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Why use a mortgage adviser, even if you aren't ready to buy

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

It's a common misconception that 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, it’s a good idea to speak to a mortgage adviser as soon as possible. Here’s why…

 

You’ll find out crucial information 

By explaining your circumstances and what you want to achieve, a mortgage adviser 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 based on your circumstances, so you'll have a better idea of what your property budget is likely to be. This will help to determine what type of property you can afford and the areas that you might want to live in.

 

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 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’. You need to 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 of them have pros and cons, but by having the conversation early you’ll have plenty of time to think these decisions through. 

 

Ready to talk? Feel free to get in touch with one of our advisers and we will more than happy to give you any advice we can: 01793 611400 or swindon@mab.org.uk

Because we play by the book we want to tell you that…

Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.

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