8 Questions to ask a mortgage broker before buying your first home
Choosing a mortgage broker is one of the more important decisions in a first-time home purchase. The right broker gives you access to a wider range of lenders, understands your situation properly, and stays with you from first conversation through to keys in hand. The wrong one can cost you money, time, and sometimes the deal itself.
Here are the eight questions worth asking any broker before you commit with a note on what a good answer looks like for each, so you can make a properly informed choice.
Feel free to contact Heron Financial on 0203 195 1982 to speak to one of our advisor’s fee free for further information.
8 questions to ask a mortgage broker
- 1 Are you independent, or restricted to a particular panel of lenders?
- 2 What does "whole of market" mean, and do you offer whole-of-market advice?
- 3 What fees do you charge, and when will I need to pay them?
- 4 How much could I realistically borrow for my first home?
- 5 How much deposit should I aim to have?
- 6 Which type of mortgage could be most suitable for my circumstances?
- 7 What interest rate and mortgage term should I consider?
- 8 What happens next, and will you support me from AIP through to completion?
1. Are you independent, or restricted to a particular panel of lenders?
A mortgage broker can either be independent (searching the whole market) or restricted to a limited panel of lenders, sometimes even just a single provider.
This matters because restricted brokers can only look at a small group of lenders, which means you might miss a cheaper or better-fitting deal available elsewhere. An independent whole-of-market broker reviews a much wider range of options, so recommendations are based on what actually fits your situation rather than what’s on their panel.
Many brokers also get access to intermediary-only rates, mortgage products lenders offer only through brokers, which regular buyers can’t find on their own. Restricted brokers may lean toward specific lenders because of business partnerships or commission structures. Independent brokers have less of that pressure baked in.
What a good answer looks like: “We’re independent and whole-of-market, here’s the list of lenders we can access.”
Our advisers have access to the whole of the market, searching a broad range of lenders to help you find the most suitable mortgage deal for your circumstances.
2. What does “whole of market” mean, and do you offer whole-of-market advice?
Whole of market means a mortgage adviser can search and recommend deals from a broad range of UK lenders, rather than being limited to one bank or a small panel.
It’s not entirely universal even then, direct-only deals (mortgages lenders sell straight to the public without going through brokers) usually aren’t included in any broker’s search, whole-of-market or not. But whole-of-market brokers cover the wide range of high street banks, building societies and specialist lenders that between them account for the vast majority of the UK mortgage market.
This matters most if you have specialist needs, self-employed income, a smaller deposit, credit issues, contractor income, or a foreign national visa. Tied or limited-panel brokers may simply not have access to the lender that fits your situation best.
What a good answer looks like: “Yes, and here’s our lender panel so you can see the range.”
3. What fees do you charge, and when will I need to pay them?
How mortgage brokers charge
Timing also varies. Some brokers charge when you submit the application (even if the deal falls through), some when the lender issues an offer, some at completion. This is important to nail down before you commit, you don’t want to find out you owe several hundred pounds if the purchase doesn’t complete.
What a good answer looks like: A clear, upfront statement of the fee, exactly when it’s payable, and what happens if the deal falls through, ideally provided in writing.
We’re a completely fee-free mortgage broker, no matter the size of your loan or the complexity of your case. We’re here to help you find the most suitable mortgage and get your property purchase across the line.
4. How much could I realistically borrow for my first home?
Most standard UK lenders cap borrowing at 4.5x your salary (or your combined salary if you’re buying with someone else). On top of the income multiple, lenders review your take-home pay against your outgoings, credit cards, loans, childcare, regular spending, to check affordability.
You typically need a minimum deposit of 5% of the property’s purchase price. Some specialist lenders or products for higher earners and certain professions go up to 5.5x or 6x income, but these are less common and have their own criteria.
The reason this question matters upfront: a broker with genuine market knowledge can tell you which specific lenders offer higher income multiples for your job, income type or profile, which can meaningfully change the price range you can realistically buy in. They can also match you with lenders most likely to accept you, avoiding failed applications that can affect your credit file.
What a good answer looks like: A realistic figure that reflects your specific situation, not just a generic multiple applied to your salary.
5. How much deposit should I aim to have?
There isn’t a single “right” deposit amount, it depends on your income, the price range you’re buying in, and where you live. But a good broker can help you target a specific figure that opens up the right lenders and the right rates for your situation.
Loan-to-value bands are where rates change most sharply. A broker who knows the market can tell you where the next meaningful rate drop kicks in, for example, whether stretching to a 15% deposit unlocks materially better rates than a 10% deposit would. That helps you set a realistic savings target rather than saving to a generic percentage.
A good broker will also help you calculate the total upfront cash needed for the purchase, not just the deposit itself, but survey fees, legal fees and Stamp Duty Land Tax (or Land and Buildings Transaction Tax in Scotland, Land Transaction Tax in Wales). If a gifted deposit, shared ownership or family-supported product would help, they should raise those too.
What a good answer looks like: A specific deposit figure tied to your situation, plus a clear breakdown of all the upfront costs beyond the deposit itself.
6. Which type of mortgage could be most suitable for my circumstances?
Mortgage types explained
| Fixed rate | Monthly payments stay the same for a set period (usually 2 or 5 years), making budgeting predictable |
| Variable (tracker / SVR) | Monthly payments can go up or down based on interest rate changes |
| Repayment | Monthly payments pay off both the interest and the actual loan amount over time |
| Interest-only | Monthly payments cover only the interest, you need a separate plan to repay the capital. Rare for first-time buyers |
| Specialist products | Guarantor mortgages, shared ownership, joint borrower sole proprietor, buy-to-let and similar options for specific buyer needs |
A broker with genuine market knowledge should be able to explain why one product type suits your situation better than another, not just recommend the cheapest headline rate. They should also compare total cost (including arrangement fees and early repayment charges) rather than just quoting rates.
What a good answer looks like: A recommendation tied to your specific circumstances, with clear reasoning, not a generic “most first-time buyers go for a 5-year fix.”
7. What interest rate and mortgage term should I consider?
For most first-time buyers, the default conversation is around a 2- or 5-year fixed rate over a 25 to 35 year mortgage term, balancing manageable monthly payments against overall interest cost.
That’s a starting point, not a rule. The right combination depends on your income stability, how likely you are to move within the next few years, what you’d do if rates fell after you locked in, and how comfortable you are with payment changes at your next remortgage. A good broker should walk you through the trade-offs rather than push you into a default.
They should also factor in the fees that get bundled into the deal, arrangement fees, valuation fees, broker fees where applicable, to identify which product is actually cheapest across the fixed period rather than which has the lowest headline rate.
What a good answer looks like: A recommendation based on your plans, financial situation and comfort with payment changes, not just “5 years is safer” or “2 years is cheaper.”
8. What happens next, and will you support me from AIP through to completion?
From AIP to completion: what to expect
What a good answer looks like: A clear description of who supports you at each stage, and confirmation that someone stays with you from AIP through to completion.
Talk to Heron Financial
If you’re a first-time buyer thinking about buying in the next few months, we’re happy to answer all eight of these questions upfront, we’re whole-of-market, fee-free, and stay with you from first conversation through to completion. No pressure to commit, just a proper conversation about what’s realistic for your situation.
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Frequently Asked Questions for Heron Financial
When should I speak to a mortgage broker as a first-time buyer?
Ideally before you start viewing properties. A broker can confirm your realistic borrowing figure, help you set a deposit target, and give you an Agreement in Principle to strengthen your position when you make an offer.
Is a mortgage broker better than going directly to a bank?
Usually yes. A bank can only offer you their own products, while a broker searches multiple lenders, often including intermediary-only deals that aren’t available to walk-in customers. Even where a direct bank rate would beat the broker’s, the broker knows to point that out.
Do I have to pay a mortgage broker if my application is declined?
That depends on the broker’s fee terms. Some charge on application (whether it succeeds or not), others charge on offer, others only on completion, and some don’t charge you at all. Always get the terms in writing before committing.
How long does the mortgage process usually take?
From Agreement in Principle to full mortgage offer is typically 2 to 4 weeks. From there to completion is usually another 6 to 10 weeks, depending on how quickly the property chain and legal work moves.
What's the difference between an independent and a tied broker?
An independent broker searches the whole market and recommends deals from many lenders. A tied broker is contractually linked to specific lenders and can only recommend their products. Independent brokers usually offer more choice and less potential conflict of interest.
Do first-time buyers get better mortgage deals?
Sometimes. Some lenders offer specific first-time buyer products with lower deposit requirements, cashback contributions or reduced fees. A broker can identify which lenders currently have the strongest first-time buyer offers for your situation.
Can a mortgage broker help if I have bad credit or unusual income?
Yes, often more so than a bank could. Specialist lenders exist for adverse credit, self-employed applicants, contractors, foreign nationals and other non-standard cases, but most only accept applications through brokers. Broker input is often the difference between finding a lender who’ll consider you and being turned away.