The best time to apply for a mortgage

August 22, 2016 by Brendan O'Neill

Advice & Tips

Often people don’t apply for a mortgage until they have started the process of looking for a new home, and sometimes until they have found the house of their dreams. In many cases, this is too late, and you could end up losing the property as you haven’t secured a mortgage.

Speak to a CeMAP-qualified mortgage adviser before you start looking for a home, so that you know how much you are likely to be able to borrow. There are many factors which can impact on your ability to secure a mortgage and the amount you can borrow, so speaking to an adviser early will help you decide what you can afford.

When you speak to a mortgage adviser, you will find out whether you are a likely candidate for a mortgage, or whether there are any problems which need to be sorted out first. Your credit history may have an impact on your ability to get a mortgage, even if you believe you have a good credit rating. A professional will be able to help you look at how to sort any problems out, although this itself can take a little time.

Buying a property together with someone else may affect the type of mortgage you apply for and the amount you can borrow. Lenders all have varying criteria, so it’s worthwhile talking to an adviser who knows which lenders are likely to offer you a mortgage. Applying for a mortgage before you search for a home will increase your chances of having your offer accepted when you finally find a suitable property.