If you’re looking to buy your first home, there’s no doubt you’re overwhelmed with excitement but also a fair few questions. It can be a daunting process, especially when it comes to being accepted for a mortgage. Here are our 4 top tips for first-time buyers in the UK looking to navigate the market successfully:
This is one of the most important tips we can offer you. Before applying for your mortgage, a review of your credit report is advised. The higher your credit score, the more likely you are to qualify for low-interest-rate mortgage deals.
Consulting with a specialist in first-time buying can be highly beneficial. At Advice Plain & Simple, we have a team of advisors who can help you explore various mortgage options and assist you with the application process.
We advise you to compare the mortgage offers you’re given. Shopping around different lenders is the best thing to do as you’re almost always likely to find another offer best suited to your needs.
Most lenders will require a deposit which is often between 5% - 15% of your property’s price. We suggest saving as much as possible to increase your chances of approval but also reducing the amount that you may need to borrow as this will lower your monthly mortgage payments.
Buying a home is a huge commitment, so take your time and do your research. Alternatively, get in touch with us today to seek mortgage advice and we can help you get the ball rolling. Fill out our form here and we will get in touch with you as soon as possible.
Advice Plain and Simple is a trading name of William Chalice Limited which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority. William Chalice registered Office: Unit 1, Hawford Business Centre, Lionel Way, Worcester, WR3 7SG. The information on this website is subject to the regulatory regime and is therefore targeted at consumers in the UK. No representations are made as to whether the information is applicable or available in any other country which may have access to it.
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