Best Time to See a Mortgage Broker

Janets_Daughter

Good Afternoon All,

I’m looking to buy a house next year (first time buyer), but haven’t started saving for the deposit yet(!). However, I have paid off all debts, closed all credit accounts that I don’t use and generally tidied up my credit report.

I’m not looking to spend more than £150,000 on a house and I should be able to save about £13,000 in the next 4 months.

My question is: Sould I see a broker now or wait until I have some savings behind me?

Many thanks in advance.

spadoosh

See a broker about 2 months before youre looking at applying for a mortgage.

If you go now, they might be able to find you amortgage but then you wont have a deposit to proceed. Mortgage offers typically last 3-6 months. So no point looking now really.

ACG

I agree, I would say leave it until the new year. There is no harm speaking to a broker in advance but 4 months is probably a little too long.

You will also have a more accurate idea of when you will be ready to buy. Christmas and new years eve will be out of the way. I know before I had a house I used to spend stupid amounts on hangovers over christmas/new year.

Janets_Daughter

Thank you, I appreciate it.

I’ve nothing left to do, but save and try to curb my enthusiasm!

Thrugelmir

Janets_Daughter wrote: »

I’ve nothing left to do, but save and try to curb my enthusiasm!

I'd be browsing the various property websites and broadly assessing the options. Easy for the heart to rule the head when it comes to buying a property. Waiting for the right one to come onto the market may require patience.

Janets_Daughter

You’re right, but it’s so hard. I’ve been looking at properties, for research purposes as I’ve relocated from London, and there is so much that is affordable or that would suit my needs.

It’s a nice “problem” to have, I’m just trying not to get carried away!

financegeek

I think when best to speak to a broker depends on your personal knowledge / understanding of the mortgage market.

if you genuinely have no clue how the mortgage market works, what lenders would offer based on your salary or how much deposit is required i'd try to have an initial chat with a broker so you have an idea of what deposit you need / the type of property you're likely to afford.

if you're more clued up than this and have a rough idea of what you can borrow and are more interested in the specifics of the offer itself, then best to wait until you're in a position to proceed.

in the meantime, enjoy window shopping on rightmove to get an idea of the area and what your 'must haves' are for when you are in a position to buy

bopsybunny

I spoke to L&C back in April when we were mid-saving. We had a small deposit saved, but had spotted a house we liked. Their service is free and they can give you idea of whether they think you would be accepted for a mortgage based on your deposit and the amount you are looking to borrow, and what the approx. monthly cost. They were so helpful as we were relatively clueless. We didn't end up offering on that house.
Went back to L&C last Sunday as we did offer on a house, and once our offer was accepted, our mortgage application was submitted through them this Tuesday. As we had spoken to them before, they already had a file with a lot of our details on our income, expenditure, etc. so it was quite quick this time around.