[vc_row][vc_column][\/vc_column][\/vc_row][vc_row][vc_column][vc_empty_space height=”50px”][vc_custom_heading text=”Tips for first-time buyers” font_container=”tag:h2|font_size:26|text_align:left” google_fonts=”font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1617118253018{padding-bottom: 12px !important;}”][vc_column_text]Securing a mortgage is undoubtedly getting more difficult, first- time buyers have more to prove to lenders to secure great deals.
\nRead on to find out how to improve your chances of securing your first mortgage.[\/vc_column_text][vc_column_text]<\/p>\n
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE<\/span><\/strong><\/p>\n [\/vc_column_text][vc_custom_heading text=”Preparing for a mortgage application” font_container=”tag:h2|font_size:26|text_align:left” google_fonts=”font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1617118277495{padding-bottom: 12px !important;}”][vc_column_text]Time spent preparing your finances now will pay dividends in the future. We\u2019d advise potential homebuyers to look at their financial situation and credit report as soon as possible. Improving your credit rating will boost your chances of securing a mortgage deal. If you find any errors in your credit report, tell the credit reporting company, in writing, what information you think is inaccurate.<\/p>\n \u201cBuild a clear, consistent track record of positive money management\u201d.[\/vc_column_text][vc_custom_heading text=”Get your finances in order” font_container=”tag:h2|font_size:26|text_align:left” google_fonts=”font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1617118344646{padding-bottom: 12px !important;}”][vc_column_text]<\/p>\n To maximise the amount you can borrow, ideally you would have no debt. Debt will reduce the amount you can borrow. It\u2019s not always possible to have zero outstanding credit but planning well in advance to reduce your borrowing will help. We don\u2019t recommend taking out any new loans just before applying for a mortgage.<\/span><\/p>\n It is however good to have some credit, this enables lenders to track you and see that you have been making regular payments for a set period of time.<\/span><\/p>\n Some clients with a large amount of debt, kept up to date could have a better credit score than a client who has never borrowed.<\/span><\/p>\n Overdraft ? [\/vc_column_text][vc_custom_heading text=”Proving your income” font_container=”tag:h2|font_size:26|text_align:left” google_fonts=”font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1617118469566{padding-bottom: 12px !important;}”][vc_column_text]Pay slips<\/p>\n Bank statements (three months where your income is paid into). Your bank statements must match your pay slips. They will also get scrutinised for other spending, so not declaring a credit card, childcare payments and regular online spending at gala bingo will affect your affordability! If you don\u2019t drive and have never been abroad, it would be worth your while getting a passport.<\/span><\/p>\n If you are not on the electoral roll currently, check your local authority website about getting registered to vote.<\/span><\/p>\n Can you prove who you are?<\/span><\/p>\n [\/vc_column_text][vc_custom_heading text=”Fact Find (financials)” font_container=”tag:h2|font_size:26|text_align:left” google_fonts=”font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1617118799497{padding-bottom: 12px !important;}”][vc_column_text]<\/p>\n This is completed every time you apply for a mortgage, even if you already own your property and are looking to remortgage to a better deal.<\/span><\/p>\n Employment<\/span><\/strong><\/p>\n Credit History<\/strong><\/p>\n Dependants<\/strong><\/p>\n You may also be asked:<\/strong><\/p>\n Can you afford it?[\/vc_column_text][vc_custom_heading text=”Affordability Calculators” font_container=”tag:h2|font_size:26|text_align:left” google_fonts=”font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1617119103726{padding-bottom: 12px !important;}”][vc_column_text]<\/p>\n As well as the fact find, you will be asked about your regular monthly outgoings. This could include mobile phone bills, food and how much you spend on nights out. This is to assess how much you spend and how likely you are to afford mortgage repayments.<\/span><\/p>\n As you hand over your bank statements, it would be worth economising for a few months prior to applying for a mortgage.<\/span><\/p>\n How much do you spend?<\/span><\/p>\n [\/vc_column_text][vc_custom_heading text=”Dates” font_container=”tag:h2|font_size:26|text_align:left” google_fonts=”font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1617119158604{padding-bottom: 12px !important;}”][vc_column_text]<\/p>\n You will be asked for a lot of dates. It\u2019s worth getting prepared:<\/span><\/p>\n How long have you lived at your current address? If less than three years, your previous address will be required. Date started with current employer and details of probation period if relevant. If less than one year please supply your previous employer details and dates employed commenced and finished.<\/span><\/p>\n Dependants<\/span><\/strong><\/p>\n Hopefully you can remember the date of birth of your children, but just in case! When?<\/span><\/p>\n YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE<\/span><\/strong><\/p>\n [\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":" [vc_row][vc_column][\/vc_column][\/vc_row][vc_row][vc_column][vc_empty_space height=”50px”][vc_custom_heading text=”Tips for first-time buyers” font_container=”tag:h2|font_size:26|text_align:left” google_fonts=”font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1617118253018{padding-bottom: 12px !important;}”][vc_column_text]Securing a mortgage is undoubtedly getting more difficult, first- time buyers have more to prove to lenders to secure great deals. Read on to find out how to improve your chances of securing your first mortgage.[\/vc_column_text][vc_column_text] YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT … <\/p>\n
\nCredit cards & store cards ?
\nLoans ?
\nHP Agreements (car \/ shopping) ?<\/span><\/p>\n\n
\nKeep your documents in a safe place and ready to go[\/vc_column_text][vc_custom_heading text=”Identification” font_container=”tag:h2|font_size:26|text_align:left” google_fonts=”font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1617118674318{padding-bottom: 12px !important;}”][vc_column_text]<\/p>\n\n
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\nIf you care for your parents or other member of your family you will need their date of birth and to declare if they are financially dependent on you.<\/span><\/p>\n