How to get your first mortgage
Buying your first home can be quite daunting. It’s likely to be the biggest financial commitment you’ll ever have, so you need to know that you’re making the right decision.Searching for a mortgage can be time-consuming and somewhat of an inconvenience, but with the help of a mortgage adviser, we can take all this stress off your shoulders.
The first step is to find out how much money you can borrow and then work out what’s affordable for you. The main hurdle many first time buyers come up against is finding money for the deposit. Having a small deposit can restrict the number of mortgages available to you, but there are first time buyer mortgage schemes – such as Help to Buy – which your mortgage adviser can discuss with you.
Following this, the next step is to get yourself mortgage ready. With more stringent affordability testing from the lender, it’s important that your finances are in order. You might be surprised that there are actually some really simple things you can do to help improve your chances of getting a mortgage.
To read more about getting a mortgage for the first time, download our first time buyers’ guide. We cover topics such as, credit ratings, property search, choosing surveys and solicitors, and many more.
Source: Mortgage Advice Bureau
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