There is a wealth of information to take in when buying your first home, and in the current market lenders are far stricter with lending criteria for first-time buyers which why it’s important to talk to a mortgage expert. Most people dream of owning their own home, and usually, getting a mortgage is the only way to do it.
Getting onto the property ladder should be one of the most exciting things you’ll do but there is so much to think about, including finding the right mortgage. So, you may be asking “What do I need for a mortgage?”
If you’re planning to buy for the first time, it’s important that you’ve got your finances in order. By using a mortgage broker providing independent mortgage advice you will ensure you end up with the right mortgage option for your individual needs. It’s not just your income and deposit being scrutinised when taking out a mortgage.
Lenders want to see that you’re a good borrower, so for as long as you can before applying, make sure, you’re paying debts and bills on time. Stay out of your overdraft and avoid emergency loans. And try not to apply for credit either – like a new credit card, or a mobile phone or car loan.
It also helps to prove that you can live on a budget, and you know what your outgoings are. Start to track what you’re spending monthly on essentials, bills, loan repayments and any other financial commitments. Then you’ll be able to prove you know your finances inside out when you get to your mortgage interview.
Lenders are often put off if you’ve been in your job for a very short period (six months or less). So, if you’re planning to buy a house, don’t think about switching careers at the same time.
Most lenders typically require you to have a deposit of at least 5% of the value of the property you intend to buy, but 10% is even better. Lenders offer better rates the bigger your deposit is, and they usually improve at certain levels (so, if you have a 9% deposit saved, it’s definitely worth trying to break that 10% barrier).
Whether you're a first-time homebuyer, looking to refinance your existing mortgage, looking for lending options for your business, or needing help finding the right insurance coverage, we've got you covered. Contact us today to schedule a consultation and take the first step towards achieving your financial goals.
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