First time buyers -when to apply for mortgage?

zipp

Hi everyone,

We're looking at buying our first property. We have been saving for years and now have enough to put down a good sized deposit. However, we're now wondering if we should apply for a mortgage before we start looking or when we actually know what property we want to buy.

Also wondering if we should employ a mortgage broker. Have read Martin's article on Mortgage brokers and was wondering if anyone could report good or bad experiences relative to using/not using a broker.

Many thanks,
Zipp

shonzyd

i would have thought u go to a broker or bank to check to see how much you could borrow given your circ first. you need to know the max you could borrow before looking at properties, otherwise you could be looking at something completely out of you price range.if you know nothing about mortgages and the process a broker is your best bet. as martin suggests, use one that doesnt charge a fee before application - that way you wont be tied into commiting to anything until you have found a property

Thrugelmir

When you what property you wish to buy.

ACG

Do you know how much you can borrow?
It might be worth checking that, the last thing you want to do is set your heart on something to find out you can afford it.

If you want to put on here your incomes and deposit we can give you an idea of how much you can lend - i generally work to the rule of 4x income plus the deposit as the maximum purchase price - but it can be more or less depending on your circumstances.

As for whether or not you should get a mortgage broker, they can offer a huge helping hand with what to expect etc and also find you a good rate, but you dont need one in order to get a mortgage.