MONEY WATCH FINANCE IT IS STILL A GREAT TIME
TO GET ON THE PROPERTY LADDER.
Even allowing for the tightening of mortgage lending during this Covid-19 period, the property market is still very buoyant, many properties are coming to market through estate agents & buyers are instantly keeping tabs on these to book viewings, there are some major changes to mortgages & the assessment during this current Covid climate.
MPG 24
Pre pandemic, many lenders would have mortgage products available for first time buyers & home movers with a 10% deposit, immediately after lockdown, lenders vacated this area & would only lend with a 20% deposit, in some cases lenders would only proceed with a 40% deposit, this has relaxed to a certain extent however currently there are only a handful of lenders that are lending with a 10% deposit, the other problem has been caused by furlough, some lenders will still lend based on your pre-furlough income, some will only lend up to the 80% given by the government job retention scheme grant & other lenders will not lend at all if you are currently on furlough. Also when you return to work the criteria differs from lender to lender, some will lend immediately, some require you to be back in full time work for a 3 month period before they will consider accepting a mortgage application, this is where a financial adviser will be worth his weigh in gold as he or she will be able to guide you to the correct lender based on your personal circumstances, self employed will be scrutinised in great detail, lenders will want to know if your business has been able to trade during lockdown, if not how it has been affected financially, what is the loss in income likely to be for the current tax year.
Apart from this it is still a very good time to be buying a property and a new home.
As a first time buyer, 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 is further questions, how do I find a property to view, when 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 and which solicitor do I instruct.
YOUR CREDIT
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 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.
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 and guidance you can’t be sure what price range you should be considering, along with the previous topics regarding your credit and deposit available a mortgage adviser will be able to take these in to consideration and accurately determine what is affordable and within your monthly budget, lenders 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 and arrange is your house warming party.
There are lots of extremely good, trustworthy and reputable local advisers, if you choose one carefully you should get a first rate face to face service, you can find a qualified whole of market and impartial mortgage adviser locally to you by visiting
www.unbiased.co.ukor
www.vouchedfor.co.uk
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
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148
