First Time Buyers - When To Approach Brokers?

jamface202

Hi there,

We're looking for some advice and hoped someone on here might be able to help. My girfriend and I are currently saving a deposit to buy our first house. We're not sure how long the mortgage application process takes or at what stage we should approach a mortgage broker. Our understanding is that we need to get an agreement in principle from a mortgage provider before we start seriously looking at properties (we're 'browsing' online at the moment, getting an idea of what we can get for our money and what we like and don't like). Then when we make an offer that's accepted the mortgage provider can confirm how much they'd be willing to lend for that particular property. (please correct if this isn't how it works)

The part we need some advice with however is when do we approach a mortgage broker? Do we need to wait until we have saved our deposit? Or if the process of getting an agreement in principle takes say 2 months then do we approach a broker 2 months before we have the deposit so that by the time we have the agreement in principle we also have the deposit ready?

Thanks in advance for any help!

casualwalks

AIP take minutes. We approached a broker once we had 10% saved.

b3ckford

Sorry to HI-Jack the thread but i wanted to throw another question in here.

In the same boat as you, me and my girlfriend have saved 25% deposit and are looking to go to nationwide after the holidays.

Do we need to produce 3 wage sllips and p60's at AIP stage? or is that at the underwriting?

Thrugelmir

jamface202 wrote: »

The part we need some advice with however is when do we approach a mortgage broker?

What are your combined incomes?

How much deposit are you intending to raise? After allowing for purchase costs etc.

How much are hoping to borrow?

Thrugelmir

b3ckford wrote: »

Sorry to HI-Jack the thread but i wanted to throw another question in here.

In the same boat as you, me and my girlfriend have saved 25% deposit and are looking to go to nationwide after the holidays.

Do we need to produce 3 wage sllips and p60's at AIP stage? or is that at the underwriting?

Best to start new thread. Otherwise responses get muddled and thread becomes hard to follow.