BUYING YOUR FIRST HOME – WHERE TO START
Knowing where to start when buying your first home can be confusing. However, there are some simple steps you can take to make your path clear and increase your chance of being accepted for a mortgage.
1. Work Out How Much You Can Afford to Borrow
You should start by drawing up a list of your incoming and outgoings, and work out how much you’ll feasibly be able to contribute monthly. If possible, place a larger deposit is preferable as this will reduce your mortgage payments.
2.Check Your Credit Score
Banks use credit scores to judge whether or not you’re trustworthy enough to take out a mortgage. You can check yours online for free with companies such as Experian and Equifax.
3. First Home Advice
Call into your local Ballyclare or Belfast branch today.
4. If in Doubt, Ask a Mortgage Adviser – US!!
Our EXPERT advisers will need to know how much you spend every month on bills and credit cards, and will need copies of bank statements and pay slips. This will enable them to calculate how much money you may be able to borrow.
It is vital you are honest from the start with our mortgage advisers – you don’t want a debt you can’t afford. We will then run through your options; you should aim to get a mortgage agreed in principle as allows you to make an offer on a property – estate agents will not take you seriously until you have that in place.
Once you know how much you can borrow, you can start looking. Always keep your budget in mind and remember to cost in things such as redecorating or renovation.
Look at several properties and always view with your head, not your heart – or perhaps both!.