What Is A 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

Mortgages

Personal Finance

Benefits

USA Mobile virtual network operators

Council housing and housing association

What is a mortgage fact find? (+sample)