Why It's a Good Idea To Go and See a Mortgage Advisor Before You're Ready to Buy

*In collaboration with Ascot Mortgages.

The dream of buying my own home is very distant, almost impossible right now. I'm in my 30s and still live at home, I've just registered as self-employed, I'm single, and while my friends are talking about their children's milestones, I'm talking about a new stray cat that has come into my garden begging me for food (FYI, I do feed him). Mortgages would be my milestone, and I'm far from considering speaking to a mortgage advisor.

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There's this huge assumption that you only need to think about talking to mortgage advisors when you get an offer accepted on your house. But that's not entirely true - it's actually better to speak to a mortgage advisor way before you're considering buying. It's actually a wise move to get in touch with an advisor to gain a better understanding of potential mortgage deals. 

Here are some reasons why it's a good idea to speak to a mortgage advisor early:

1) You'll get vital information

A mortgage advisor will look through your records, finances and savings to see what the best mortgage option would be for you. It'll be a good chance for you to get a plan in action when it comes to knowing how much to save for a deposit. 

You may get good news and may be told that a 5% deposit may be enough to put a deposit down. If you've already saved nearly 10%, you may have a wider range of options. This may inspire you to knuckle down and save a little harder than before so you can be in the best position to get a mortgage. 

A mortgage advisor will give you a clearer what you're aiming for with your deposit. 

2) You'll save yourself an awful lot of time

Speaking to a mortgage advisor from the outset will give you a realistic idea of how much you can borrow. This, in turn, can give you a better understanding of what your property budget will look like. You can then start looking at properties which are realistically within your budget range, rather than looking at properties you can't afford.

3) It prepares you for other costs

If it were only just buying a house. No other expenses or costs. That would be an ideal and simpler world! A mortgage advisor will give you a good idea of other costs, including stamp duty and solicitors' fees. It's not about making sure you have an air fryer and garden furniture before moving in!

Knowing the other costs will allow you to put that little extra bit of money away every month so you're fully prepared for it when it comes to paying for those costs.

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4) You'll get advice to be 'mortgage-ready'

Ideally, you want to be in the strongest position possible and be 'mortgage-ready' roughly around six months before applying. A mortgage advisor will obviously advise you on how to be ready for your mortgage application.

How can I make myself ready to apply for a mortgage?

There are three things you can do to ensure this, they include:

1) Check your credit score and reports.

There are free websites that will give you your credit score and report. Check through each report carefully to make sure there are no inaccuracies. If something does flag up, get it corrected as soon as possible.

2) Save up regularly

To a mortgage lender, it will show them that you can manage money well, and the money saved can go towards your deposit.

3) Try and pay off any outstanding loans

It will be a good idea to pay off any outstanding loans before applying for a mortgage. Your mortgage advisor will give you tailored advice on how to do this. Another tip - avoid taking out any more loans in the meantime. 

When I go and see a mortgage advisor, what do I need to bring with me?

Be prepared and buy yourself a big bag. You're going to need to take a lot of documents with you:

• Proof of identity (passport or driving licence)
• Proof of address (utility bill or bank statements from the last 3 months)
• Proof of income (recent payslips, P60 if employed, recent bank statements, recent Self-Assessment Tax returns if self-employed)
• Details of any existing debts (if there are any)
• Proof of deposit
• Credit report
• Details of existing mortgages or life insurance policies
• Your solicitor's details
• Monthly spending

It sounds a lot more than it is, but a mortgage advisor will talk everything through with you and tell you what they need from you.

These are reasons why it's a good idea to see a mortgage advisor before you're ready to buy!

If you have any tips yourself, please share them in the comments. I'm sure it would be helpful for others who want to step onto the property ladder!