Early affordability checks and rate locks can protect buyers from market shifts, says mortgage adviser
Finding the right property is not the first step to buying a home. So says James Miles (pictured top), director and mortgage adviser at The Mortgage Quarter, who argues that borrowers routinely get the sequence wrong — and pay for it when it matters most.
According to Miles, understanding what lenders will offer should come before property searching, particularly as affordability criteria have shifted in recent months.
"For anyone considering moving home or buying for the first time, the most important step isn't finding the property, it's understanding what lenders will realistically offer," the Exeter-based broker said. "Affordability has become more flexible, but there have also been significant enhancements from lenders that many borrowers aren't fully aware of."
He pointed to lenders now offering deposits as low as 1%, and in some cases 0%, alongside income multiples reaching as high as six or seven times income, subject to affordability being demonstrated.
"These are substantial changes that can make the difference between a client being able to move forward or not, but they're highly lender-specific and often require careful structuring," he said.
Miles stressed that timing and preparation have become as important as product selection in the current market. "The market has evolved, and those who move early are consistently in a stronger position," he said.
He added that assessing affordability early gives borrowers two practical advantages: clarity over their true borrowing range, and the ability to act quickly when a suitable property is found — both increasingly important in a competitive market.
On remortgaging, Miles highlighted the option many lenders offer to secure a new rate up to six months before an existing deal ends, describing it as a strategy that remains underused.
"There's no downside to having something in place, but there is certainly a risk in waiting particularly in a market where rate movements remain unpredictable," he said. "You secure today's rate, but you don't lose tomorrow's opportunity."
Miles also challenged the perception that approaching a lender directly produces the best outcome, warning that automated decisions can disadvantage borrowers whose circumstances fall outside standard criteria.
"In reality, this can often result in a 'computer says no' scenario — where a case doesn't neatly fit a lender's standard criteria and is declined without further consideration," he pointed out. "This is where brokers truly add value."
He said brokers with established lender relationships are better placed to support clients with minor credit issues, self-employed borrowers with limited trading history, or those with complex income structures.
"A strong broker understands lender nuances, knows where there is discretion, and can often have informed conversations that go beyond what an automated system will allow," he explained.
"As brokers, our role is not just to find a mortgage, it's to guide clients, solve problems, and create opportunities where others may see barriers," he said.
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