What is a mortgage fact find?
A mortgage fact find is an initial inquiry carried out by the mortgage broker when you go to them to seek mortgage advice.
A mortgage fact find will contain request information such as:
- Your personal information (Date of birth, address, full name etc)
- Your income information (salary, bonuses etc)
- Your employment information such as where you work, type of contract
- Your expenditure information such as how much you spend per month on different expenses
- Your debt information (how many debts you currently have and their outstanding balances e.g credit cards etc)
Mortgage fact finds will also ask you for a number of documents to be sent back with the mortgage fact find once it is completed.
These documents include:
- Identity documents
- Address verification documents such as utility bills and driving licenses
- Financial documents such as bank statements
- Income documents such as payslips and tax returns.
Mortgage fact finds can take anywhere from 45 minutes to 5 hours to complete due to how in-depth they can be and the number of questions that are asked under each column.
To fill in a mortgage fact find you will also have to source information from various places, this can add to the amount of time taken to complete a fact find.
Digital mortgage brokering services like the one Huuti offers could reduce the amount of information you have to put in a fact find by sourcing this information from trusted third parties.
If you are considering getting a mortgage and are concerned of how big the mortgage fact find could be then using a mortgage broker may be a good choice as mortgage brokers usually have access to many more products than any specific mortgage lender.
Mortgage brokers will also usually have access to specific deals from mortgage lenders as well as experience on which mortgage lenders will be more likely to accept your case and provide you with a mortgage offer. This will help you avoid getting rejected on a mortgage application and having to build credit due to the damage a rejection might do to your credit score.
If you have bad credit or are self-employed then specialist mortgage brokers such as bad credit mortgage brokers or self-employed mortgage brokers may be useful.