A question that was posed to me earlier today whilst on a viewing was “when should I apply for a mortgage?”
It can seem chicken and egg, you can’t buy a house without a mortgage, but you can’t get a mortgage without buying a house. Best advice is for you to arrange your mortgage as early as possible; this would not only reduce stress but will put you in a stronger position with the vendors.
If you are looking at properties to buy before starting to arrange your mortgage, you have left it too late. You need to confirm as to how much it is you can afford to borrow. We have experienced people losing out on buying a property because they could not borrow as much as they thought. Moreover we have experienced many times that the vendors will not look upon favorable those people putting offers forwards without them being financially qualified.
We have our own independent financial adviser, it is completely free to come in and see him and pick his brain. It can be overwhelming deciding on which mortgage to go with, tracker, fixed rate or discounted. Why would you not want the in-depth advice, buying a property is a massive decision.
If you are serious about buying a property then do not delay, start the mortgage application process now.
Regards ready for a good viewings weekend Ross!