What is the right mortgage for me, as a UK first time buyer?
You’ve probably been thinking about buying your home for a while and speaking with your friends and family. You have probably also been looking at mortgage options. Often we get asked when people first come to us is, “can I get that 5% deposit mortgage”, or “I heard that there is a Help to Buy or Right to Buy.” We have two pieces which may help you get a mortgage.
Keep a good credit score
The first piece of advice is to have and maintain a good credit score. When we are young, especially in our early 20s, we might have a mobile contract, something very basic. What might happen is if you go over the call time or data limit or you are not happy with the provider, you may make a complaint and they stop paying. But, because you have a contractual agreement with your phone provider, every one of those missed payment goes into your credit file. Even if you accidentally missed one single payment which you have paid the very next day, this stays on your credit file for at least 36 months. And your high street banks like your credit clean.
Maximise your deposit
The secondly piece of advice is to save what you can to build up a deposit, preferably up to six months before you need to go for you own home or seeking a first time buyer renovation mortgage. Put these funds away in a separate account if you can.
Benefits of an independent mortgage advisor
The most important thing you can do right now is to speak with an independent mortgage advisor. There are many benefits to speak with the independent mortgage advisor, as they can look at the whole mortgage market and provide you with clear, unbiased, guidance. At Masutes Group, when you come to us, we do all the work for you. And if you come to us at an early stage, we can run through a fact find with you to see if there’s any unwanted surprises – you won’t want these if you have a deadline with less than two months to go before you get your keys for your dream home.