Mortgage advice

[Hemskis]

My husband and I have always rented (we are in our late fourties) but we are receiving an inheritance that will allow us to buy. Private has just been granted. We have a few different debts that we will be paying off immediately. My query is, should we then wait three months before applying for a mortgage in principle so we have three months of account statements without these debts?
We both have excellent credit rating so that won't be affected either way.

A mortgage advisor would be best placed. It will depend on the mortgage company, some will some won’t. I was able to show a statement from the loan company that mine was paid off and the mortgage company were happy with that.

I my experience the mortgage in principle has always been a sort of Instant online form where you put in your circumstances and it tells you how much you could borrow.

It's not until the formal application stage where you need to give the evidence. So I would fill it in based on the circumstances you will be in once the debt is paid, then make the formal mortgage application afterwards. Also I don't think you'll need three months of accounts to show it's paid, just the statement to show the balance is zero. The three months thing is more for income I think

That's great, thank you. We've both been in the same jobs for a good amount of time. We are both really keen to start viewing properties but want to be in a place where we are ready to proceed if we find the right place. I'm utterly fed up with renting!