Here at Warrington Mortgage Centre, we are doing everything we can to help your dreams come true and secure your first home! We work closely with first time buyers to help them manage their funds and put a plan in place to get the ball rolling.
Here are 5 top tips that will help you when it comes to securing your first mortgage:
Understand Your Income
Many of our clients are either employed or self-employed and are not sure exactly what they earn. For example, you could be employed and have things like bonuses or car allowances which we can use towards your mortgage
Check Your Credit File
You insist you have a perfect credit score, we submit your application and it gets declined. This is why we need to know if there is just one missed credit card payment before we submit as this can have a negative effect on your mortgage.
Understand Your Commitments
These are things that you have a signed for and required to pay monthly, I.e. – your phone bills. However, we turn a blind eye to the ones that are often forgotten such as student loans.
Honesty With Your Broker
Most of the time it’s your savings or money from parents. However, you could have the odd £2.50 transferred from your friend. This is why we need to make sure your lending application fits the profile of the lender, so they are happy with the source of funds for your deposit.
Avoid Payday Loans
Payday loans do NOT improve your credit score. High street lenders in particular will view this negatively, as you have relied on a third to create high-interest loans.