So, you’re a first-time buyer? Well, I can imagine you’re feeling some mixed emotions right now. The excitement about the prospect of owning your own home, but also a little nervous! It’s all pretty overwhelming.
That’s understandable, it’s a big step!
This is one of the reasons why I created The Homebuyer Coach. To help first-time buyers, just like you, navigate through the homebuying maze.
First things first, let’s get you mortgage ready.
Let’s face it, schools should really have “how to adult” built into their curriculum, covering various topics surrounding mortgages, loans, credit cards, overdrafts, credit scores etc.
Unfortunately, they don’t. That means you’ll have to do the research yourself. Want to know the best way?...
That’s right, even if you think it’s waaay too early in the process. Book in with a mortgage broker. They’re qualified to give you the vital advice you need to make sure that you’re in the best position when it’s time to buy.
Here are a few things to get you started…
Your credit history can play a major part in whether a lender will be happy to offer a mortgage or not. Ensure you’re making your payments on time to prevent things such as missed payments, defaults and CCJs. Also, make sure you’re on the Electoral Roll as this is often used to confirm identity.
Loans, car finance and credit cards can have a big impact on mortgage affordability. Speak to a broker to assess your current debt and to see if paying some off may help.
Regular savings will help you reach your deposit goal. There are also sometimes schemes available to help boost your savings such as Lifetimes ISAs.
Alternatively, if you're finding it difficult to save, you may be able to make some cutbacks on your day-to-day spending.