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Before You ApplyEducational mortgage-readiness preparation

Planning · 6 min read

Questions to ask a qualified mortgage adviser

In short

The FCA requires a firm to tell you certain things about its service before it does business with you: whether there are limitations in the range of products it will offer you and what they are, how it will be paid, and the availability of alternative finance options. If a firm gives you advice to enter into a regulated mortgage contract, it must take reasonable steps to make sure that contract is suitable for you. These questions simply ask a firm to explain, in your own case, the things the rules already require it to cover. They are not advice, and we do not recommend or introduce any firm.

Who this is for

  • Anyone about to speak to an FCA-authorised mortgage firm for the first time
  • People returning to a mortgage conversation after a pause or after an application was rejected
  • Anyone who wants to understand what a firm is and is not telling them

Key points

Advice is not the only kind of sale

MCOB 4.7A sets standards for firms advising a customer on regulated mortgage contracts, and the FCA notes that firms are only obliged to assess suitability where that forms part of the transaction between you and the firm. Separate rules at MCOB 4.8A provide for certain execution-only sales. So it is worth asking plainly what service you are being given, rather than assuming every conversation is advice.

Product range and its limitations must be disclosed

Under MCOB 4.4A.1R a firm must tell you whether there are any limitations in the range of products it will offer you, and what those are. Under MCOB 4.4A.4R, a firm not offering products from an unlimited range across the relevant market must list the lenders whose products it offers, or tell you how many lenders those are and that you can ask for the list.

'Independent' has a defined meaning

The FCA says a firm should not call itself an 'independent mortgage adviser' unless its product range across the relevant market is unlimited, and an MCD mortgage credit intermediary must only disclose that it is independent if its consideration of MCD regulated mortgage contracts across the market is unlimited. That tells you what the word means when you see it. It does not tell you which firm is right for you, and we make no such claim.

Direct deals are a separate question

MCOB 4.4A.2R(3) says that if a firm will not consider direct deals as part of its services it need not treat that as a limitation in its product range, but it must tell you that it will not consider them. So it is a fair question to ask, and a firm answering that it does not consider them is following the rules, not falling short of them.

Fees and commission both have to be explained

MCOB 4.4A.8R requires the information about the basis of remuneration to include any fees the firm will charge you, when those fees are payable and, if applicable, reimbursable, and whether the firm will receive commission from the lender or another third party and, if applicable, whether commission will be offset against fees and how. Ask for all of that, and ask for it in writing.

Suitability is about your needs and circumstances

MCOB 4.7A.2R requires a firm giving advice to take reasonable steps to ensure the mortgage is suitable for you, and MCOB 4.7A.5R says it is not suitable unless it is appropriate to your needs and circumstances, determined on the facts you disclose and other relevant facts the firm is or should reasonably be aware of. That is why it is reasonable to ask why a particular recommendation is suitable for you specifically.

Exceptions and things that vary

  • Not every mortgage conversation is a regulated advice conversation. Ask which one you are having.
  • A firm's disclosed limitations are a description of its service, not a judgement about its quality.
  • Some questions genuinely cannot be answered until the firm has seen your actual information.
  • The FCA rules referred to here describe duties on firms. They do not entitle anyone to any particular product, rate or decision.

How to work through it

  1. Ask what service you are being given

    Our suggestion: open with it. Are you giving me advice and a recommendation, or is this execution-only? What does that mean for what you will and will not assess for me?

  2. Ask about the range and its limitations

    Our suggestion: ask what range of mortgages and which providers the firm will consider for you, what limitations apply, and — if the range is not unlimited across the relevant market — for the list of lenders the rules let you request. If direct-only products matter to you, ask whether they are inside or outside the service.

  3. Ask what you will pay and how the firm is paid

    Our suggestion: ask for any fee to you, when it becomes payable, whether it is reimbursable if things do not proceed, whether commission is received from a lender or third party, and whether any commission is offset against a fee.

  4. Ask what the firm still needs to know about you

    Our suggestion: ask what information about your circumstances the firm needs, and which uncertainties in your situation it wants clarified before it forms a view. Bring your own written list of the things you are unsure about.

  5. If a recommendation is made, ask why it is suitable for you

    Our suggestion: ask the firm to explain why the recommended mortgage is appropriate to your needs and circumstances, and which foreseeable changes in your situation were taken into account, within the scope of what it has actually assessed.

  6. Ask what limitations you should understand

    Our suggestion: close by asking what limitations in the service and in the product range you should have in mind, and ask for the key points — especially costs — confirmed in writing.

Illustrative example (not a real case)

Imagine arriving with six written questions rather than a list of rates: what service is this, what range and what limitations, what will I pay and how are you paid, what do you still need from me, why is any recommendation suitable for me, and what limitations should I understand. Nothing is being recalled on the spot, and the answers can be written down and compared later. Illustrative only.

Illustrative only. Figures and situations in examples are made up to show a method. They are not typical, not a benchmark and not a prediction of any outcome.

What not to assume

  • Do not assume every mortgage conversation involves regulated advice or a suitability assessment.
  • Do not assume a firm with a wider product range, or a firm that charges no fee, will produce a better result for you. We make no such claim and no source here supports one.
  • Do not assume a firm receiving commission is acting against your interests, or that a firm charging a fee is not. The rules require disclosure so you can ask questions, not so you can rank firms.
  • Do not assume any firm can secure access to a product, a rate or a decision. Nobody here can tell you what a lender will do.
  • Do not assume the first answer is the whole answer. Ask follow-ups and take notes.

Questions for a qualified adviser

We cannot answer these for you, and we do not introduce or recommend advisers. Take them to a suitably qualified FCA-authorised mortgage adviser of your own choosing.

  • What service are you providing here — is this advice and a recommendation, or execution-only?
  • What range of mortgages and providers will you consider for me, and what limitations apply to that range?
  • If your range is not unlimited across the relevant market, may I have the list of lenders whose products you offer?
  • What will I pay, when does it become payable, and is it reimbursable if the case does not proceed?
  • Will you receive commission from a lender or another third party, and would any of it be offset against a fee I pay?
  • What information about my circumstances do you still need, and what would you like me to clarify?
  • If you recommend a mortgage, why is it appropriate to my needs and circumstances, and what foreseeable changes did you take into account?
  • What limitations in your service or product range should I understand before we go further?

Check my readiness

Eight broad preparation questions. No figures, no personal details, no eligibility result.

Check my readiness

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Sources

No statistic, regulator citation or third-party claim is published until its source is verified. Unverified entries are shown as placeholders.

Written by

Before You Apply editorial

Written by the publisher's editorial function, not by a named individual and not by a mortgage adviser. Before You Apply is not FCA authorised.

Reviewed by

Independent reviewer — to be appointed

No independent reviewer has been appointed yet. No review, qualification, FCA status or endorsement is claimed for this content.

  • Last fact-checked 2026-08-23
  • Not yet independently reviewed
  • Next review due 2027-02-23

Disclosure: this guide is educational. Before You Apply receives no payment for mentioning any lender, product or firm, and none are named.

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