Take The First Step To Buying Your First Home
Buying your first property can be both exciting and daunting, there are important decisions to make and criteria to be considered before you take your first steps onto the property ladder. Your Right Choice Mortgages Adviser will assist you throughout the home buying process to ensure you receive the right guidance and advice.
Here is our First Time Buyers Guide
Be Realistic
Ensure that you are realistic when working out exactly how much you can afford to spend on your new house. You should ensure the intended mortgage is affordable (by doing a budget calculation) and it is wise to seek a Decision in Principle certificate, so that you know how much you can offer once you have found a suitable property. Even a newly built house will require some sort of furnishings, whereas older properties may require extensive work, such as re-flooring, tiling or renewing the wiring. Make sure that you factor in all these likely expenses, in addition to the purchase price, and other fees such as conveyancing and stamp duty.
Experience
When buying for the first time, there may be a number of details in the houses you are looking at, which you may not pick up. Always take an experienced home buyer, such as one of your parents, or a home-owning friend, when looking at property. If this is difficult to arrange, then make sure you at least get some assistance once you have selected a property you like and are arranging a second viewing. It’s always a good idea to ask when the boiler was installed and last serviced. If it has been a while, you can ask your conveyancer to request a certified boiler service check prior to exchanging contracts.
Best way to Improve your Credit Score
Register on the electoral roll
If your name’s not on there, you’ll find banks, building societies may not consider you. You can register to vote online or by post.
Check for mistakes on your file
Even having just a slightly wrong address can have an impact on your score. So, make sure you check all the details and report any incorrect information immediately.
Pay your bills on time
Paying on time any direct debits or credit agreements you may have is a great way to prove to lenders that you’re capable of managing finances effectively.
Check if you’re linked to another person
Having a spouse, friend or family member’s credit rating linked to yours through a joint account could affect your personal rating if they have a poor score.
Check for fraudulent activity
If something on your credit report is incorrect or doesn’t apply to you, i.e. if someone applied for credit in your name without your knowledge, contact the credit reference agency immediately to have your file updated.
County Court Judgements (CCJs)
Receiving any court judgements for debt will have a serious impact on your credit score. If you’re having problems keeping up with payments, find free debt advice online.
High levels of existing debt
Ideally you should eliminate as much outstanding debt before applying for new credit. This is because banks, building societies and credit card companies might be hesitant about lending you more if you already have a lot of existing debt.
Moving home a lot
Lenders feel more comfortable if they see evidence that you have lived at one address for a considerable period. Be sure to bear this in mind.
If you’re struggling to improve your score, it’s worth contacting ourselves to discuss ways of improving your credit score and discuss options available to you.
What information is in a credit report?
Each agency holds slightly different information about you, so it’s worth checking for a more accurate picture.
In general, your file will include:
- Name, address and date of birth
- Some search footprints on your file, such as credit applications
- Financial links to other people – for example, a joint loan or bank account
- Any late/missed payments or defaults
- How much money you owe to lenders
- Any County Court Judgments (CCJs) against you that are not paid in full within one month of receiving the notice
- If you’re on the electoral register at your current address
- If you have been declared bankrupt or entered an IVA (Individual Voluntary Arrangement).
It won’t include the following information:
- Your salary
- Student loans
- Criminal record
However, you will asked for this information when applying for a mortgage.
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Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage
Some buy to let mortgages are not regulated by the Financial Conduct Authority.
Right Choice Mortgages Limited is a trading name of Just Mortgages Direct Limited, an appointed representative of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
Registered address: - Colwyn House, Sheepen Place, Colchester, Essex, CO3 3LD. Company registration: 2412345.
The Information on this website is subject to the regulatory regime and is therefore targeted at consumers in the UK. No representations are made as to whether the information is applicable in any other country which may have access to it.
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