If you want to buy your first house but aren’t quite ready, you might think there isn’t much point in speaking to a mortgage adviser just yet. But when it comes to getting on the property ladder, it’s better to speak to a mortgage adviser as soon as possible. In this article, we explain the benefits of getting advice sooner rather than later.
1. Get your finances in shape
When it comes to buying your first home, there’s a lot to think about.
First things first, you need to find out how much you can borrow and what deposit you need. A mortgage adviser can go through your financial situation and help you create a plan with timescales to work towards. They’ll look at your incomings against your outgoings to determine what you could realistically afford - you never know, you might be ready to buy sooner than you first thought.
Once you have an idea of how much you can borrow, you can start the fun bit, house-hunting!
2. Learn how to get ‘mortgage ready’
Around six months before you apply for a mortgage, you’ll want to get yourself ‘mortgage ready’. This will help you stand the best chance of getting mortgage approved. Here’s how you can get yourself ready:
· Check your credit reports
When you apply for a mortgage, the lender will run a credit check on you to see how reliable you are with money. You can check your score first by using credit reference agencies like Checkmyfile.
If you’re scoring on the low side, there are ways you can improve your credit score, such as registering on the electoral roll and making sure you pay your bills on time.
· Pay off any loans
If you have any outstanding loans, now is a good time to pay these off, before you apply for a mortgage. In the meantime, don’t apply for any new loans or credit.
· Save regularly
Making regular savings will show the lender how well you can manage your finances. Also, anything you’ve saved can go towards your new home.
3. Find out about other costs
When you buy a house, unfortunately there are always more costs to pay for other than the deposit. These can include things like solicitors and survey fees, stamp duty, removals costs etc.
A mortgage adviser can speak to you about these costs so you can budget for them. You don’t want to be faced with any shock surprises further down the line!
Want to speak to an adviser?
A mortgage adviser will share their expert knowledge and be there to answer any questions you might have, guiding you through the whole process.
Our aim is to help you become a homeowner as soon as possible, so let’s get started today!
Call us on 01363 773860 or click here to arrange a call back