Why it’s a good idea to speak to a mortgage adviser – even if you’re not ready to buy a house yet

You may think speaking to a mortgage adviser is something people only do after they’ve had an offer accepted on a house. But if you’re considering buying a home in the future, even if you’re not in a position to do so right now, it’s a good idea to speak to a mortgage adviser as soon as possible. Here’s why…


You’ll find out crucial information 

Mortgage advisers can be brilliant sounding boards; you can explain your circumstances and what you want to achieve - and they can talk you through your options to get there. 

During your chat with an adviser you’ll find out what mortgages are out there, and therefore what you should be aiming at. For example, if you’re worried about having a small deposit, you may be pleasantly surprised to discover you may be able to get a mortgage with just a 5% deposit. This may make your dreams of being a homeowner possible sooner than you thought. Or if you have almost a 10% deposit saved, you may find out that by actually reaching the 10% figure you’ll have more mortgage options available to you. So you it may spur you on to save more money to reach that target.


Your mortgage adviser will save you time

Your mortgage adviser will give you a realistic expectation of you’re likely to be able to borrow, therefore you’ll know what your property budget is likely to be. This means you’ll be able to see the type of property you’re likely to be able to afford in the area where you would like to buy. 


You’ll find out about other costs

As well as your deposit, there are other costs you’ll need to factor into your budget when you’re buying a home. And your adviser can explain all these to you so that you’re prepared. For example, depending on the value of the property, you may need to pay Stamp Duty. Plus, there are other costs like solicitor’s fees to include too. 


Your mortgage adviser can help you get ‘mortgage ready’

When you apply for a mortgage, it’s essential that you’re ‘mortgage ready’. This means that you get yourself in the strongest position possible, ideally six months before applying for a mortgage. And an adviser can explain to you how to do this

  • * For example, do you have any outstanding loans? Then try to pay these off before you apply for a mortgage and avoid taking out any more loans in the meantime.
  • * Pay all your bills on time. This will prove you are reliable and financially independent. 
  • * Check your credit report. If there are any mistakes, make sure they get corrected. And if there are any steps you can take to improve your credit rating, now’s the time to do it. 

Time to consider your options

Finally, there are many different types of mortgages to consider. All have pros and cons, but by having the conversation early you’ll have plenty of time to think these decisions through.

So let's get talking: call us today on 01489 865143 or email us: [email protected] 


Find us in Fareham, or visit one of our other branches:

West End Road: https://www.mortgageadvicebureau.com/mortgage-advisers/west-end-road-southampton

Shirley Road: https://www.mortgageadvicebureau.com/mortgage-advisers/shirley-road-southampton

Hythe: https://www.mortgageadvicebureau.com/mortgage-advisers/marsh-parade-hythe

Eastleigh: https://www.mortgageadvicebureau.com/mortgage-advisers/market-street-eastleigh