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Top tips for buying a home

By David Baker

  • Mortgages

Buying a house is considered the “7th most stressful event in life”; it has been rated even more stressful than having a child or starting a new job.

Of course, owning your own home can make all that stress worthwhile and that is why our team love what we do! If you are considering taking the leap and buying a home, here are some top tips from our team:

Get your agreement in principle (AIP)

Get your AIP before you start looking at houses. This way, you know how much you can borrow and the house price you can afford before you start viewing properties, a Mortgage Broker will help you with this.

Ideally, get an AIP before you speak to estate agents; otherwise, you may need to see the agent’s in-house broker. If they know your top level of borrowing, it can be harder to negotiate on price when you find a house.

Pay off your debts

Consider paying off debts before you apply. This can increase your ability to borrow and should give you more disposable income before you move in.

Improve your credit score

If you have doubts about your credit score, get a credit report before speaking to a Mortgage Broker. It will save time when sourcing a lender.

Are you on the electoral role?

Make sure you are registered on the Electoral Roll at your current address; this is one of the factors that can impact your credit score.

Do you have your bank statements?

Set up your bank statements to go to your current address and not a previous address.

Do you have your payslips?

If you are employed, get your last three months’ pay slips, three months’ bank statements and three years’ proof of bonus (if applicable). Have these in a ready-to-send format, as a lender may ask for this.

If you are self-employed, order your last three years’ SA302s from HMRC. These can take a few weeks to arrive, and they are essential, as these are your accounts from the past three years.

Work with a Mortgage Broker

We recommend you use a Mortgage Broker who is whole of market and independent; this will potentially give you access to a wide variety of lenders.

Get in touch:

As soon as you’re thinking about a move, approaching your re-mortgage date or considering investing in a property for income, talk to us. We can help you organise your finances before you need to apply and explain the options available to you.

Email and a member of our team will be in touch!