Choosing the right mortgage for your home

Everyone is looking for their dream home where they can sit, relax and make memories. The average person can’t afford to fully fund their dream home with their own money, which is where a loan from a bank, mortgage company or other financial institution can make your dream come true.

Choosing the right mortgage company or bank for your loan can save you thousands of pounds, but choose the wrong one, you could end up with massive fines, turning your dream house into a expensive mistake.

However, don’t panic, we are here to guide you through…

What you need to know:

First-time buyers

If you are a first time buyer, hopefully you will have been saving for a while now for your first deposit. The mortgage you can get depends upon your initial deposit along with your annual salary (e.g. how reliable is it?), and any other income you receive, your outgoings, including credit card and loan debts, household bills, childcare, travel, and general living costs. With a good overall credit score, you can aim to get the amount you need.

Decide your needs

Once you know the mortgage amount, start looking for houses which best meet your needs. By doing this, you can avoid having to spend extra money on putting these things (such as a conservatory or a parking space) into place. Saving a little which you can put towards your deposit, searches, fees etc.

Will I need a mortgage adviser?

Yes, there are many advantages! A good mortgage adviser can get you a better deal. With proper market research, they can guide you with unbiased opinion to meet your needs. They work for you, hence why they don’t need to push you into a deal, instead they will comply and guide you with proper understanding as per your budget and situation. Moreover, with a deep understanding of the process, they can help you with documentation and get you the deal you are looking for!

To avoid

Pilling up Debt

Try to pay off whatever debt you have, and don’t accrue any more in the months up to applying for your mortgage. While they are reviewing your application, they will take into account your debt, and if it is above a particular threshold, you can be marked as a risky borrower.

Always keep a check on your credit score

A lot can be judged based on your credit score; it shows the lender how responsible you are and how good the chances are that you will be able to pay back the lender’s amount. This being the most basic criteria lenders use, it is always better to check your credit score and maintain or improve it beforehand.

Lastly

A few other factors to keep in mind are to make sure you are never not paying bills on time, maxing out credit cards, closing a credit card account, frequently switching jobs, being with someone with bad credit or making big deposits, as this will reflect badly in your application.

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