Your first mortgage appointment

Working with a financial advisor to make the right mooves before your purchase...

Understanding your budget before you buy

Buying a home is one of the biggest financial commitments you’ll ever make. Before you start searching for properties, it’s crucial to understand what you can afford. Your first step? Either booking a mortgage appointment with a broker, or completing a cost-of-moving exercise if you're purchasing with cash.

Why this step matters

Many homebuyers dive into their property search without knowing their financial limits, which can lead to disappointment. Understanding your budget early ensures that you’re looking at realistic options and can move quickly when the right property comes along. Having your finances in order might help you stand out as the best buyer, when competing against others!

What to expect in a mortgage appointment

If you’re ready to explore mortgage options, a meeting with a mortgage advisor will help you:

•Understand borrowing power– Based on your income, debts, and financial commitments.

•Assess affordability– Factoring in monthly payments, interest rates, and lender criteria.

•Discuss deposit options– Including available schemes (e.g., Help to Buy, Shared Ownership, etc).

•Explore mortgage products– Fixed, variable, or tracker mortgages tailored to your needs.

Cost of moving exercise

If you’re not quite ready to speak to a lender, you can still do a financial health check by considering:

•Deposit savings– How much you need and how long it will take to save.

•Upfront costs– Stamp duty, legal fees, surveys, and finance arrangement fees.

•Moving costs– Removal firms, storage solutions, utility transfers.

•Ongoing costs– Mortgage payments, council tax, insurance, and maintenance.

What Open Moove Suggests Next

• If you’re ready to progress, book a mortgage appointment within our market place to get professional advice.

• If you’re still in the research phase, use an online mortgage calculator to get an idea of what you can borrow.

• Download the Open Moove app to track your home buying progress and access expert guidance every step of the way.