First time buyer - advice please

chopperwelsh

Hello,

We have seen a house we like and about to put an offer in. Should we speak to a mortgage broker before putting an offer in or should we get an accepted offer first?

Also how badly will my financials affect us? I earn the most and having been trying to sort my credit history out since leaving uni. I have done very well recently but I still have £2k credit card debt (paying back monthly on a 0% card for 2 years). Also because I have been sorting other things out I am always in my overdraft.

We (my girlfriend) however has a deposit that should cover a 35-40% deposit. So we should be less of a risk.

Cheers

dannya1978

Hi, get a decision in principal first so you know what you can borrow before you put a bid in. This won't affect your credit rating, also the size of your deposit should give you plenty of accessibility to very good deals

amnblog

Engage a mortgage broker first

kingstreet

dannya1978 wrote: »

Hi, get a decision in principal first so you know what you can borrow before you put a bid in. This won't affect your credit rating

A borderline credit history can be affected by a pointless speculative credit search of you don't actually make a full application to that lender.

The OP would be much better appointing a broker now and making an application for an agreement in principle to the lender offering the best deal (and which is likely to lend the amount required post-MMR) now and in the near future.