MONEY WATCH FINANCE 2021 IS A GREAT TIME TO GET ON
THE PROPERTY LADDER OR MOVE HOME
First of all I would like to wish everyone a very Happy New Year, hopefully with a vaccine now available, we can start to return back to normal life, like 2020, Covid will be a thing of the past, we can move on with a light at the end of the tunnel, 2020 was extremely busy for the housing market and I honestly cant see that changing in 2021
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 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. If you’re an existing home owner looking to move, you may have the same questions, but may have additional requirements such as, when should I advertise my property for sale, should I find a new home first or accept an offer to sell, what are the options to sell your home and of course, how much is it going to cost to sell.
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.
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 may 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 show the lender that you are serious and 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 and 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 and accurately determine what is affordable and 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 and 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 and guidance, if done correctly it will make the home buying
process more enjoyable & less stressful knowing you have the support of a professionally qualified adviser to help you through to completion and 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 and 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 and impartial mortgage adviser locally to you by visiting
www.unbiased.co.uk or
www.vouchedfor.co.uk
For further information please contact Peter Hunt on: 0121 503 0961
www.moneywatchfinance.com
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