If you’re hoping to get onto the property ladder may be shocked and confused when they see how many options there are when it comes to mortgages. Below we have answered some of the key questions that you may be asking yourself about getting your first mortgage.
Before you start the process of applying for a mortgage make sure that all of your information is correct with your bank. The next step is to start collecting up all of the documents you will need for the mortgage application. These documents will include:
One of the main things you can do to improve your chances of getting a mortgage is to check your credit score. Lenders will review your credit report which is a detailed report of your credit history to determine whether you qualify for a loan and at what rate.
You can get a good look at the state of your credit score on Noddle
Once you have your credit report, make sure that everything is correct as incorrect information can negatively affect your credit. Things to watch out for:
You should also make sure that you have registered yourself to vote in your local area. Lenders use electoral roll data in identity checks to ensure you are who you say you are an live where you say you live.
The amount that you can afford to borrow for your mortgage will depend on a few different factors. Lenders will calculate how much they will lend based on your income and your outgoings.
There is no set or standard amount that people need to have saved up before the can get a mortgage. But simply, the more money you have upfront for the deposit, the cheaper the mortgage deals you will be able to get. In recent years first time buyers have typically put up a 10-20% deposit but some lenders will accept as little as a 5% deposit but this will depend on the lender and any other factors involved such as help-to-buy schemes.
Talk to your mortgage broker to discuss the mortgages they have available.
Employing the services of a trusted and qualified mortgage broker will give you the piece of mind that you are getting the right mortgage deal. They will be able to shop around for a wide range of mortgages and point out which are the deals most appropriate to your circumstances.
If you’re ready to get started with finding your first mortgage. Get in touch with us and we will be more than happy to talk with you about your options.
Important : Your property may be repossessed f you do no keep up repayments on your mortgage.
This firm usually charges a fee for mortgage advice. The amount of the fee will depend on your circumstances and will be discussed with you at the earliest opportunity.
The Financial Conduct Authority does not regulate some forms of Buy To Let.
The Guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore targeted at consumers in the UK.
Principal: Darren Spragg
Legacy Financial Services is an Appointed Representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading name of Advance Mortgage Funding Limited which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.
Tel: 0800 043 9611