First time buyer advice

Tpegg1987

Hi

Me and my partner are currently renting a property which runs until October this year. We are both first time buyers and neither of us really know how to go about applying for a mortgage.

We both have help to buy accounts with a combined total of around 8k. Question is when do we apply? I've been told an aip only lasts 60 days so do we wait until August before applying?

We are hoping to buy a property in the region of 150,000. We have a combined income of around 36,000. Does this sound realistic?

Thank you.

ACG

Most aips last a month but you can only make a full mortgage application once you have found a property, made an offer and it has been accepted.

You can get an aip any time but I would try to hold out until your offer has been accepted as the best lender today may not be tomorrow.

Tpegg1987

Am I right in thinking that you need a aip to put in an offer on a property?

ACG

No. An estate agent may request/insist upon it bit there is nothing to say you must have one.

newbieFTB

I did an AIP online with Halifax as it's a 'soft search' so no impact on the credit score, the Halifax AIP is valid for 3 months. Although it doesn't mean much in terms of whether you'd actually be accepted at full application it was useful to show estate agents I was serious.