A fact find is the document that captures your circumstances so a lender can decide how much to lend and your broker can find the right product for you.
Whether you are moving home, buying your first home or remortgaging, a lender will want a clear picture of your personal and financial situation before deciding how much they are willing to lend. To provide everything they need, you complete a fact find, an important document that answers the initial questions a lender will have about you.
Based on the information in your fact find, your broker can then assess which mortgage product, or products, would be the most suitable fit for your situation. In short, it is the foundation that the rest of the mortgage process is built on.
A good fact find does far more than tick a box. There are five key reasons it matters:
The more accurate and complete your fact find, the better your broker can match you to a lender and product, which is also why it helps to work out how much you can borrow before you start.
A fact find is typically a document of questions, with some supporting evidence required. Common questions asked during the process include:
Having these details and documents to hand before you start makes the process quicker and smoother. This is especially helpful if you are buying your first property, our first-time buyer guide walks through what to expect at each stage.
Once your fact find is complete, your broker uses it to search for suitable products and explain your options. Because the recommendation is built on the information you provide, it pays to be accurate and thorough, and to flag anything unusual about your income or circumstances so it can be factored in from the start.
If you have any questions about arranging a mortgage or remortgage, one of our advisers will be happy to help. Call the team on 01322 553282 or get in touch online.