/ Mortgages

Mortgage fact find (sample)

Mortgage fact find (sample)

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.

Example of a mortgage fact find

Some of the questions you mauexpect to see in a mortgage fact find include:

Basic questions on your mortgage factfind

  • Does any of the below apply to you

within the last 6 years:

Bankrupt

CCJ(County court judgement)

IVA( Individual voluntary arrangement)

Home repossession

within the last year:

Defaulted on a loan, credit card, bill or mortgage repayment

  • You are: Buying your first home/moving home

  • Is there any other applicant?

  • You are planning to: Live in the property/Let it out

  • The property price is

  • The property address is

  • How much deposit do you have

  • How long do you want the mortgage for

  • You prefer a :Fixed rate mortgage/ variable rate mortgage/Interest-only mortgage/

  • You prefer an introductory period of: 0/1/ 2/ 3 /4/5/6/7/ years

  • You are:MR/MRS/Sir/Lady

  • First name

  • Middle name

  • Last name

  • Have you had any other name: Yes(what is it?)/No

  • Your Date of Birth is

  • Your phone number is

  • Your current address is

  • Your previous addresses are

  • Your Nationality is

  • You are: single/married/civil partnership

  • Your dependants are: None/add(+age)

Your employment details

  • You are: Full time employed/self employed/contractor/Retired

  • You are on maternity or paternity leave? Yes/No

  • Your employers name is

  • Your employer's address is

  • Your Job title is

  • You are: Temporarily employed/permanently employed

  • Your current yearly salary is

  • Your yearly overtime pay is

  • Your current yearly bonuses are

  • Your current yearly commission is

  • You have other source of income: Yes/no

  • You started your job on: mm/yyyy

  • You plan to retire by: mm/yyyy

If you are self employed

  • You are a: sole trader/ partnership/ limited company/ LLP

  • Your organization's name is

  • Its address is

  • Its incorporation date is: mm/yyyy

  • What percentage of the organisation do you own

  • How much did you make in your last return: In turnover= /in net profit=

  • You have other sources of income: Yes/No

  • You plan to retire by: mm/yyyy

If you are a contractor

  • Your job title is

  • Your day rate is

  • Your contract length is

  • You have other source of income: Yes/No

  • You plan to retire by: mm/yyyy

If you are retired

  • Your current monthly pension income

  • You have other sources of income?:Yes/No

The property

  • The property is a: House/Flat/Bungalow

  • The tenure is a:freehold/leasehold /flying freehold/Feudal hold /share of freehold

  • There are ---- bedrooms and -- bathrooms.

  • There is - kitchen

  • The construction is?:Brick/Concrete/Prefabricated/Steel frame/thatched/Timber frame/Other

  • what is the approximate year of construction?:yyyy

  • The property:Is a new build/ has been converted within 12 months

  • The property has: A parking space or garage/ No parking space or garage

Your mortgage preferences

  • Are you planning any large building works or looking to extend your current home (or the one you are buying) over the next 3 years or so?: Yes/No

  • Do you expect anyone other than your spouse or children to become financially dependent on you in the next 3 years?: Yes/No

  • Are you planning on having a child/children (or more children if you already have them)?:Yes/No

  • Are you looking to move house again over the next 5 years?: Yes/No

  • Do you think you'll want to make overpayments in excess of 10% of your mortgage balance per year on your mortgage?: Yes/No

  • We may recommend you a mortgage that has a fee from the lender associated with it. Will you want to: Pay the fee upfront/add it to the mortgage balance

  • When you move house do you need?: flexibility to change lender or/ would you rather be able to take the mortgage with you (called porting)

  • When you consolidate unsecured debt onto your mortgage you should be aware that the amount you consolidate is also spread over the term of your mortgage meaning you will pay more interest. Are you consolidating unsecured debt onto your mortgage?: Yes/No

  • Will you like your mortgage to be protected in the event of accident, illness, unemployment or loss of life?: Yes/No

  • Do you think your monthly income will?: rise/fall/stay the same

  • Do you expect to receive a lump sum of money within 5 years?: Yes/No

  • Do you expect to release capital from your mortgage for home improvements or debt consolidation within 5 years?: Yes/No

You current credit overview

  • Credit card:name/balance/limit/repayment history(=the introductory rate on this card is) & (+add card)
  • Personal loans, personal contract purchase, Hire purchase &mortgage: Balance/term/monthly repayments/estimated end date(+add more)

The Mortgage fact find will also contain information about Your monthly basic essential expenses, Your monthly quality of living expenses and Your current savings & investments.

Documents requested in your mortgage fact find

Your mortgage broker may also require some documents. These will include:

Proof of ID

  • drivers license
  • EU National ID
  • Passport
  • Armed forces ID card
  • Biometric residence permit

Proof of address

  • Utility Bill
  • Mortgage statement
  • Council tax bill
  • Benefits award notice
  • Credit card statement
  • Tax credits award notice

Proof of Income

  • payslip
  • SA302
  • Pension statement
  • bonus statement
  • company accounts
  • benefits award notice
  • accountants certificate
  • maternity letter
  • Tax credits awards notice
  • Tax year overview
  • accountants certificate
  • P60
  • Employment contract

Banking statement

  • Bank statement
  • credit card statement
  • Mortgage statement

Proof of deposit

  • Bank statement
  • Builders cashback confirmation letter
  • deposit proof
  • gifted deposit form
  • Inheritance letter

Other documents you may be required to include with your mortgage fact find

  • Tenancy agreement
  • Shared ownership confirmation letter
  • Right to buy confirmation letter
  • Help to buy confirmation letter
  • Memorandum of sale
  • Maternity letter
  • Marriage certificate
  • Maintenance assessment
  • Letting agent rental assessment
  • Lenders declaration
  • Interest only declaration
  • Equity transfer form
  • Direct debit form
  • Creditreport

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Mortgage fact find (sample)
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