Timing is everything when it comes to when you should make the first visit to a mortgage broker or lender. Don’t fall into the trap of thinking it is more important to find the house you wish to buy first. If you go and visit an adviser first, they will be able to give you an idea of how much a lender is willing to lend to you, then you can go out with a clear idea of which houses you can and which you can’t afford. It is no use going to a mortgage lender with your heart set on buying a certain property as you may be disappointed to find out that you won’t be able to lend enough. The mortgage process can sometimes be lengthy as well, so it is best to get a head start and visit an adviser before you start picking out a property.
What to Expect from the Initial Visit
Just like with anything else you buy, a mortgage is a product, it is something that you should shop around for. If you are not happy with the first adviser that you go and visit then you should keep shopping around until you find someone that you are comfortable around and feel you can trust. Do not expect to walk into a broker or lender’s office and come out with a £200,000 mortgage. The initial meeting will simply go through what your circumstances are, how much you would like to borrow and what your expectations are. The adviser should be able to give you a rough idea of how much you will be able to lend, which means you will be able to start the fun part of house hunting.
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Meeting Expectations
Don’t be ready to quit if you get a set back and find that you are not able to borrow as much money as you thought. If your initial visit is to a lender and you are not happy, or think you have been quoted repayments that seem too high, you should go and see a mortgage broker who can search the whole of market. At least you will have the piece of mind that you have exhausted all of your options.
The initial meeting should be the time when you ask all the questions you have, don’t be afraid to do this, and make sure that you have everything explained to you, as well as whether the adviser you are seeing will charge you for advice. You should also ask them general questions such as whether they think it is a good time to buy at the moment and try and get an insight into what to expect when you go house hunting. As well as telling you how much you will be able to borrow they should also be able to give you an idea of what your repayments will be like, which is when you should also quiz them as to how likely it is the rates will go up or down in the next few months and whether it would be better to wait a while.
Coming out of your first meeting with your adviser you should feel confident and have a realistic image of what kind of property you will be able to buy, if however you are not happy with the advice you have been given, try another adviser, your relationship with your mortgage adviser may be a long one, so make sure you are happy.
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