Whether moving home, buying your first home or remortgaging, a lender will want to have a good idea of your personal and financial situation in order to assess how much they are willing to lend.
So as to provide all the information required, you would need to complete a fact find, which is an important document answering all the initial questions that the lender may have.
Based on the fact find document, your broker will then be able to assess which mortgage product(s) would be the most suitable fit for your situation.
Five key reasons that a fact find is important are
- Understanding Client Needs:
Through the process, your broker and lender will gain a comprehensive understanding of your financial landscape, including objectives, aspirations, and current situation. - Tailored Recommendations:
Armed with the detailed information gathered, your broker can recommend the most suitable solution to fir your specific needs and circumstances. - Risk Assessment:
The fact find enables the lender to appropriately assess risk and helps guide which solutions are recommended. - Compliance and Regulation:
Conducting a thorough fact find ensures strict compliance with legal and regulatory requirements. - Building Trust and Rapport:
The fact find process underlines a genuine commitment to understanding clients’ needs and concerns.
Typically a document of questions with some evidence required, common questions asked during the fact find process include:
- Your name, address and date of birth
- Any dependants you may have
- Previous addresses if relevant
- National insurance number
- Existing mortgage details if relevant
- Date you moved into your current address if remortgaging or moving
- Income details (confirming your salary and any regular overtime)
- An outline of your employment status (for example, how long have you been in your current job, who your employer is, what your role is etc)
- Monthly expenses including rent and credit commitments
- A copy of your credit report
- Details about the mortgage you are applying for such as the size, type and location
If you have any questions about arranging a mortgage or remortgage, one of our advisors will be able to assist. You can call the team on 01322 553282 or contact us online.