Will a mortgage advisor help with this?

NemoToad

My partner and I recently returned from living and working abroad for a substantial amount of time, and as a result have essentially reset our UK credit history to nothing (which I understand is just as bad, if not worse, than having bad credit). 

We're wanting to buy our first home, and have anywhere between 25% and 40% deposit depending on the value of the property (we've seen properties that would be affordable in this range on Rightmove). Everything is very new to us as first time buyers though, and feels overly complicated by the situation, so we really need to speak to someone to understand our situation and what we can do. These are the things we want to clarify:

- How long they suggest waiting until looking to get a mortgage/how much better the interest rates that we would be offered might be by waiting (we can then compare how much we'd save by waiting and weigh up scenarios better)
-If there's anything we can be doing to improve our chances whilst waiting (we have already got direct debits in our name, on the electoral roll, but can't get any credit cards
- If they suggest opening LISAs each (weren't a thing before we left the UK, so we don't have them and not sure if it's worth it just for a year or two (although if we play it right that is potentially 3 tax years although not sure if this "free" money is actually too good to be true))

Can a mortgage advisor/broker help with these things (first and second being most important), even though realistically we're not likely to be getting a mortgage straight away, or do they only help with finding mortgages? If not a mortgage advisor, is it a general financial advisor? Sorry if it seems daft to be asking this, but feel in such a pickle about it all!

Hoenir

Something's in life take time. Credit history being one. There's no shortcuts. Stable employment, banking relationships, paying utility bills on time etc create the confidence in applicants.  

kingstreet

I think a couple of lenders will lend on day one back in the UK. The deposit will help. One or two will join the party when you've been back six months. I'm talking about blue chip high street lenders at/near top of rate tables not off-balance street specialists. We prefer 'mortgage broker', as advisor is a bit wishy-washy.

NemoToad

kingstreet said:

I think a couple of lenders will lend on day one back in the UK. The deposit will help. One or two will join the party when you've been back six months. I'm talking about blue chip high street lenders at/near top of rate tables not off-balance street specialists. We prefer 'mortgage broker', as advisor is a bit wishy-washy.

Thank you for replying. I had read that we would need to go down the specialist route or wait 3 years. I think my question was more is this the kind of thing we'd be ok to book an appointment with a specialist broker about, in order just to ask their opinion on (we're not in a crazy rush to buy if by waiting 1 or 2 years we could save a lot on the interest rate we could access, or the same if by increasing our deposit, etc). But I just wasn't sure if that would be seen as wasting their time when potentially we'd not be looking to get a mortgage through them straight away, and we're more just working out the best thing to do with our finances right now.

Albermarle

NemoToad said:

kingstreet said:

I think a couple of lenders will lend on day one back in the UK. The deposit will help. One or two will join the party when you've been back six months. I'm talking about blue chip high street lenders at/near top of rate tables not off-balance street specialists. We prefer 'mortgage broker', as advisor is a bit wishy-washy.

Thank you for replying. I had read that we would need to go down the specialist route or wait 3 years. I think my question was more is this the kind of thing we'd be ok to book an appointment with a specialist broker about, in order just to ask their opinion on (we're not in a crazy rush to buy if by waiting 1 or 2 years we could save a lot on the interest rate we could access, or the same if by increasing our deposit, etc). But I just wasn't sure if that would be seen as wasting their time when potentially we'd not be looking to get a mortgage through them straight away, and we're more just working out the best thing to do with our finances right now.

I do not think a mortgage broker will object to speculative enquiries, especially as it might bring them some new business down the line. If they do just go to another one.

Financial advisors are more for advising you on investments, pensions etc. They tend to not get involved with mortgages.