When to speak to a mortgage broker - ftb

[Bussolini]

Quick query: when one is a FTB, when do you speak to a mortgage broker? Right at the start in order to get a mortgage in principle before you start viewing properties?

[kiethton]

at the start - for a realistic expectation of borrowing capacity so you know how much you can spend (if punching near the top of likely capacity that is)

[Bussolini]

kiethton said:

at the start - for a realistic expectation of borrowing capacity so you know how much you can spend (if punching near the top of likely capacity that is)

We'll be looking to borrow at just over 2x joint salary so affordability shouldn't be a problem - just need a MIP in order to show serious interest

One other question: my partner will be in a brand new job, will that be a problem? She would be on the mortgage (though for what it's worth the mortgage we would want would be around 4x my salary alone, so affordable without her).

Do I need a broker at all in my circumstances, or should i just get a MIP from my bank?

EDIT: I suppose one thing worth knowing is difference in interest rate between 95% LTV and 90% LTV - the latter would require a bit more saving, and need to work out if it is worth waiting, though by time we got through process even if offer was accepted very quickly we would be almost at 90% if not there.

Edited by Bussolini on Wednesday 9th October 12:43

[kiethton]

Bussolini said:

We'll be looking to borrow at just over 2x joint salary so affordability shouldn't be a problem - just need a MIP in order to show serious interest

One other question: my partner will be in a brand new job, will that be a problem? She would be on the mortgage (though for what it's worth the mortgage we would want would be around 4x my salary alone, so affordable without her).

Do I need a broker at all in my circumstances, or should i just get a MIP from my bank?

Edited by Bussolini on Wednesday 9th October 12:37

Personally I'd just do it now to get an idea of what borrowing could be and address those concerns.

I (and a good few) have used Sarnie on here and couldn't recommend him highly enough - I'd drop him an email via his profile although he'll likely pop up some time soon to advise from a better position

[JulianPH]

I second speaking to Sarnie.

He can not only make the process smooth and painless (compared to you going directly) but also has access to better rates and deals.

[chml]

As above, speak to Sarnie - this is his bread and butter and he will give you all the (correct) info you need.

As a side note, the mortgage now isn't solely based on 2/3/4x income, it's based on affordability and the stress test that lenders apply.

[Bussolini]

Just dropped Sarnie an e-mail, cheers all.

[Sarnie]

Bussolini said:

Just dropped Sarnie an e-mail, cheers all.

Replied!

Many thanks for the positive posts on here guys, much appreciated as always!

[Bikesalot]

Sarnie has this thing.

He will say these four magical words ‘leave it with me’

At that point, sit back, pop the kettle on and rest assured you’re in safe hands.

[Sarnie]

Bikesalot said:

Sarnie has this thing.

He will say these four magical words ‘leave it with me’

At that point, sit back, pop the kettle on and rest assured you’re in safe hands.

Ha!

You've made me realise that I do say that a lot!