1. Check your credit rating – You can do this for free on many websites, it’s well worth seeing if you can improve your credit rating before applying. Start by getting a report, we use checkmyfile.com. Once you’ve seen your report try and improve your rating, this includes:
- paying off debts
- getting on the electoral roll
- Challenge incorrect records
- Close unused accounts
2. Save Save Save – The biggest thing for first time buyers will be deposit, so start saving! There are lifetime ISA’s available with a bonus on the saving if used for buying a home.
3. How much can you borrow? This is going to be key to house hunting, what can you offer? This varies from lender to lender, but you can use a calculator similar to the one on our calculators page to give you a rough idea.
4. Do I need a mortgage broker? I would say yes, and not because it’s what I do, having a broker of your own gives you a warranty on the mortgage, it assures you that you’re making the right decision and have someone to go to if you have any questions.
5. Get everything you need together – Again, best to speak to a broker as it will vary from lender to lender, but generally you will need 3 months Bank statements, 3 months payslips and proof of ID.
