How to Secure Your First Mortgage

Being a first time home buyer will be your single most significant financial commitment that you will ever make in your lifetime so it’s crucial that you find the best deal possible. There are many things to consider when looking to buy your first home, but we have prepared this short guide to help take the big step onto the property ladder and getting a mortgage.

first time home buyers

If you are thinking about how to secure a mortgage as a first time home buyer, there are some significant factors that come into it including credit scores, outstanding debts, your employment status and the size of the deposit for the mortgage.

The Key Starting Point is Doing Your Maths

First things first, you need to determine your budget before applying for a mortgage. This is essential as you need to be confident that you can borrow enough money to cover the purchase of the property together with the associated costs of moving in. Our mortgage calculators can help you see just how much your mortgage will cost and show you personalised quotes depending on your current financial situation. Click here to visit our calculator to see how much you can borrow.

Employment Status and Length of Time in Current Job

Most mortgage lenders like to see that you have been with the same employer for a significant period. So, if you are in the balance or thinking about looking for a new job while considering applying for a mortgage, we would advise you to get your mortgage secured first.

Your Credit Score is Important

Before applying for your mortgage, it is paramount that you obtain a copy of your credit report. This is so you can observe exactly what lenders will see when you get around to applying for your mortgage. You can find out your credit score from websites such as Experian and Clearscore. Or for a full picture, click here to visit Check My File, where you can download a single report showing information from Call Credit, Equifax, Experian and Crediva, and will give you a comprehensive view of your credit situation, both historic and present*.

If you do have a poor credit rating then don’t worry, there are lots of simple, but effective things you can do to improve it. –

  • Consolidate your current debts and reduce the number of credit card applications that you make (preferably stop altogether)
  • Do not miss any repayments that need to be made or coming up and avoid dipping into your overdraft.
  • Ensure that all of your details are up to date, and all the information that you have on your credit file are correct.
  • Register to vote.
  • Close any inactive accounts.

You Need to Prove Your Income Whether You Are Employed or Self-Employed

Mortgage lenders will always want to see proof of your income. Whether you are employed or self-employed, mortgage lenders will want to see proof of your income.  This will more than likely be in the form of your latest P60, 3 months’ payslips and 3 months bank statements for those of you that are employed. For those of you who are self-employed, you will probably be asked to provide 3 months bank statements and at least 1 year’s accounts or Tax Calculation with corresponding Tax Year Overview.  This is to ensure that you are receiving a regular income and will be able to maintain mortgage repayments over the course of the mortgage term.

Outstanding Debts Will Not Help Secure the Mortgage

Before applying for a mortgage. It can be beneficial to try and reduce any outstanding debts in your name, as this not only increases your affordability (as you have fewer monthly commitments), but also helps demonstrate to a mortgage lender that you can effectively manage your own money. However, bear in mind that paying debts off may eat into your deposit. Our calculator can show you how much we feel you would be able to borrow with the commitments still in place, but it’s always best to speak to an adviser for professional advice before taking any steps.

The More Money You Can Lay Down for a Deposit, The More Chance You Have

Mortgage interest rates vary, but you will have a more significant choice of prospective mortgages if you have more money to put down as a deposit. You will also qualify for lower monthly repayments.

Securing a Mortgage is Always Easier when Buying with Someone Else

If you don’t think that you can save up enough money for a deposit on a mortgage, then an option for you is to buy with somebody else. However, this is a big decision to make if you consider the prospect of them potentially wanting to move out in the future. So, it’s important to discuss the commitment in detail. It is also vital to consider that you will both be ‘Jointly and Severally’ responsible for the mortgage repayments.

first time home buyer

At Zing, we are here to help you find the right mortgage for you. Our experienced team of advisors and mortgage brokers can assist you in finding your first mortgage to help ease the process. As an independent mortgage broker, we are more than happy to provide you with free and impartial advice about securing your first mortgage. So why not visit our contact page today or call us on 0332 414 113.

*You will receive a free 30 day trial with Check My File, after which point the monthly fee is £14.99. You will not be charged anything until your 30-day trial is finished and you are able to cancel your trial at any time.

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