Buying a first house can be exciting but also very daunting so we have came up with these 5 tips to help with the journey.
1 Make financial Sacrifices
When saving for a house the old saying 'if something is worth buying then it is worth saving' comes to mind. As well as saving you should also keep credit commitments to a minimum in the 12 months leading up to the application. If you have too much credit this can have a negative effect on your application.
The more deposit you can afford the better as this reduces the amount of loan. There are some mortgage companies that can lend if a 5% deposit is required. Therefore budget wisely and try and do with out some luxuries and a larger deposit will give you more choice in lenders and possibly interest rates.
3.The Credit Check
Lenders will check wether you have a good credit history and having no credit is not always a positive. Lenders like to know that you are sensible with your credit and finances. If you have had a bad experience with credit it is better to be upfront and honest with your mortgage advisor.
4.First Appointment Checklist
You will be asked to provide certain pieces of information eg payslips, bank statements, id etc. So better to take as much as possible with you to show your income, savings, proof of deposit etc.
5. There are is no such thing as a stupid question!
Make a list of questions you would like to ask as always important to find out all the facts. Even if you think you know how something works it is always better to double check as each lender is different.
To help with a first time mortgage our inhouse Mortgage adviser can help answer question. Ring 02890 925050 to arrange an appointment or answer any queries