These should include obvious questions such as the borrower’s age, employment status, UK residency status, credit history, and the size of their deposit/the equity in their property.
Mr Fordham said a fuller fact find should then be undertaken to help the intermediary really understand what the client is looking for and find the right mortgage for their needs and give the appropriate advice.
He said sourcing systems offer fact find templates to support intermediaries in this process.
Whilst most lenders will need the same sort of information about your client to arrive at a lending decision, Stephen Smith, director of housing at Legal & General, said sometimes some more detailed or special information will be needed, particularly if the product is non standard or a higher loan to value.
According to Mr Smith a good broker will look regularly at lender’s websites to keep up-to-date about criteria requirements, and will certainly check that all the information has been collected before submitting the application.
Mr Smith said: “Missing information is frustrating to lenders and will cause delays.”
