Whether you are a first time buyer or are already on the property ladder, buying a new home is a huge commitment; not only financially but also in time and energy.
But which should you find first, your dream home or a mortgage? After all you can't have one without the other.
Which comes first the mortgage or the house?
When you find your dream home, you want to be in the best position to strike with your offer. However, without a mortgage in place, this can be pretty impossible. By arranging a mortgage in principle before starting your house search, you’re in a strong position to make an offer and hopefully have it accepted. It gives you an advantage over other buyers but there are other good reasons for arranging your mortgage before starting your house search:
How much can you afford?
Before you begin your house hunt, you need to know your budget. Knowing what you can afford will avoid disappointment later.
By working out your budget in advance you will know the value of properties you can look at. This way, there is no chance of missing out on a home because you discover at the last minute that it’s out of your price range.
Identify potential obstacles
When it comes to applying for a mortgage there are lots of things that need to be taken into consideration. Such as, are you or your partner self-employed, or do you work on a flexible hours contract? If you’re buying with someone else, their income and credit history will have to be taken into account when working out how much you can borrow. Identifying possible issues early on will give your mortgage adviser time to sort things out and help everything still go ahead smoothly.
Smoothes the house buying process
With a mortgage in principle, you will be in a position to close if your offer is accepted. This makes you attractive to sellers who understandably want to sell their home as quickly as possible. Arranging a mortgage can often be a lengthy process ,so the bigger head start you can get the better.
Where can I find mortgage advice in Harrogate?
You now know the advantages of obtaining a mortgage in principle before you begin your house search, but where do you go for that mortgage?
Our Harrogate mortgage adviser are a team of locally-based, experienced and professional mortgage advisers who can search over 11,000 mortgages from 90 different lenders, helping find the right mortgage for you.
Why should I use a specialist mortgage adviser?
We all have different salaries, financial commitments and credit histories, and just like we’re all different, so are mortgages. There is no single mortgage that suits everyone; therefore we take the time to get to know you and your individual circumstance, and ultimately find the right mortgage to for you.
Call Mortgage Advice Bureau on 01423 895072 and arrange an appointment. Your initial consultation is free so you have nothing to lose, and our adviser will be happy to call at your home or meet you at our offices. We're open seven days a week so we can work around your commitments.
Find out more about our Mortgage Advice service in Harrogate