First Time BuyerFind the Right Mortgage for You

Click here to get mortgage advice today! Start Now

Tips for the First Time Home Buyer

• Work on your credit rating.  It might sound strange, but you will be more likely to be successful in your mortgage application if you have already had a history of borrowing money.  Those with no credit history will have a very low credit score with most lenders.  Therefore, for perhaps six months or a year before you plan to buy, take out a credit card and pay off the full balance in time each month.
• Pay off your outstanding debt. It's best to go into a new mortgage with as few outstanding debts as possible. Pay them off before starting to look for a mortgage, and this includes unsecured debt such as overdrafts or small personal credit loans.
• Know how much you can afford. Before finding a mortgage lender, get an idea of how much you can realistically afford to borrow. Your lender will help you refine this estimate, and will use your salary (and your partner's, if you are applying for a joint mortgage) as a guide to how much to lend you. Calculating the true cost of your mortgage is so important when you are budgeting, because a valuation, conveyancing, surveying and arrangement fees all eat into your budget.
• Research the types of mortgage loans. There are many different types of UK mortgages. Have a look on the internet for initial guidance about the types of mortgage available to you and then make an appointment to speak with a qualified financial adviser before proceeding with an application.