Your mortgage interview: What will you discuss?
If you’re looking to buy your own home and want to know how much you can borrow, it’s time for a mortgage interview! In most cases, you start off with an exploratory meeting, and then once your offer has been accepted you have an advisory meeting. In this article we go over how this pathway works and what you can do to prepare yourself.
Before you start: what sort of advisor do you want?
You can opt to discuss your mortgage options directly with a lender. The drawback of doing so is, of course, that lenders only have their own products on offer. It’s not very likely that their product will be the one best suited to you. Independent mortgage advisors often have a wider range on offer, though this can vary significantly from advisor to advisor. So choose wisely!
At Viisi, we work with a wide range of 31 lenders – almost the entire market. We compare them extensively based on your needs, to find the lender that is best for you.
Once you’ve decided, schedule your exploratory meeting with the advisor of your choice.
1. Exploratory discussion
The initial exploratory meeting is often free and done by telephone. If you’d like, you could schedule exploratory meetings with a number of advisors.
During the initial meeting, you will talk about:
- Your situation, including finances
- What your hopes for your home are
- What you have to consider in your situation (e.g. insurance)
- An initial estimate of the maximum mortgage you may be granted
- The mortgage advisor’s working methods and rates
During this meeting you may also get some more house hunting tips. If you have already submitted a bid or made a purchase and need a mortgage quickly, a follow-up meeting will usually be scheduled.
How can you prepare?
- Gather your income information and proof if identity
- Think about how much you’re willing to pay in monthly fees
- Explore repayment options
- Think about whether you want to buy alone or with your partner. If you decide to buy with your partner, think about how you want to work this out: with a cohabitation agreement, registered partnership, or will you get married?
- Think about how your future looks. Will you work less, do you want children, are there any other big changes on the horizon?
Exploring with Viisi
Going for advice from Viisi? Then we’ll discuss all of this in a telephone conversation lasting around half an hour. After the first conversation, your advisor will create a checklist for you in MijnViisi, where you will be able to securely upload all the documents you need for any subsequent mortgage interview. That way, both you and your advisor know exactly what the status of your advisory pathway is and what documents you still have to get together.
2. Advisory meeting
Have you bought a house and need a mortgage soon? Then it’s time for an advisory meeting! This second mortgage interview is more wide-ranging than the first – plan to be at the table with your advisor for around two hours, depending on your situation.
In the second meeting, you will talk about:
- Your current and future financial situation, including debts and assets
- What mortgage structure best fits your situation
- What risks you’re prepared to accept (e.g. fixed-interest periods)
- Interest, lead times and terms and conditions of various lenders
- The exact breakdown of your net and gross monthly charges at the lender(s) of your choice
- What risks you may have to take out insurance against (e.g. death, unemployment, becoming unable to work)
- Tax provisions, e.g. home mortgage interest deduction
During or after this meeting you will often be given a summary of the mortgages most suitable for you, so you can make a well-informed decision. You can then apply for the mortgage of your choice through your mortgage advisor.
How can you prepare?
Before your advisory meeting, you have to gather lots of different documents. Usually (depending on your situation), you need the following documents:
- Your identity documents and a pay slip (if you have not provide these during your initial discussions)
- An employer declaration (if you obtain a declaration of intent, this is included in the employer declaration)
- Extracts from your savings account and any investments you may have
- Summary of any loans, even if they have been paid off. It is also a good idea to include student debt here!
- Your pension statement
- Your tax return from the previous year
- If you are going to renovate, include the renovation specifications too. This is required when applying for a construction mortgage.
Advisory meeting at Viisi
At Viisi we’d like to be prepared as well as possible for the advisory meeting. If you opt for advice from Viisi, we’d like to receive the documents necessary three days before the meeting. You can also upload them in your personal secured MijnViisi environment. This saves time and effort!
At Viisi we also have a team that does an extra check on the documents you provide, so if there are any mistakes, we’ll spot them. This means that together we can make sure your lender receives the right version of the documents and your mortgage application can be approved quickly.
What happens after the mortgage interview?
After your advisory meeting, you will receive a comprehensive advice report summarising everything that has been discussed and which options are best for you.
You can choose which lender you want to take out your mortgage with based on this document. In most cases, you then go on to take out your mortgage through your mortgage advisor – they know exactly what you have to submit and in what format. You can also arrange and taxation and insurance policies you need through your mortgage advisor.
You will receive a draft mortgage offer (also known as a mortgage interest offer) from the lender of your choice as soon as possible. If it ticks all your boxes, sign it and return it to the lender. The lender will check all the necessary documents once it has received your signed draft offer. Once these have been evaluated positively you will receive the final mortgage offer. This is binding. Once you’ve signed this and returned it, the mortgage is yours.
You can now schedule a meeting with the notary. There, you’ll sign the act of delivery and mortgage deed when the property is transferred. Congratulations!
Viisi organises your mortgage in 5 steps
At Viisi, we want to work with you to ensure your mortgage application goes as smoothly as possible. That’s why we guide you through the whole process in five steps, from the first mortgage interview until the house is yours.
If you’re ready to take the first step, schedule your free telephone appointment here.