Be Prepared: being in the best position for buying a property
So, you've trawled Rightmove, looked in estate agents' windows, viewed more homes than you care to remember, and have now found the home of your dreams. The hard work is now done, and you will apply for a mortgage after a bit of Googling. You can now put your feet up – right?
Well, that is one way of doing it, but we would recommend a different approach if you want to get the best outcome. You wouldn't walk into a travel agent and say, “give me any holiday – I'm not fussed about the destination or the cost”, yet obtaining a mortgage is a far bigger event, and is likely to cost you far more money.
We would always recommend talking to a mortgage broker right at the very start of the process – before you've even viewed any properties. There are so many things that you can be doing to put yourself in the best possible position. If you've already started looking, no matter, now is still a great time to talk to us.
Firstly, do you know – really know – how much you are capable of borrowing? The days of simply multiplying your salary by 3 or by 4 are long gone and the size of your mortgage is now determined by a variety of factors. Not all lenders use the same calculations, and there is likely to be a significant difference in potential loan size between the stingiest lender and the most generous.
Secondly, are there any aspects of your personal circumstances which will reduce the options open to you? How good is your credit score? Will lenders consider your income arrangements to be complex? Do you already have other commitments which must be considered?
Thirdly, do you know what type of mortgage is right for you? You may already have some ideas, but we can guide you through the process and may suggest possibilities to you that you haven't considered. For example, might an offset mortgage be the right one for you?
Maxwell Moore can help you through all these considerations and we will also take charge of the process. We will tell you what documentation is needed and help you to get your application into the best possible position to succeed. We know which lenders have good service or are currently struggling to provide good outcomes.
Perhaps most importantly though, we will ensure that you are ready to make offers. Saying to an estate agent “I'm sure we’ll be able to get the money from a lender once we've done our research” is not as powerful as saying, “my broker has already pre-vetted me, I am good for £x, and an application can be submitted immediately”. Many estate agents won't even deal with people who are not already very clear about what they can borrow. Some estate agents will of course try to get you to see their own in-house advisor, but even if they have a full range of options (and not all will), do you really want to risk that your maximum purchasing capacity becomes known by the vendor?
Maxwell Moore provides mortgage advice across a comprehensive range of lenders and we work hard to assist our clients to make the right decisions and to find the right mortgage for them. We welcome enquiries from anyone who is ready to act now, or who is planning to take out a mortgage in the future. Either way, we will work with you to ensure that you are in the best possible position to proceed. As we are a fee-free mortgage broker (for owner-occupier mortgages), there really is no benefit in trying to do it all yourself. Why not get the benefit of our experience for free, and let Maxwell Moore do all the hard work for you?
Contact us on 0330 122 7887. We look forward to hearing from you.