FTB - what order to do things

[Violetroselily]

Hi all

I've read all of the guides, MSE etc but I'm struggling to work out what order to approach my first purchase (hopefully)

I'll be using a mortgage broker. Do I do this before viewing any properties to get a firmer idea of what my budget is? I've run my details through all of the high street lenders calculators and get varying results. But I'm hopefully looking at a budget of 260,000-280,000 with a deposit of 32k.

Do I bother getting an AIP before I start viewings? From what I've read, this is needed for an offer to be seriously considered. Do I get the AIP via a broker? Or an AIP and then see the broker (rendering the AIP meaningless if I then pursue a different lender?)

Thanks in advance...I feel totally clueless

Your first step should be to get an AIP, either directly from a bank/building society (for example HSBC mortgages aren't available through brokers), or by visiting a broker. You may need to be ready if the perfect house comes along and EAs will want to check your offer is legit before the vendors accept.

My advice would also be to view anything and everything that comes up in your budget - viewing really helps to sort out what you do and don't want. I only realised some of the things on our list were deal breakers when I viewed houses without them. This time around we ended up falling in love with a house and compromising on the one thing we thought was a deal breaker!

Ok I'll start with an AIP.

I'm struggling to work out my actual budget may be. I get such variation between lenders based on whether they include a bonus (and I gather some will count a proportion of it, or 3 years averaged). It makes a pretty big difference to what I can potentially borrow, in some cases 30k

An AIP should make this clearer right?

AIP first from mortgage broker, otherwise no estate agent will take your offer seriously x

The AIP and broker will confirm your budget, so yes, do that first. High street calculator aren't great; brokers often have access to other deals and while they check affordability I found they were much less nitpicky than the bank, who took into account many more outgoings (even things which would be cancelled straightaway if one of us became unemployed).
The broker will be able to advise which lenders would consider a bonus.

I bought my first house last year, we went to the broker first who checked our finances but didn't provide an AIP. Instead I went online and got one from Nationwide to show to estate agents.

I had the same issue with bonuses as I've only been able to get a bonus for the past year which wasn't enough proof for lenders.

Thanks all, will arrange to speak to a broker soon.

I'll take the online calcs with a pinch of salt. Hoping my bonus makes some difference...I've had one every year except last year as I left my employer shortly before it was due to be paid. Even an average if the last 3 years would be helpful.