Many factors that can influence which mortgage is right for you.
Buying your first property can seem like a daunting task. In reality it can be a simple transaction. See below for a walk through the process.
The key points are:
• The amount you want to borrow
• The deposit you have saved
• The term over which you wanted to borrow the money
• Your employment status and the way in which you are remunerated
• Your time in employment
• Your credit score
• Your nationality and time spent living in the UK
• If you plan to use a government-backed scheme or not
• The type of property you plan to buy
All of the above will influence which lender which is right for you. Make sure the broker you use is whole of market and independent to give you access to every lender.
The mortgage process.
Top tips for buying a home
• Get your Agreement in Principle (AIP) done before you start looking at houses. This way you know how much you can borrow and the house price you can pay before
you start viewing.
• Ideally get an AIP before you speak to estate agents, otherwise, you may need to see the agents’ in-house broker. If they know your top level of borrowing it can be harder
to negotiate on price when you find a house.
• Consider paying off debts before you apply. This can increase your ability to borrow and should give you more disposable cash before you move in.
• If you have doubts about your credit score then get a credit report before speaking to a broker. It will save time when sourcing a lender.
• Make sure you are on the electoral roll at your current address as this is one of the key factors for your credit score.
• Make sure your bank statements go to your current address and not that of a previous address.
• If you are employed, get your last three months’ pay slips, three months bank statements and three years proof of bonus if applicable in a ready to send format as a lender may ask for this.
• If you are self-employed, order your last three years SA302’s from HMRC. These can take a few weeks to arrive and they are essential as are accounts from the past three years.
To discuss further please contact us directly. You’ll find us helpful, professional and never pushy.