This time of year is busy for the property market first time buyers are entering into the market searching for their ideal home. But whilst looking for your dream home you also need to discuss your mortgage needs with an independent mortgage broker. There is no point finding your dream only to be told further down the line that you cannot raise finance on the property. You need to meet a lenders criteria, to obtain a mortgage so you can be given a decision in advance. Speak to an independent mortgage broker and get yourself mortgage ready.
Good news for first time buyers, the mortgage lenders are fighting for your business at the moment. However first time buyers need to help themselves and save a decent deposit, if you have a 10% deposit you are more likely to have a choice of lenders to select from instead of a handful if you have say 5% deposit.
Your credit score
You need to find out what your credit score is and then have a look at your credit report, most but not all lenders use Experian so if you use this one to generate your credit report it will give you a broad idea of your chances of obtaining a mortgage. If your credit score is low or the credit report does not make for light reading you can still get a mortgage. There are specialist lenders who will look at each clients mortgage case and make a sensible decision, but the interest rates will be higher and the choice of lenders will be limited. At Apple Finance we place challenging mortgages cases on a regular basis. So don’t let the thought of a impaired credit report stop you from having a conversation with us about your mortgage plans.
At this point when you have a credit report to hand, make contact with Paul at Apple Finance about your mortgage needs on 01902 213201