What happens at a mortgage fact-find

A mortgage fact-find is the structured interview a broker uses to understand your financial situation before recommending a mortgage. Knowing what to expect means you can answer accurately and make better use of the time.

Last checked 13 September 2026.

Five sections. Each anchored to a first-party source, checked 13 September 2026.

1. Why the fact-find exists

Before recommending a regulated mortgage, a broker is required to gather enough information about your circumstances to give suitable advice. The FCA's rules require a broker to take reasonable steps to ensure any mortgage it recommends is suitable for you, which means considering your needs, circumstances and objectives (FCA Handbook, MCOB 4). The fact-find is how the broker collects that information. It is not a check on whether you deserve a mortgage; it is the input the broker needs to search the market correctly.

2. What the broker will ask

A typical fact-find covers:

Personal details: name, date of birth, address history for three years, marital status, number of dependants.
Employment and income: employment type (employed, self-employed, contractor, retired), employer name, length of service, annual salary, bonuses and other income. For self-employed: trading structure, years of trading, income for the last two or three years.
Monthly outgoings: existing credit commitments (loans, credit cards, HP), childcare, maintenance payments, other regular bills. The broker uses these to calculate whether the mortgage is affordable under the lender's stress-test (MCOB 11.6).
Credit history: any missed payments, defaults, CCJs, or IVAs in the last six years. Be accurate: lenders run credit checks and inconsistencies slow the application. See the credit score guide for what is on your file.
The purchase or remortgage: property type, estimated value, purchase price, deposit amount and source, intended use (main residence, buy-to-let, second home).
Preferences: fixed or variable rate, preferred term, any flexibility needed (e.g. overpayment, offset).

3. What to prepare

Bring or have ready: two to three months of payslips or SA302 tax calculations, recent bank statements, photo ID, proof of deposit, and details of any existing credit commitments. See the documents checklist for the full list. The more complete your information, the faster the broker can identify suitable lenders.

4. What you should ask

The fact-find goes both ways. Use it to ask:

Do you cover the whole market, a panel, or a single lender? (MCOB 4.4A.1R)
What is your fee, when is it payable, and is it refundable if the mortgage does not complete?
Which lenders are most likely to suit my situation, and why?
What is a realistic timeline from application to offer?

5. What happens next

After the fact-find, the broker searches suitable products and prepares a recommendation. The recommendation should explain which mortgage is being proposed, why it is suitable, and what alternatives were considered. Before you proceed, you will receive a Key Facts Illustration (KFI) or European Standardised Information Sheet (ESIS) setting out the mortgage terms in a standard format. Read it carefully, check the rate, total amount repayable, and any early repayment charges before you sign.

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General information, not advice. Mortgage Brokers List is a directory and a set of free tools. Only an FCA-authorised adviser can recommend a mortgage for your circumstances. See our editorial standards.