Unit 3:9 Role as a Mortgage Advisor

Question 1

Advice Process

Answer 1

Fact find > Research > Present > Implement

Question 2

Fact find Interview Points

Answer 2

• Intentions (reason for mortgage, future plans)
• Income and Outgoings
• Deposit and Cash (Higher Depo Lower Interests better LTV)
• Employment
• Management of finances (Credit Score)
• Budget and Rate Rises (Attitude to Risk)
• Early Repayment
• Term (up till retirement age)
• Protection Needs
• Life Cover

Question 3

Research

Answer 3

Best product for
- customer affordability
- suits customer needs

Question 4

Presenting the Recommendation

Answer 4

• ESIS must be provided for an MCD regulated mortgage (all new mortgages)
• KFI must be provided for a regulated mortgage which applies to changes to mortgages originally taken out before 21 March 2016