Getting a mortgage can be a challenging process, especially if you’re a first-time buyer.
Whether you’re looking to secure your first mortgage or thinking about re-mortgaging your property, follow these tips to help you prepare.
Research your options
Understanding the different types of mortgages will help you decide which option is best for you.
You also need to decide between fixed and variable rate mortgages – a fixed rate means that you agree an interest rate, and this remains fixed for a set period of time whereas a variable rate means the interest you pay can change over time.
Improve your credit score
Having a strong credit score will boost your chances of being accepted as it provides evidence that you can keep up with monthly payments. There are several simple ways to improve your score, such as registering to vote, keeping credit usage low and making sure you never miss a repayment.
The bigger the deposit the better
Having a small deposit is a common reason for mortgage applications to be rejected, so increasing your savings may increase your chances of being accepted. Consider saving for longer before applying or opening a lifetime Isa which allows you to benefit from a 25% bonus from the government when you buy a house.
Get advice
We know that applying for a mortgage can be difficult, so our team is here to help you navigate through the process. If you’re getting ready to apply for a mortgage, or simply just want to know more about the process, contact our team today.
If you have any questions, please get in touch on 01702 39 49 59 or email southend@hairandson.co.uk