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When to start the mortgage process
sarahp1971
Posts: 2 Newbie
My son is looking to buy his first home around December this year (after he has saved enough) I have told him to look at houses in the area he wishes to buy to see what he can get for his money. The problem being he doesn't know what mortgage he can get can on his salary, so should he see a broker now to give him some indication of the amount he could borrow, and also to see if he would need to save more money before looking.
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Comments
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Absolutely, the earliest he sees a broker the better - that way he knows he max he can borrow and afford to pay, what other costs are involved and can get a decision in principle before he starts looking.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yes see a broker now and also tell him to register with Experian to get his credit file!!! He will need to have a good look at this to ensure there are no skeletons in his closet (correct or incorrect). Ignore the score, just make sure there are no late payment/defaults etc. Don't get an approval in principle yet as this leaves a footprint on your credit file.0
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He is subscribed to clearscore, just paying his car loan off too so then he doesn't have that as an outgoing anymore.0
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