Many people assume you only need to think about mortgages after you’ve had an offer accepted on a house so if you’re not at that stage yet you might be thinking why should I use a mortgage adviser now?

But if you’re considering buying a home in the future it’s a wise move to speak to a mortgage adviser as soon as possible. And we've put together this article to explain all the reasons why.

You’ll get vital information

It’s one thing having an ambition to buy a home but to have your best chance of getting your plan into action it’s a good idea to speak to a mortgage adviser. This is because they’ll run through your personal circumstances such as your salary and any deposit you have already saved. You might get some good news. For example you may have been concerned about having a small deposit but discover you’re able to get a mortgage with a 5% deposit. And this could mean you’re able to get on the property ladder much sooner than you had thought.

Or it might be the case that you’ve nearly saved a 10% deposit and you discover that by hitting the 10% figure you’ll have a wider range of mortgage options. This might inspire you to save a bit harder for a bit longer. And even if you feel you have some way to go in building your deposit, having a chat with a mortgage adviser will give you a clearer idea of what you are aiming towards.

Why should I use a mortgage adviser? You’ll save time

Another benefit of speaking to a mortgage adviser early in the process is that you’ll get a realistic idea of how much you’re likely to be able to borrow from the outset. And this means you’ll have a clear idea from the start of what your property budget is likely to be. So you won’t waste time online looking at properties that are likely to be way over your budget. But it works both ways – you might end up finding out that you’re able to borrow more than you had assumed.

You’ll get in the know about other costs

When you buy a property as well as your deposit you’ll also have other costs such as solicitor’s fees and stamp duty, depending on the value of the property. And your mortgage adviser can explain all this to you so you’re more prepared.

You’ll get advice on becoming ‘mortgage ready’

When applying for a mortgage it’s vital that you’re ‘mortgage ready’. You’ll need to get yourself in the strongest position possible ideally six months in advance of applying. So if you’re asking what does a mortgage adviser do, another important thing is they can explain to you how to do this. For example you should:

  • Check your credit reports. Credit reference agencies Experian, Equifax and TransUnion each hold a credit report on you and you can check them all online for free. So go through each report carefully and if there are any inaccuracies get them corrected. And find out what you can do to boost your credit score too such as getting on the electoral role.
  • Save regularly. This will show the lender you can manage your money well plus the money you save can go towards your deposit.
  • Do you have any outstanding loans? It may be a good idea to try to pay these off before you apply for a mortgage, although your mortgage adviser will give you tailored advice on whether this is the case for you this based on your circumstances. And avoid taking out any more loans in the meantime.


How to get mortgage advice

This might sound like a lot to take on board which is why we’re here to help guide you through the process. So if you have any questions or want to learn more about how we can help, please get in touch with one of our expert mortgage advisers.

Important information

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is £99.