Mortgage advice please

boring1

Hi,
I am after some advice please.

Looking to move house. Around £120k equity in current home, with joint salaries of £75k ish.

Was on a debt management plan that ended October 2015. No defaults. 2 notes on credit file to say this debt was part of a payment plan (mbna and barclaycard)

Owe approx £4k on credit card and £1k to catalogue.

Manage finances fine now, obviously could do with a little tightening of the belt - but no overdraft but no savings either.

My question is do you think it would be worth getting some free financial advise from an IFA - what kind of thing would they advise on, for instance would they look through our bank statements and tell us what we could amend to improve our chances of a decent mortgage etc.

Thank you for reading - any advice would be much appreciated.

x

ACG

If no issues since October 2015 and you have a £120k deposit I would be very surprised if there were not some fairly reasonable options available to you.

Speak to a Mortgage Advisor (IFAs predominantly do pensions and investments) and I am sure you will be fine.

boring1

Thank you - where do I start to look for a mortgage advisor and is there initial advice free?

Also booked a holiday for August would it better to start looking after the holiday due to having to pay for that?

Presume we would need to save some money for legal fees valuations etc?

sorry for all of the questions!

ACG

Different brokers have different processes, I think most would provide an initial conversation/factfind meeting for free.

As for the fees, you may be able to put down a smaller deposit and use some of the equity in your home to cover the fees, but it would depend on your intended purchase price and income/expenditure etc.

Unles you are looking for something worth more than around £500k, I think you should have enough equity to cover everything.