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LIVE 24-SEVEN


MONEYWATCH FINANCE GETTING ON THE PROPERTY L ADDER


The First time buyers guide to improving you chances of getting a mortgage & purchasing a home. As a first time buyers, its quite a daunting prospect buying your first home, where do I start, what’s the process, how does it all work, of course these are just initial questions you may start to ask yourself, then there are further questions, how do I find a property to view, when & how do I make an offer, what price property can I afford, how much deposit do I need, how do I apply for a mortgage, which lender do I apply to & which solicitor do I instruct.


YOUR CREDIT 48


Your credit history is essential to obtaining a mortgage, it is important to obtain a copy of your credit report early on to establish what your credit score is, you can do this by registering on the following website www.checkmyfile.co.uk if you provide this information to a mortgage adviser, he/she will be able to tell you if your report is sufficient to obtain a mortgage or if not what you can do to improve your score & the chances of securing a suitable mortgage agreement, incurring late payments, historical defaults or county court judgements will impact on your ability to secure a mortgage agreement so it is most important to look after your credit.


DEPOSIT


You will need to provide at least a 5% deposit to be considered for a mortgage however your credit history must be very good to achieve this, if it is not it may mean that a lender could still proceed with a mortgage but with a larger deposit as the risk to the lender is reduced the greater the deposit you provide, also the larger the deposit you provide the better interest rates the lenders make available, although some lenders will accept a gifted deposit from direct family members saving your own deposit will show the lender that you are serious & committed.


MORTGAGE ADVICE


Obtaining a suitable mortgage is key, like the property you buy it is the foundations of achieving your purchase, without solid foundations everything else is unstable, so when in the process should you look at your mortgage options, quite simply before you start looking & viewing properties, without the correct advice & guidance you can’t be sure what price range you should be considering, along with the previous topics regarding your credit & deposit available a mortgage adviser will be able to take these in to consideration & accurately determine what is affordable & within your monthly budget, lender look at affordability in great details so your income is assessed, from this current monthly credit commitments will be deducted from your borrowing potential, along with this the mortgage adviser will help complete a detailed affordability budget analysis regarding the running costs of the home & your chosen lifestyle, this will taken in to consideration by the lender when determining the amount of mortgage loan you will be eligible for. Always remember it is never to early in the process to get the correct advice & guidance, if done correctly it will


make the home buying process more enjoyable & less stress free knowing your have the support of a professionally qualified adviser to help you through to completion & getting your keys, The only thing that this leaves you to plan & arrange is your house warming party.


There are lots of extremely good, trustworthy & reputable local advisers & if you choose one carefully you should get a first rate face to face service, if you don’t know a mortgage adviser you can find a qualified whole of market & impartial mortgage adviser locally to you by visiting www.unbiased.co.uk or www.vouchedfor.co.uk Peter is one of the experts for the Grand Designs Live TV show and is recognised in the Vouched For guide to the UK’s top rated Financial & Mortgage Advisers.


For further information please contact Peter Hunt on: 0121 503 0961 www.moneywatchfinance.com


LIVE24-SEVEN.COM


THE MIDLANDS PROPERT Y GUIDE MONE YWATCH F INANCE


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