Buying Your First Home? Here’s What I Wish I Knew
So whether your’re about to start saving your deposit for your first home, almost there or about to call the mortgage advisors, some insight to what questions come up, what you need to have ready, its not always easy to get advice straight from mortgage brokers when everything from mortgage calulators and mortgage in principle is all done instantly online, while its great to have an answer instantly, if any of your answers are incorrect this can have an impact of how much you think you can be lent.
First have a think of any non essential non essential payments, have a look at all the direct debits in your account and unsubcribe to any non essential memberships, at aleast live without for a few months, you want your last 3 months bank statements to look as clean as possible, and to show you can comfortably afford the mortgage repayments. No more car finance, sorry but any expensive car loans, or any finance loans, have to go, sell it and trade it in for an older model in cash or use public transport, at least until your mortgage loan is approved. Settle credit card payments before you start the application.
I’ve got my decision in principle, its not as much as I was hoping? Remember this it how much the morgage company will lend you, add your deposit to get the final figure for example, you are a first time buyer and they will lend £220,000 and you have £25,000 deposit, so you can offer up to £245,000.
Shop around with different mortgage brokers to get the best deal, some will be slightly more or less and have different interest rates, its a soft search so it’s not going to harm your credit rating score. Check which companies don’t charge a mortgage application fee, this is once your mortgage has been approved, the more you can hang on to your savings the better and remember you’ll need to set aside conyenacing fees, surveys and seaches.
5 Comments
Lucid Themes
October 23, 2023 at 1:15 pm
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Lucid Themes
October 23, 2023 at 1:15 pm
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec tempus tortor et facilisis lobortis. Donec auctor aliquam libero nec ullamcorper. In hac habitasse platea dictumst. Nullam nec eros scelerisque, auctor mauris at, vehicula mauris. Sed ac mollis magna, in tempus eros. Duis et nibh in sapien finibus posuere at ut libero.
Lucid Themes
October 23, 2023 at 1:16 pm
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec tempus tortor et facilisis lobortis. Donec auctor aliquam libero nec ullamcorper. In hac habitasse platea dictumst. Nullam nec eros scelerisque, auctor mauris at, vehicula mauris. Sed ac mollis magna, in tempus eros. Duis et nibh in sapien finibus posuere at ut libero.
Lucid Themes
October 23, 2023 at 1:16 pm
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec tempus tortor et facilisis lobortis. Donec auctor aliquam libero nec ullamcorper. In hac habitasse platea dictumst. Nullam nec eros scelerisque, auctor mauris at, vehicula mauris. Sed ac mollis magna, in tempus eros. Duis et nibh in sapien finibus posuere at ut libero.
Lucid Themes
October 23, 2023 at 1:16 pm
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec tempus tortor et facilisis lobortis. Donec auctor aliquam libero nec ullamcorper. In hac habitasse platea dictumst. Nullam nec eros scelerisque, auctor mauris at, vehicula mauris. Sed ac mollis magna, in tempus eros. Duis et nibh in sapien finibus posuere at ut liber.
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