Mortgage Top Tips!
1. Speak to an adviser as early as possible
Before you start looking for a property to buy, it’s really worth speaking to us. We can help you work out how much you’re likely to be able to borrow, and give you useful hints and tips that will help you prepare for the mortgage application process.
2. Your finances need to be in good order – do your sums ahead of time
Mortgage lenders are required by the Financial Conduct Authority to adopt an affordability-based approach to lending. This means that banks and building societies now scrutinise borrowers’ incomes, outgoings and credit history closely and can ask searching questions about your finances. They apply strict affordability criteria as they need to ensure that borrowers can comfortably afford their repayments now, and in the foreseeable future. It’s worth looking closely at what you spend and making sure your finances are in good order before making a mortgage application.
3. Your credit score matters
When a potential lender reviews your application, they’ll take a look at your credit report. Generally speaking, the higher your credit score the better your chances of getting a mortgage at a lower interest rate. Simple steps like increasing your monthly credit card repayments, registering on the electoral roll and not taking on additional borrowing before you make your application can help improve your chances of having a good credit score.
4. The bigger the deposit the better
Saving up for a deposit can be hard going, and the best advice is to start saving as much as you can as early as you can. The more you can put down as a deposit, the best mortgage deals you can expect to be offered. Increasingly, more and more first-time buyers are offered financial help from their parents and grandparents.
5. Make sure you’re buying the right property
You might fancy buying an unusual property, but it’s wise to remember that lenders can be quite conservative. Some lenders are unlikely to lend on flats above shops or businesses, and others won’t consider houseboats or homes that aren’t made out of bricks and mortar. If you’re buying an older property, your lender will need to be sure there aren’t hidden problems that could be costly to put right in the future. That’s why you need to have a survey done.
Get a mortgage with Firco Mortgages today
- A top rated online mortgage broker
- Thousands of deals from over 90 lenders
- Straight forward online application process
- No waiting for appointments
- No paperwork
- Free ongoing mortgage monitoring
No matter what this year has in store, check in with us regularly to ensure you’re on the best products for your needs – lenders continue to offer attractive deals, we can find the most suitable one for you.
We don’t tend to publish mortgage rates on our website. In most cases rates are negotiable and based squarely on the individual circumstances of the borrower, their plans, assets and income.
Firco Mortgages is an independent mortgage broker that has strong relationships with the key lenders in the UK mortgage market, including those private banks who do not have a high-street presence. We arrange bespoke mortgage solutions for our clients, providing a tailored one-to-one advisory service, delivered face-to-face or remotely, depending on what suits you.
Please click on ‘Become a Client, Enquire Now’ at the bottom of the page and complete the enquiry form and we will normally contact you within the same working day during business hours or if you would prefer us to contact you outside normal business hours then please advise and we will quite happily do so. Alternatively you can email us with details about your requirements to firstname.lastname@example.org or call us on 0151 372 0388
The above article is purely for information purposes and does not constitute advice.
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