current address, passport and/or driving licence. Having these to hand means you can progress as much as possible within the interview.
Make sure that you complete forms accurately to avoid having to correct these later – a mortgage broker can help to make sure all the documentation is completed accurately first time.

4. Book your mortgage interview in advance of finding a property

It’s important you are clear about how much you can afford to borrow before you make an offer on a property. You can then look at properties in the right price range. Completing a mortgage application can take many weeks, so it is best to have your mortgage in principle agreed early to make sure you can move quickly once you have an offer accepted on a new home.

Are you ready for a mortgage interview?

Here are the four signs that you are ready for a mortgage interview:

  1. Your deposit is saved, and you can access your savings.
  2. You have used our mortgage affordability calculator to get an idea of how much you could borrow.
  3. You have already completed all the actions in our guide how to improve your chance of getting a mortgage.
  4. You have looked for first-time buyer mortgages to compare the mortgages and rates available to you.

Once you have completed the above, you can arrange either to speak with your chosen mortgage lender or to a mortgage broker and make an appointment for a mortgage interview.

Get help finding the right mortgage

A mortgage broker can help you to search the market and find a lender most likely to accept your application. They will also help guide you through the process and help to complete your mortgage application.

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Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

man handing over keys

At a glance

  • A mortgage interview enables a lender or broker to evaluate if you are safe to lend to.
  • Preparation is critical to success in a mortgage interview – get your finances in order and collate the right paperwork.
  • Book your mortgage appointment as early as you can – it may take weeks to process your mortgage application.

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