Why it’s a good idea to speak to a mortgage adviser – even if you’re not ready to buy a house yet.
You’ll find out crucial information
Mortgage advisers can be brilliant sounding boards; you can explain your circumstances and what you want to achieve - and they can talk you through your options to get there.
During your chat with an adviser you’ll find out what mortgages are out there, and therefore what you should be aiming at. For example, if you’re worried about having a small deposit, you may be pleasantly surprised to discover you may be able to get a mortgage with just a 5% deposit. This may make your dreams of being a homeowner possible sooner than you thought. Or if you have almost a 10% deposit saved, you may find out that by actually reaching the 10% figure you’ll have more mortgage options available to you. So you it may spur you on to save more money to reach that target.
Your mortgage adviser will save you time
Your mortgage adviser will give you a realistic expectation of you’re likely to be able to borrow based on your circumstances. And therefore you’ll know what your property budget is likely to be. This means you’ll be able to see the type of property you’re likely to be able to afford in the area where you would like to buy. And if you realise you may not be able to secure the home you want in your dream location, it gives you time to explore other areas.
You’ll find out about other costs
As well as your deposit, there are other costs you’ll need to factor into your budget when you’re buying a home. And your adviser can explain these to you so that you’re prepared. For example, depending on the value of the property, you may need to pay Stamp Duty. Plus, there are other costs like solicitor’s fees to include too.
Your mortgage adviser can help you get ‘mortgage ready’
When you apply for a mortgage, it’s essential that you’re ‘mortgage ready’. This means that you get yourself in the strongest position possible, ideally six months before applying for a mortgage. And an adviser can explain to you how to do this
- * For example, do you have any outstanding loans? Then try to pay these off before you apply for a mortgage and avoid taking out any more loans in the meantime.
- * Pay all your bills on time. This will prove you are reliable and financially independent.
- * Check your credit report. If there are any mistakes, make sure they get corrected. And if there are any steps you can take to improve your credit rating, now’s the time to do it.
Time to consider your options
Finally, there are many different types of mortgages to consider. For example, do you want to take out a fixed-rate mortgage, so you’ll have the security of knowing how much your mortgage payments will be each month? And how long do you want to fix your mortgage for? You can fix for 2 years, 3 years, 5 years or even longer. These all have pros and cons, but by having the conversation early you’ll have plenty of time to think these decisions through.
Feel free to give us a call on 0208 3431777 - we are here for you when you are ready!