How Long Should I Wait?

KatieDee

Hello everybody! Hope you're having a lovely Sunday evening.

After months of emails and attempted contact, my ex partner has finally sorted out the mortgage and property we own together. This should be complete by the end of February.

I do plan on purchasing a new property, as private renting is very expensive in my area. However, I was wondering about the logistics of applying for a mortgage and how long I should wait after removal from my current mortgage account?

I plan to apply with my current provider (Halifax) and will of course be applying for an AIP first, which I believe is just a soft search. I'm just not sure whether I would be better waiting a few months and allowing my credit report to reflect my removal, or whether I should be okay to apply once my name is formally removed.

The longer I wait, the higher my deposit will be, so I'm not overly bothered if it's better for me to wait. However, I know how long a property search can take, so I want to get everything in place as soon as I can!

amnblog

You can work on a timescale to suit yourself. It will make no difference to your chances of obtaining lending.

Thrugelmir

I'd wait for the formalaties on your old mortgage to be completed. Finding somewhere only to have your hopes dashed due to foreseen delays wouldn't be good. An AIP isn't a formal mortgage offer. Online calculators will give you an indication of your likely borrowing position.

juniordoc

I wouldn't have thought you'd have any difficulty if your previous mortgage payments were made on time, so you could start looking at properties in a couple of weeks.