Buying Your First Home?
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
All mortgage lenders will assess your income to confirm how much they will be willing to lend you. You should start this by drawing up a list of your incomings and outgoings, and work out how much you’ll feasibly be able to contribute monthly. Once you get your budget, it is best to speak to one of our expert mortgage advisers to review this to make sure you have not left anything out.
2. Check Your Credit Score
Banks and Building Societies 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 https://www.creditkarma.co.uk/.
3. If in Doubt, Ask a Mortgage Adviser
Our mortgage advisers will need to know how much you spend every month on bills and credit cards, and will need copies of your last three months 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 with us – you don’t want a debt you can’t afford. Once we get your budget and expenditure will run through your options, contact lenders on your behalf.
We advise on getting a mortgage agreed in principle (AIP). This allows you to make an offer on a property – estate agents may 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.