A first-time buyer asks a mortgage broker's website: "I earn £35,000 and have a £20,000 deposit. How much can I borrow?" It is a natural question, and a website might be tempted to answer with a simple multiple. That would be wrong. Affordability depends on outgoings, credit history, lender criteria and much more. A figure given online could mislead the buyer badly.
Here are the common myths about what a mortgage website can say.
Myth 1: a rough borrowing figure is harmless
A rough figure can lead a buyer to view homes they cannot afford, or give up on homes they could. Only a broker who has looked at the full picture can give a meaningful answer. The website should explain what affects borrowing, not calculate it.
Myth 2: naming popular products is just information
Telling a buyer that a particular type of product is "usually best" is a recommendation. Whether a fixed rate, tracker or other product suits someone depends on their situation. The website can explain what different types are, in general terms, but must not suggest which to choose.
Myth 3: reassuring a nervous buyer about approval helps them
Buyers with credit problems or unusual income often ask whether they will be approved. A reassuring "yes, we can help" may be kind, but it is not something a website can promise. A better response acknowledges the concern and offers a broker conversation. The general rule about promises is covered in what an AI receptionist must never promise.
Myth 4: the same rules as other professions do not apply
They do. Law firms must never give legal advice online, as described in why a law firm website must never give legal advice. Mortgage brokers must never give mortgage advice online. In both cases, the website and any assistant are admin tools.
Myth 5: a website that cannot advise is useless
Plenty remains: explaining the broker's services and fees, the stages of an application, which documents are needed, how long it takes and how to book a consultation. Those answers help buyers prepare and choose a broker, as described in mortgage enquiries that arrive after a house viewing.
The right response to affordability
Buyer: I earn £35,000 with a £20,000 deposit. How much can I borrow? Assistant: How much you can borrow depends on your income, outgoings, credit history and each lender's criteria, so a broker would need to look at your full situation. The first-time buyers page explains what a first conversation involves. Would you like me to pass your details on?
Credit concerns
Buyers with past credit problems often feel embarrassed and ask indirectly: "Is it worth applying if I've had issues?" The website should never predict approval, but it can say, in general terms, that the broker works with a range of situations and that a confidential conversation is the best next step. A kind, non-judgemental reply encourages them to get in touch rather than giving up.
Self-employed and complex income
Self-employed buyers and those with bonuses, contract income or several jobs often worry most. The website can explain which documents are usually needed for these situations, and that a broker will look at their income properly, without suggesting what they might borrow.
Remortgage clients too
Existing clients coming up to remortgage ask similar questions. The same boundaries apply, as described in remortgage reminders and the clients who drift away.
How SpideyChat handles it
SpideyChat for mortgage brokers answers only from your own pages and hands personal questions to a broker as tickets. It does not give mortgage advice, and it holds no regulatory approvals. You can see handover on the demo, and compare plans on the pricing page.