Step 1 – Check your credit score
Before a lender will agree to lend to you, they will always assess your credit. The better your credit score, the more likely you are to be accepted and the better your rate is likely to be. This is the first step as it gives you the most time to correct and improve any imperfections.
Step 2 – Improve your credit score
There are a number of ways to improve your credit score. You can register to vote, pay off any outstanding debts, pay bills on time, cancel any unused credit cards and don’t go over your overdraft limit.
Step 3 – Calculate your monthly budget
To ensure that you have the funds to pay for a mortgage, you must consider all your current monthly outgoings and possible outgoings should you purchase a property. Bills such as TV license, council tax, TV & broadband, mobile phone and Home Insurance are all things you should consider.
Step 4 – Find the perfect area to live
You are about to learn how expensive and complex buying a property can be, that’s why it’s important to spend the time finding the right area to live. Future factors such as local schools and transport links should all be considered.
Step 5 – Assess house prices in that area
Once you have found the perfect area, it’s important you use the likes of Rightmove and Zoopla to assess the average house price in the area.
Step 6 – Decide on the perfect property type
It’s important that you find the right property type for both now and for the future. It may sound obvious, but whilst an apartment or a flat may be suitable now, it may not be in the future.
Step 7 – Start planning for your deposit
You could argue that this should be the first step, however, it’s important that you understand the average house price in order to know what you will need to save.
Step 8 – Book an appointment with MAIN
Even if you have not followed the above steps, we can assess where you are up to in the process and what you will need going forward. During your initial appointment, we can assess your affordability and in some cases provide a decision in principle, ready to make an offer that same day.
If you are looking for First Time Buyer Mortgage Advice, waste no time and book an appointment with one of our expert brokers today.