A property finance expert has warned that preparation and self-awareness are essential for anyone entering the housing market.
Richard Moring, director of RM Mortgage Solutions, has set out five fundamental questions that prospective buyers should answer before starting their mortgage applications.
“Securing a mortgage is one of the first but most important steps towards achieving your home-buying dreams,” Mr Moring said.
“Nobody expects you to be an expert, but it’s wise to be aware of the common pitfalls so the process is as smooth as possible.”
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Here are the five questions he urges people to consider:
1. Can you genuinely afford it?
Mr Moring said buyers often focus only on deposits and monthly repayments while ignoring other costs.
“Be honest with yourself about how much you can actually afford, rather than finding out the hard way,” he advised.
Extra expenses include legal fees, surveys, moving costs, insurance and furnishing. These can quickly mount up.
Schemes such as shared ownership, Help to Buy and Lifetime ISAs may help, but advisers often suggest keeping accommodation costs within 28 per cent of income and overall debt within 36 per cent.
Mr Moring advised that prospective buyers should consider five key questions before beginning their mortgage applications
|RM Mortgage Solutions/GETTY
2. What about the future?
“What if your income changes, you want to move early, or you plan to overpay your mortgage?”
He stressed that buyers must plan for long-term scenarios, not just current circumstances.
3. Are you choosing the right product?
With dozens of fixed, variable and interest-only options, picking the wrong mortgage can cost thousands.
“The best option is the one that suits your circumstances — not just the one with the lowest rate,” Mr Moring said.
He stressed that buyers must plan for long-term scenarios, not just current circumstances
| PEXELS4. Do you know the real timeline?
Mr Moring warned that many underestimate how long the process takes.
“From the initial application to completion, it’s not unusual for things to take eight to 12 weeks, especially with the legal work,” he explained.
Searches, surveys and legal checks all add time, leaving first-time buyers surprised at how slow the process can be.
Searches, surveys and legal checks often extend the timeline, catching many first-time buyers off guard with how lengthy the process can be
|GETTY
5. What obstacles might derail the process?
Gaps in documentation, credit issues and unsuitable lenders are among the most common delays.
“First-time buyers often don’t realise what can go wrong until it does,” he said.
He urged buyers to prepare documents in advance and understand each stage of the process to avoid setbacks.
Tackling these five questions upfront could help buyers reduce stress, set realistic expectations and move towards ownership with confidence.
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