When to see a mortgage advisor? FTB

hazoo

post deleted.

ACG

Ive just had a quick glance over your previous post to jog my memory...

I would probably wait until the end of the year. December-May is still quite a long time and in the current market things could change between now and then.

Also, as I mentioned, those loans/payments may have less than a year to go and some lenders will ignore them. The figures you have mentioned do sound like they are in the right ballpark and it will come down to the lender and your circumstances at the time of applying. But I would imagine closer to the middle/higher end should be easy enough to achieve.

hazoo

Hi ACG, thanks for the reply. I will hold off for now then and carry on saving as I am.

One other question; if I was to leave my current loans as they are then find when applying for a mortgage that they are an issue, if I paid them off with some of the deposit would they then be satisfied and it not affect my chances for a mortgage?

Thanks once again for all your help...I am a worrier and think about it all the time!

ACG

You can leave your loans in place, if they need to be paid off/or are just before submitting an application then you just enter them on the application and tick to say they will be cleared by completion... so it does not matter if they get picked up on a credit check.

hazoo

Great, thanks for the explanation, feeling good now. :j

whoschuffed

Was going to ask the same question myself. Not actually looking to buy until this time next year so will leave it until next Spring to initiate talks regarding mortgages.

hazoo

Hi again,

Well its 7 months later and I have now actually paid off both the car loan and the ex's dad. This means that I do still only have 9k saved but that £300 I was paying out to tem each month is now able to go in my savings pot. Officially debt free hurray!

I have been looking at houses in more specific areas I like, around the 115-125k mark. Would this be out of reach for me on my 23k salary if I save around 16k deposit? I have looked into help to buy which would be great but all the other mortgage advice and guides are confusing me

My parents think it is sensible to see a mortgage advisor within the nect month or so, but I wouldnt have saved my 16k until August time.

ACG

£115k is probably towards the top end of what your going ot get, I think £125k is probably a little too far, but a broker will go through the figures and might find something for you.

hazoo

Thanks ACG. Do you mean 115k mortgage or total house price sorry?

On my salary I was anticipating being able to borrow no more than around 95k.

ACG

Getting £95k on your salary should be achievable.

Generally speaking 4-4.5x your income on a mortgage + your deposit should be possible. I suppose £125k (as a purchase price) is not impossible but it could be on the difficult side.

hazoo

thanks again. :money: Tbh most I would feel comfortable with would be a house for around 120 max, and my partner has saved around 3k so far for fees etc, he will have another 2 saved by end of summer, so we could use this if necessary to push to get a 120k house. He is a student so will not be on the mortgage.

I presume it would be wise to wait longer before seeing an advisor then? Parents seem to think it sensible to see one now for ballpark estimate in reality.